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

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?

kevin12345

buyer95 wrote: »

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?

Stock Valuation FIFO

outnumbered

kevin12345 wrote: »

Stock Valuation FIFO

that's for production?

Slow Show

outnumbered wrote: »

that's for production?

No it's part of product costing.

Eh buyer95, touch wood you'd probably be fine with marginal and production budgeting as they're both quite likely to appear, but I'd look at cash budgets if you possibly could though! That'd more than likely have you set for budgeting at least.

yournerd

We never did cash budgets?

Could anyone explain the rent of P2005 Q7 please

outnumbered

I envisage a disgustingly difficult paper coming.......

Slow Show

yournerd wrote: »

We never did cash budgets?

Could anyone explain the rent of P2005 Q7 please

My excuse for all this boardsing is that it is definitely helping me study! Definitely >.>

Anyway, you have rent in your bank payments as 2400 for one year. A third of this 2400 is drawings so that's 800, 2400-800= 1600. Then of course only three months apply to this year as you only acquired the building on 1/10. So 3 months is 400, which is your expense for the year. As for the amount prepaid, take 400 from 1600 and that's your 1200 in Current Assets. Hope this helps.

ray2012

If you notice (almost every year in the exam papers), whenever a published account comes up in section 2, so does an incomplete :P Would love those two tomorrow. Just need to go over my Q1's and marginal costing now and I'm pretty much sorted. I might look at a production budget but I rarely do the Q9, always go for the Q8

yournerd

So I have Published, Sole Trader, Manufactoring, Incomplete, Job Costing, Marginal Covered. BRING ON THE PAPER

AndreaEgan

Fingers crossed because I'm beginning to panic! :eek:

yournerd

I feel confident theni dont so i did 10 Q5 and now feel worried