Accounting, will it be as predicted

Cotsy

Just wondering what are everyones thoughts on A/c? I guess it one of the most predictable papers but if Manu and that material X and Y thing dont come up i trually am screwed. Not doin ratio analysis so what others Qs do ye reckon will come up in section B? im pretty sure incompletes records is due.

2e

Section B:
Incomplete Records (couple of ways)
Published (know all your theory too!)
Service Firm (practice dentists, health farms, doctors and others)
Interpretation

Section C:
Production Budgeting (that x and y thingy!!)
Product Costing/ Job Costing/ Absorption Costing
Flexible Budgeting (not highly predicted but possible)

Creamy Goodness

you are cutting yourself short if you aren't doing ratio analysis (if which you mean interpretation) that leaves you with 2 questions to answer 2.

interpretation isn't hard i'd suggest you practise the ratios and the points

compulsory points for shareholder are: (these change year to year but if you use all them you're covered)

Dividend policy
Liquidity
Profitability
Gearing/Interest cover
Market value of share

Compulsory for Lender.

Security
Pupose of loan (if not given)
Dividend policy (if excessive dividends and poor liquidity)

Agreed. If you don't do Technical Graphics, I'd suggest spending a day or two trying to learn interpretation. It's GUARANTEED, and is worth 100 marks, and it's very predictable too.

As far as I'm concerned, this is what I think will come up:


Section A:
Oh please let it be a Manufacturing Account!


Section B:

Published Accounts
Cash Flow Statement


Section C:
Production Budgeting
Product Costing/Valuation of Closing Stock
Job Costing

Cotsy

I know i should learn interp but i just hate it that much and i can do all the other possibilities pretty well with the exception of cash flow. Does any1 actually think that they could throw in a Farm account instead of a service firm?

mrs. hamlet

i'm not doin ratio analysis either, hate that q! I don't mind not havin a choice on da 100 markers because ya can only be asked
club
service firm
farm
incomplete records
suspense
tabs
published
cash flow statements

I think farm/suspense/depreciaton or dbtrs ctrl for 60 markers.

incomplete and published for 100 markers r mayb stik a suspense in to annoy us, they seem to repeat a question most years!

Production budgeting for section 3, i hope 2 god cuz they r sooo easy!!

Creamy Goodness

production budgeting is easy but i find the valuation of closing stock and job costing question the easiest.

Africa

Hoping for manuacturing, obviously interpretation and a good budgeting question to get this done. Actually failed it by a fair bit at the mock, now actually hoping for a high B or A! Can be done depending on what comes up.

Groovychick

I'm not doing ratios either, its much easier to do any other question. I don't care what Q.1 comes up because there all generally da same. In section B i think published, incomplete records, cashflow or tabs could come up. I hope we get a nice paper because i love accounting and i really need my A1 in it!!!!

MACCER

Failed accounting last year and hoping for decnt grade this time
teacher in the institute seems to think
-manufacturing

-service firm
-tabular
-creditors control a/c

hada

MACCER wrote:

Failed accounting last year and hoping for decnt grade this time
teacher in the institute seems to think
-manufacturing

-service firm
-tabular
-creditors control a/c

Is that in the first section I take it?

AFRICA wrote:

Hoping for manuacturing, obviously interpretation and a good budgeting question to get this done. Actually failed it by a fair bit at the mock, now actually hoping for a high B or A! Can be done depending on what comes up.

Didn't fail last year, but didnt do great in the mocks and I raised it to an A2 last year in the leaving. It can be done!

Best of luck

Beau

Is anyone else really weird like me and actually looking forword to this exam? I`ll enjoy doing this paper and I`ll welcome whatever comes up

Innervision

Beau wrote:

Is anyone else really weird like me and actually looking forword to this exam? I`ll enjoy doing this paper and I`ll welcome whatever comes up

I agree, Accounting is one of those subjects that is enjoyable to sit there doing, which makes it really good for studying! Although I find I sometimes neglected my other subjects because of this!

Webmonkey

Well Published 100 markers sec B SHOULD COME UP, as theres being a pattern since 1997. Well lets put it like this, it better come up...

Webmonkey

Webmonkey wrote:

Well Published 100 markers sec B SHOULD COME UP, as theres being a pattern since 1997. Well lets put it like this, it better come up...

Agreed. I only have that and Cash Flow Statements done for the section, so it HAS to come up. Oh and I have Interpretation done too of course.

jacksie

i plan on learning the whole course over the weekend, im pretty sure it's possible, so i neeed to learn the right things..:P

Beau

jacksie wrote:

i plan on learning the whole course over the weekend, im pretty sure it's possible

I don`t agree. In accounting you need practice and more practice. Its not like economics where you can learn off diagrams or like irish where you learn off esays or whatever. Well it is in my case.

jacksie

then im ****ed. i only need to know it for a 3 hour exam, it should be ok

Nidge

Well in my case there are a few questions i have NEVER done independently and i have to learn them off but even if you had the best notes in the world you couldn't learn the course in a weekend...that's why it's a two year course. Nonetheless tell us how it goes, i've heard mad stories on the leaving cert board about people with mad study contingency plans i'd love to find out in august if they worked.

mrs. hamlet

Is there only a backwards and forwards method of incomplete records? Cuz it says in the revision buk there is a ratio analysis method too?????

Creamy Goodness

only two ways of incomplete

balance sheet first. (backwards)

and

final accounts first. (forwards)

Cotsy

Im presuming that if it comes up its gonna be the forward way cos otherwise im screwed, that type is due anyway

Cotsy

Has anyone else noticed that 4 some reason the 100 mark Cashflows are easier than the 60 mark 1s!

2e

Does anyone out there know how do to movement through net debt for Cash flow accounts. I can never seem to get it right it seems to contradict itself sometimes.

Increase/Decrease in cash
Issue/Payment of debentures (you change the sign from the sign you had in the Cash flow Statement, i.e if it's Issue of Debentures it's now - not +)

Add the two above up and you get your change in Net Debt. (1)

Work out the Net Debt at the start of the year by adding debentures and cash/bank. (or subtracting if cash is an asset) (2)

Then work out the Net Debt at the end of the year by adding (1) and (2) together. You can check you answer by adding debentures and cash/bank for the end of the year. (or subtracting if cash/bank is an asset).

Hope that makes sense.

2e

THANKS!! I can handle them now. Sound.