Accounting Technician 2015/16

mayo pixiebell · 07-05-2017 8:24am

Short and sweet and to the point. Make it clear to be read. The easier it is for the marker their easier they will be able to correct and they prefer that.

lorr27 · 07-05-2017 11:50pm

mayo pixiebell wrote: »

Short and sweet and to the point. Make it clear to be read. The easier it is for the marker their easier they will be able to correct and they prefer that.

That's exactly what I needed to hear

All set for tomorrow? Hopefully the examiner was in a good mood setting this paper, can't wait to get stuck in!

mayo pixiebell · 08-05-2017 9:15am

lorr27 wrote: »

That's exactly what I needed to hear All set for tomorrow? Hopefully the examiner was in a good mood setting this paper, can't wait to get stuck in!

Really hope she is!!! Just finishing theory now for an hour before I have to go. Don't think I'll ever be 100% on statements and cash flow but hoping it all kicks in once I see it! Are you all set??

EmmaC88 · 08-05-2017 6:40pm

How did ye find it?

mayo pixiebell · 08-05-2017 6:45pm

EmmaC88 wrote: »

How did ye find it?

I thought it was tough enough. A lot of workings on q3!!! My head is fried!!!! How did I do?

lorr27 · 08-05-2017 7:00pm

Not happy at all with q1, I was all ready for standard setting, corporate governance and controls, I totally wrote bare answers that will barely scrape a few points.
Q2 I found okish except for the invigilators having a conversation right in front of my desk so I was distracted and really angry.
Q3 took ages so put a bit of pressure on time-wise, I didn't balance but I don't feel too bad about it.
Q on partnerships, grand except I put the capital into the debit side of the capital account, I wouldn't mind I tippexed it out of the credit side after doubting myself and I also added the revaluation on to the profit instead of putting it into the capital account.
Q6 cashflow was ok, the 300,000 net book value figure threw me as they didn't have the '000's at the top of the statements, I was out by around 2,000 but it could be made up of just one or two figures.
Totally annoyed and feel like crying over the theory though, it kind of put me in a panic for the rest of the exam.

mayo pixiebell · 08-05-2017 7:16pm

lorr27 wrote: »

Not happy at all with q1, I was all ready for standard setting, corporate governance and controls, I totally wrote bare answers that will barely scrape a few points.
Q2 I found okish except for the invigilators having a conversation right in front of my desk so I was distracted and really angry.
Q3 took ages so put a bit of pressure on time-wise, I didn't balance but I don't feel too bad about it.
Q on partnerships, grand except I put the capital into the debit side of the capital account, I wouldn't mind I tippexed it out of the credit side after doubting myself and I also added the revaluation on to the profit instead of putting it into the capital account.
Q6 cashflow was ok, the 300,000 net book value figure threw me as they didn't have the '000's at the top of the statements, I was out by around 2,000 but it could be made up of just one or two figures.
Totally annoyed and feel like crying over the theory though, it kind of put me in a panic for the rest of the exam.

Aaaaah I just realised I did the same on the capital account ðŸ˜€

lorr27 · 08-05-2017 7:27pm

mayo pixiebell wrote: »

Aaaaah I just realised I did the same on the capital account ðŸ˜€

Great minds think alike eh? Or should I say fools seldom differ! I'm trying to leave it behind me now at this stage, can't do anything about it now! I should really start tax tonight. Sigh!

mayo pixiebell · 08-05-2017 7:31pm

Couldn't look at another thing today!!! Tomorrow is another day.

lorr27 · 08-05-2017 7:36pm

Yeah I kind of feel the same. Drowning my sorrows with a vodka

mayo pixiebell · 08-05-2017 8:18pm

lorr27 wrote: »

Yeah I kind of feel the same. Drowning my sorrows with a vodka[/quote

I'll join u with a gin! Lol

willietherock · 08-05-2017 8:53pm

My cashflow was out by .5 million. I must by missing something v obvious.
The rest was OK. The provision q was a great time saver. Theory was all bull but fine. Short Q's had 2 new ones that hadn't come up previously.

EmmaC88 · 08-05-2017 8:56pm

I thought the Mcq was very hard. Q1 was all bull too. My q3 figure was out by 1million �� Cash flow was out too & the partnership question I got thrown by doing the capital t account & I put in stuff that I should have. Jesus if I get 50 I'd be happy! Hopefully they will correct the papers as nice as they did last year &#55357;&#56880;

willietherock · 08-05-2017 9:02pm

My balance sheet was out by 22,000. I suspect the sale of plant had 11,000 cash receivable Current asset and other income??
What was the story with dividends in the cashflow? Just the difference between the balances as the cash given out?

lorr27 · 08-05-2017 9:18pm

willietherock wrote: »

My balance sheet was out by 22,000. I suspect the sale of plant had 11,000 cash receivable Current asset and other income??
What was the story with dividends in the cashflow? Just the difference between the balances as the cash given out?

The sale of plant sounds about right plus a profit on disposal of 1,000 I think?
I honestly can't remember what I did with the dividends I think I took one from the other. I was rushing to finish at 5 I completely forgot I had until 5.30! Delighted with the half an hour to go back over things

mayo pixiebell · 08-05-2017 9:33pm

willietherock wrote: »

My cashflow was out by .5 million. I must by missing something v obvious.
The rest was OK. The provision q was a great time saver. Theory was all bull but fine. Short Q's had 2 new ones that hadn't come up previously.

I did the provisions too. Only done a journal for 1 provision. A payment for the rent. Nothing for the third as it wasn't a liability Didn't know what to do with the last scenario??? The ratio bit was kinda just thrown in there???

mayo pixiebell · 08-05-2017 9:34pm

I was out by €59,000 on my SOFP but I know I for the equipment depreciation which was €20,000 but couldn't see where else

willietherock · 08-05-2017 9:51pm

mayo pixiebell wrote: »

I did the provisions too. Only done a journal for 1 provision. A payment for the rent. Nothing for the third as it wasn't a liability Didn't know what to do with the last scenario??? The ratio bit was kinda just thrown in there???

the last provision was profit smoothing which is not allowed. The rent was an onerous contract. Im not sure wrt to the legal case which was 70% probable win for us. Its not a contingent asset as its probable so its???

That cashflow is bloody annoying.

mayo pixiebell · 08-05-2017 9:56pm

willietherock wrote: »

the last provision was profit smoothing which is not allowed. The rent was an onerous contract. Im not sure wrt to the legal case which was 70% probable win for us. Its not a contingent asset as its probable so its???

That cashflow is bloody annoying.

I mentioned onerous contract alright and it had to be paid. I didn't do the cash flow. Thought I could pick more marks up on a question broken down in to smaller mark segments as opposed to messing up a cash flow that's worth 18 marks. I prob didn't do well in any

EmmaC88 · 08-05-2017 10:00pm

lorr27 wrote: »

The sale of plant sounds about right plus a profit on disposal of 1,000 I think?
I honestly can't remember what I did with the dividends I think I took one from the other. I was rushing to finish at 5 I completely forgot I had until 5.30! Delighted with the half an hour to go back over things

I got a loss of €1,000 I think ahh I know I made stupid mistakes ! I'm freaked for results already

The thoughts of doing tax now! I hope that attempt marks work again like that I had the basics right just a few errors.

What ye looking at for tax? Closed rules? Wonder what the theory be like I've a feeling revenue audits but my feelings aren't great &#55357;&#56834;&#55357;&#56834;

mayo pixiebell · 09-05-2017 7:48am

Tax is a funny one. So many dates. Can not for the life of me get closed companies in to my head. My tutor just read it and that was it. Same as losses!!! Got to focus on them today.

lorr27 · 09-05-2017 1:16pm

I'm avoiding the mcq like the plague if it's not compulsory, I'd rather get effort marks than none at all

mayo pixiebell · 09-05-2017 5:31pm

lorr27 wrote: »

I'm avoiding the mcq like the plague if it's not compulsory, I'd rather get effort marks than none at all

Any tutors giving feelers for theory??

lorr27 · 09-05-2017 6:05pm

mayo pixiebell wrote: »

Any tutors giving feelers for theory??

Mine was talking about close companies, residency and vat a fair bit so she's probably expecting one of those to come up. I just worked on papers all day today and trying to perfect CGT, it's still a bit sloppy. I'll look into theory more tomorrow.

mayo pixiebell · 09-05-2017 6:29pm

lorr27 wrote: »

Mine was talking about close companies, residency and vat a fair bit so she's probably expecting one of those to come up. I just worked on papers all day today and trying to perfect CGT, it's still a bit sloppy. I'll look into theory more tomorrow.

Mine said audits. Can't understand close companies. I missed that day and can't get it now! Really hope it doesn't come up

EmmaC88 · 09-05-2017 8:53pm

Me too the mcq question is awful, I'm scared again if this it's like I know nothing. Getting caught on the w & t. My teacher mentioned audits as well & badges of trade. Do ye think close companies will come up as the long question?

willietherock · 10-05-2017 1:58pm

What is the 3rd compulsory q in tax after Income/Corporation?

EmmaC88 · 10-05-2017 2:20pm

My teacher said it could be vat or cgt.. hoping losses don't come up.

willietherock · 10-05-2017 4:32pm

EmmaC88 wrote: »

My teacher said it could be vat or cgt.. hoping losses don't come up.

You can sing that. My head is ready to explode soaking in all this crap!

EmmaC88 · 10-05-2017 6:15pm

I hope the income tax computation is easy as in straightforward throwing in my tricks Like a nice death of the non assessable person would be nice

mayo pixiebell · 10-05-2017 6:52pm

Income tax, CT, capital gains, VAT and a nice theory hopefully. Don't think I'll chance the MCQs unless compulsory. Getting nervous now. So many dates and little itty bitty pieces to know

willietherock · 10-05-2017 8:05pm

I've skipped the MCQs. So that probably means it compulsory Q1.

EmmaC88 · 10-05-2017 8:10pm

Keep the faith willie. I went over losses I've a feeling it's coming up coz I can't do them! Mcq will be last question if paper is so bad I'll just guess a few.

mayo pixiebell · 10-05-2017 9:22pm

2 to go girl then that's it!!! Have ye filled in your work placement record?

EmmaC88 · 10-05-2017 10:52pm

Thank god! I'm done was thinking I'll come back I'm def not I'd say exams aren't my thing! What u thinking of doing? No I have to start that too is it bad? Does it need to be typed or written? I've still to print it off !

mayo pixiebell · 11-05-2017 8:23am

I'm taking a break from study for a while. Til kids are older and I'll have more time to dedicate to it. It was ok. I just filled mine in with a pen and hoping for the best. Got the mentors to sign it. Hopefully I'll graduate this year!!!

mayo pixiebell · 11-05-2017 6:01pm

What did ye think of that?? Q3 is the only one that threw me. Q4 and q7 were the 2 I done and thought they were ok

lorr27 · 11-05-2017 6:44pm

I found that paper very tricky. It was so different from all of the past papers I studied. I answered everything I needed to. What distributions were there for the close company, I didn't see any, only the loan to the company. I added back the interest after multiplying by 13%, I then used that difference as the dividend/distribution as I couldn't find anything else?
I thought the VAT was terrible, I could answer most of it in bits and pieces but wanted to get the most points possible so did q 7 and q5 I think ( the one with the year of marriage?) Q7 was actually grand.
Almost everyone coming out of the exam centre here were a bit shocked by it. It's a tough call to estimate how I did.

mayo pixiebell · 11-05-2017 7:22pm

Didn't understand the contribution or patents on that or interest. That question wasn't good for me. Very surprised there was no dates or penalty or that included

lorr27 · 11-05-2017 8:07pm

mayo pixiebell wrote: »

Didn't understand the contribution or patents on that or interest. That question wasn't good for me. Very surprised there was no dates or penalty or that included

There was no gain either in the corporation tax, I was ready for that!

willietherock · 11-05-2017 8:23pm

I thought in was grand buts kept my month shut afterwards as everyone was pissed off with it. Q5 and 7 were great.

One thing was the patent royalties, are they a trade charge and taken off the profits or not?
Loan int. was 13% of share capital of 200.
Two sneaky parts wrt to the reducing allow on disposal of one of the cars and negative lease.

mayo pixiebell · 11-05-2017 8:44pm

Got the balance charge, balancing allowance in q1. Think I took the wrong value in part b of q2.

I worked it out as a loss and then put the proceeds as deemed proceeds if €2540..wrong

On q3 I thought u take the charge of but I didn't do that. I added back €4000 that was unpaid and allowed €26 of the interest and added the rest back!! Completely wrong

Q4 I think I was ok and q7 I carried the last bit of the loss forward to other income and I don't think u can do that.

mayo pixiebell · 11-05-2017 8:44pm

lorr27 wrote: »

There was no gain either in the corporation tax, I was ready for that!

Yeah never thought of that

EmmaC88 · 11-05-2017 8:51pm

I'd say I'm back. Bits got me like the part bs in the questions I couldn't do them! Unless I get attempt marks! Not able for it all!

What to do for management accounting now??

EmmaC88 · 11-05-2017 8:52pm

mayo pixiebell wrote: »

Got the balance charge, balancing allowance in q1. Think I took the wrong value in part b of q2.

I worked it out as a loss and then put the proceeds as deemed proceeds if €2540..wrong

On q3 I thought u take the charge of but I didn't do that. I added back €4000 that was unpaid and allowed €26 of the interest and added the rest back!! Completely wrong

Q4 I think I was ok and q7 I carried the last bit of the loss forward to other income and I don't think u can do that.

I did the same for question 2 as well. Lest they can only dock us once for it can't double dock us

lorr27 · 11-05-2017 9:11pm

willietherock wrote: »

I thought in was grand buts kept my month shut afterwards as everyone was pissed off with it. Q5 and 7 were great.

One thing was the patent royalties, are they a trade charge and taken off the profits or not?
Loan int. was 13% of share capital of 200.
Two sneaky parts wrt to the reducing allow on disposal of one of the cars and negative lease.

That's how I treated the lease thank god, also got the negative lease, the patent you've to add back the portion that wasn't paid like pensions? I think?

mayo pixiebell · 11-05-2017 10:09pm

The worse thing is you don't get them back to check it!!

For management I hope cash budgets, absorb and marginal comes up and labour. I know variances do and I wouldn't mind break even.

Just hold they don't change the layout or way they ask the questions too much!! I don't deal well with change ðŸ˜‚ðŸ˜‚ðŸ˜‚

EmmaC88 · 11-05-2017 10:23pm

Just remember I didn't do preliminary tax properly or the disposal oin question 1 so upset with myself . I hope Monday is straight forward.

willietherock · 11-05-2017 10:37pm

mayo pixiebell wrote: »

On q3 I thought u take the charge of but I didn't do that. I added back €4000 that was unpaid and allowed €26 of the interest and added the rest back!! Completely wrong

Q4 I think I was ok and q7 I carried the last bit of the loss forward to other income and I don't think u can do that.

That looks spot onto me. I took off the patent royalties off the adj. profit before calc. tax also but am probably wrong on that.
I also took the loss carried forward off the investment income for Q7 even though I know I was wrong DOH!

Now that I think about it I think the CGT was a lot trickier than it seemed at the time. Inherited ANTIQUE, wasn't sure how to cost it.
And two costs pre indexation for an asset.

mayo pixiebell · 12-05-2017 7:44am

willietherock wrote: »

That looks spot onto me. I took off the patent royalties off the adj. profit before calc. tax also but am probably wrong on that.
I also took the loss carried forward off the investment income for Q7 even though I know I was wrong DOH!

Yeah I didn't take it off the adjusted profit. I knew u do but the question threw me yesterday.

Now that I think about it I think the CGT was a lot trickier than it seemed at the time. Inherited ANTIQUE, wasn't sure how to cost it.
And two costs pre indexation for an asset.

On that disposal I put it as a NL/NG cos it turned a gain in to a loss I think.

Accounting Technician 2015/16

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