*** 2013: Accounting Before/After ***

yournerd

i hate numbers.

yournerd

Is examinations.ie the only website with marking schemees?

Lcstudent2013

Hi guys for 2008HL sole trader workings part 3 (suspense).
Im stuck on how to get the insurance figure.
I know it's 6150+200-250, but where does the 250 come from? Thanks to anyone that can help!

yournerd

Lcstudent2013 wrote: »

Hi guys for 2008HL sole trader workings part 3 (suspense).
Im stuck on how to get the insurance figure.
I know it's 6150+200-250, but where does the 250 come from? Thanks to anyone that can help!

Mortagage interest is 1500 but is 1250 in the trial balance

kevin12345

yournerd wrote: »

Is examinations.ie the only website with marking schemees?

www.betterexaminations.ie

Easier to switch between papers and marking schemes too.

ray2012

Manufacturing, Interpretation, Suspense, Incomplete, Marginal is what I'm predicting

I'm hoping it's a sole trader instead of a manufacturing and a published instead of a suspense, but we'll see

yournerd

what would you write for the internet companies in the sector part of interpretation?

outnumbered

yournerd wrote: »

what would you write for the internet companies in the sector part of interpretation?

The usual crap.
The economic downturn has affected most companies. Although as the technology sector is booming at the moment the company should be safe. The availablity of internet makes their services available to all, however they would be subject to serious competition. Really just write BS and keep wrting. I just made that up there!

ameliaaaaa

Hey, just a quick question. How do you do a note for bad debt recovered? In question1?

yournerd

ameliaaaaa wrote: »

Hey, just a quick question. How do you do a note for bad debt recovered? In question1?

Say it's 1200.

You put 1200 under "Working Profit"
then you put whatever they received 500 into bank
and the other into debtors

jackkeane

With that question about the Motor Vehicles, I thought you credit Capital with the difference between the new and old vehicle... not separate them into drawings and capital. It will have the same overall effect on the balance sheet but the marking schemes do it that way I think :P

Lcstudent2013

yournerd wrote: »

Mortagage interest is 1500 but is 1250 in the trial balance

Thanks a mil, think I finally got the hang of suspense after 2 gruelling years of accounting!!

AndreaEgan

I thought I was prepared for this exam, also thought with the 5 days between French and Accounting that I would be okay, only to realise I only have tomorrow left to do everything :P

Does anyone have any rhyme or memory thing to help memorise the actual Manufacturing Account in Q1?
I'm hoping its a Sole Trader to be honest but you never know!

Sunny!!

Incomplete and published(100) club account depreciation and a production budget would be happy days!

yournerd

Would you say i can get 2 booklets one for all the rough work and one for the accounts? my teachers also recommend skipping pages between each question in all subjects. Saves the examienr looooooooooads!

outnumbered

Sunny!! wrote: »

Incomplete and published(100) club account depreciation and a production budget would be happy days!

My dream Sunny!!

outnumbered

yournerd wrote: »

Would you say i can get 2 booklets one for all the rough work and one for the accounts? my teachers also recommend skipping pages between each question in all subjects. Saves the examienr looooooooooads!

Absolutely! That's what I'm going to do!

yournerd

outnumbered wrote: »

Absolutely! That's what I'm going to do!

Did anyone do anythign similar in other exams?

ray2012

yournerd wrote: »

Would you say i can get 2 booklets one for all the rough work and one for the accounts? my teachers also recommend skipping pages between each question in all subjects. Saves the examienr looooooooooads!

outnumbered wrote: »

Absolutely! That's what I'm going to do!

That's what I plan on doing. I hope my examiner knows the two booklets are pretty much needed as you can't be turning pages the whole time when doing workings! :L

outnumbered

ray2012 wrote: »

That's what I plan on doing. I hope my examiner knows the two booklets are pretty much needed as you can't be turning pages the whole time when doing workings! :L

My one won't..... She's stupid! She sits in behind me and watches me write. It's sooo annoying!

Sunny!!

outnumbered wrote: »

My dream Sunny!!

We can only hope! I really hope suspense and cash flow don't make an appearance together on the paper though !!

outnumbered

Sunny!! wrote: »

We can only hope! I really hope suspense and cash flow don't make an appearance together on the paper though !!

If they do i am f....ed

AndreaEgan

outnumbered wrote: »

My one won't..... She's stupid! She sits in behind me and watches me write. It's sooo annoying!

Our examiner is the exact same, sitting behind me and I get so paranoid.... I will probably spend 5 minutes explaining as to why I need 2 booklets :P

ray2012

outnumbered wrote: »

My one won't..... She's stupid! She sits in behind me and watches me write. It's sooo annoying!

AndreaEgan wrote: »

Our examiner is the exact same, sitting behind me and I get so paranoid.... I will probably spend 5 minutes explaining as to why I need 2 booklets :P

Jaysus, sits behind ye?! That's fairly random, would it not make sense for the examiner to sit at the top of the room? :pac:

AndreaEgan

ray2012 wrote: »

Jaysus, sits behind ye?! That's fairly random, would it not make sense for the examiner to sit at the top of the room? :pac:

Yeah! Well her desk is at the top of the room but she sits at a spare table down the back :P

yournerd

infheistíochtaí saor ó riosca

Whats the risk free investment rate of something anyone??

ray2012

yournerd wrote: »

infheistíochtaí saor ó riosca

Whats the risk free investment rate of something anyone??

3%-4% I think ?

Raeral

yournerd wrote: »

infheistíochtaí saor ó riosca

Whats the risk free investment rate of something anyone??

I usually say around 3-5% but I think it's a bit lower than that. I'd say anything around that mark is suitable though.

outnumbered

ray2012 wrote: »

Jaysus, sits behind ye?! That's fairly random, would it not make sense for the examiner to sit at the top of the room? :pac:

Yeah comes in and sits behind me as there is a spare desk. We are in a classroom so it's small

CookieMonster.x

I think I'll ask for another booklet at the beginning too to do all the workings in. Hope it's ok. Where is everyone putting the theory answers? I was going to just put them under my accounts, don't want to annoy the examiner having to look everywhere for them! I'm also doing the whole thing in black.

outnumbered

^ Yeah just do the theory under the account (if there is an account in my case :P )

I am feeling okay for accounting and then sometimes I feel scared. This has the potential to go good or bad.
I will cry if my accounts don't balance! If you have time left, what is the best thing to check if accounts don't balance?

CookieMonster.x

outnumbered wrote: »

^ Yeah just do the theory under the account (if there is an account in my case :P )

I am feeling okay for accounting and then sometimes I feel scared. This has the potential to go good or bad.
I will cry if my accounts don't balance! If you have time left, what is the best thing to check if accounts don't balance?

Mine used to balance all the time but then I stopped practicing so I've resigned myself to the fact that they're not going to balance :P I'm not sure which I'd go for tbh! Maybe go through all of them quickly to make sure there are no addition errors and then maybe q1 seeing as it has the most amount? Or maybe the one that is the furthest out.
Yeh if something I don't like comes up in section 2 I will actually cry. I only learned ratios yesterday since the beginning of 6th year and still don't know them. Hopefully it won't be suspense or cash flow.. Would love tab and incomplete!

yournerd

I have 3 exams this wweek and need 3 A1s if i want my first CAO

outnumbered

CookieMonster.x wrote: »

Mine used to balance all the time but then I stopped practicing so I've resigned myself to the fact that they're not going to balance :P I'm not sure which I'd go for tbh! Maybe go through all of them quickly to make sure there are no addition errors and then maybe q1 seeing as it has the most amount? Or maybe the one that is the furthest out.
Yeh if something I don't like comes up in section 2 I will actually cry. I only learned ratios yesterday since the beginning of 6th year and still don't know them. Hopefully it won't be suspense or cash flow.. Would love tab and incomplete!

Yeah Thanks

Hmmm I would like a incomplete and a published! I only learned ratios and I'm neither here nor there with them!

outnumbered

yournerd wrote: »

I have 3 exams this wweek and need 3 A1s if i want my first CAO

Same!!!!! Chem, acc, and spanish!

AndreaEgan

CookieMonster.x wrote: »

Mine used to balance all the time but then I stopped practicing so I've resigned myself to the fact that they're not going to balance :P I'm not sure which I'd go for tbh! Maybe go through all of them quickly to make sure there are no addition errors and then maybe q1 seeing as it has the most amount? Or maybe the one that is the furthest out.
Yeh if something I don't like comes up in section 2 I will actually cry. I only learned ratios yesterday since the beginning of 6th year and still don't know them. Hopefully it won't be suspense or cash flow.. Would love tab and incomplete!

Me too! Although we shouldn't lose much marks for our accounts not balancing should we?
For Section 1 I have Sole Trader and Manufacturing, which I need to go over!
I only have Published, Incomplete (both) and Ratios covered for Section 2, and with Ratios, like you I've only started to learn them...
Section 3, Budgeting.... hoping I'm covered!

Brendan1234

yournerd wrote: »

I have 3 exams this wweek and need 3 A1s if i want my first CAO

Yeah I'm in the same position, stressful stuff! Physics and accounting are the two that I had prepared the most for in the week or two before the exams, so hopefully I'll be grand for them, but can't afford to slip up, then there's applied maths which I haven't touched in about a month .....

jmillz

Lads, if sole trader,tabular,incomplete, and production budgeting of flexible budgeting i will shift the paper

YoursSincerely

Brendan1234 wrote: »

Yeah I'm in the same position, stressful stuff! Physics and accounting are the two that I had prepared the most for in the week or two before the exams, so hopefully I'll be grand for them, but can't afford to slip up, then there's applied maths which I haven't touched in about a month .....

I'm pretty much in the exact same position as you, except i also have chemistry, My whole leaving cert depends on the next two days!

ray2012

CookieMonster.x wrote: »

Mine used to balance all the time but then I stopped practicing so I've resigned myself to the fact that they're not going to balance :P I'm not sure which I'd go for tbh! Maybe go through all of them quickly to make sure there are no addition errors and then maybe q1 seeing as it has the most amount? Or maybe the one that is the furthest out.
Yeh if something I don't like comes up in section 2 I will actually cry. I only learned ratios yesterday since the beginning of 6th year and still don't know them. Hopefully it won't be suspense or cash flow.. Would love tab and incomplete!

I've only ever balanced one Q1 in my 2 years of accounting. Lets hope I can make it a second tomorrow! :pac: If a published or incomplete don't come up it'll be a horrible section 2. If I had to go over another account for section 2, what would people recommend (i.e what do people think is more likely)? Maybe suspense/club acc?

Slow Show

ray2012 wrote: »

I've only ever balanced one Q1 in my 2 years of accounting. Lets hope I can make it a second tomorrow! :pac: If a published or incomplete don't come up it'll be a horrible section 2. If I had to go over another account for section 2, what would people recommend (i.e what do people think is more likely)? Maybe suspense/club acc?

Probably suspense tbh, tabs as well but I'd say they're a lot less likely. I dunno, I can't see clubs coming up because clubs and service firms are practically the same thing and last year they went crazy and put up both a Service Firm and a Farm Account, and for the last three years it's gone like service/club/service in S2. I just don't think they'll repeat it this year.

All my own speculation of course! Really hoping for Incomplete and Suspense and while I dislike it I've studied Published as they're likely. If I have to do interpretation I will not be happy!

ray2012

Slow Show wrote: »

Probably suspense tbh, tabs as well but I'd say they're a lot less likely. I dunno, I can't see clubs coming up because clubs and service firms are practically the same thing and last year they went crazy and put up both a Service Firm and a Farm Account, and for the last three years it's gone like service/club/service in S2. I just don't think they'll repeat it this year.

All my own speculation of course! Really hoping for Incomplete and Suspense and while I dislike it I've studied Published as they're likely. If I have to do interpretation I will not be happy!

I'll give a look over suspense so even though I despise it. I never seem to do well in it, but it's better safe than sorry. :P

I'd love an incomplete (method A), interpretation and published in section 2! Interpretation is a really handy question once you've practiced it a fair bit! It's pretty much the exact same question every year with a few different ratios, and it's like guaranteed

Slow Show

ray2012 wrote: »

I'll give a look over suspense so even though I despise it. I never seem to do well in it, but it's better safe than sorry. :P

I'd love an incomplete (method A), interpretation and published in section 2! Interpretation is a really handy question once you've practiced it a fair bit! It's pretty much the exact same question every year with a few different ratios, and it's like guaranteed

I know what you mean, I know the ratios and they're guaranteed, easy marks but it's just the big long analysis part. Like I know all the ratios and what they're used for and I feel like I can answer the question but the marking just seems horrible if you leave something out. Like I only got 84 on it in the mocks, losing 13 of the 16 on the big long chunk and I still have no idea why tbh! :L I know every other account so the only reason I'll be doing it is if the theory questions on those are unanswerable.

yournerd

Don't they put the ratios on every year cause nobody does them so now everyone is seemingly doing them ha

ray2012

Slow Show wrote: »

I know what you mean, I know the ratios and they're guaranteed, easy marks but it's just the big long analysis part. Like I know all the ratios and what they're used for and I feel like I can answer the question but the marking just seems horrible if you leave something out. Like I only got 84 on it in the mocks, losing 13 of the 16 on the big long chunk and I still have no idea why tbh! :L I know every other account so the only reason I'll be doing it is if the theory questions on those are unanswerable.

That's sometimes the case for me also, if you leave out one piece of writing in the analysis part you could lose 7 marks immediately. What happened to me in the mocks was that for the Current Ratio, I mistakenly thought it was the Quick Ratio and so in my analysis I was saying they had a liquidity problem etc and then the theory question was on if I would advice my friend to buy shares or something and I said no cause it had a liquidity problem. Because of that one simple mistake of using the wrong ratio for liquidity (even though I should have realised as I was given last years and there was a huge difference between them), I lost like 17% I thought they would have taken my answer from the ratio but it seemed not!

yournerd

I don't know what to do anymore

outnumbered

This is soooo Scary!!

carlos123455

I've 5 exams coming this week.. That's scary :L

yournerd

I'm so scared because this subject determines my future.

buyer95

I'm fairly ok with section 1 and 2 but I'm fcuked for section 3.. Our teacher covered budgeting in like a week and we basically spent all the time in m costing. I know marginal and production budgeting, what other parts of budgeting should I look at?