My Accounting Paper Prediction

Webmonkey

Ok I've studied what has come up over the years now and i have come to a conclusion of what the accounting paper should look like.

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SECTION 1
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Manufacturing (120 Marks)
Service Firms (60 Marks)
Depreciation of Fixed Assets (60 Marks)
Creditors Control Account (60 Marks)

Farm accounts could come up but a lot of people reckon it won't seeing it never really shows up, plus maybe times of farming are gone so they won't show up much anymore

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SECTION 2
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Publish Accounts (100 Marks)
Incomplete Records Cash Book Method (100 Marks)
Interpreation of Accounts (100 Marks)

(Maybe 100 marker service firm will appear here)

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SECTION 3
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Budgeting (Material X,Y,Z etc) (80 Marks)
Job Costing (80 Marks)


I am convinced that this is what the paper will look like. We will see tomorrow evening

EDIT: Inserted Manufacturing. Looks more promising

Cotsy

Webmonkey wrote:

Ok I've studied what has come up over the years now and i have come to a conclusion of what the accounting paper should look like.

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SECTION 1
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Company Final Accounts (120 Marks)
Farm Accounts (60 Marks)
Depreciation of Fixed Assets (60 Marks)
Creditors Control Account (60 Marks)


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SECTION 2
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Publish Accounts (100 Marks)
Service Firms (100 Marks)
Interpreation of Accounts (100 Marks)

(Incomplete Records looks promising as well, especially the cash book method - Know it!)

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SECTION 3
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Budgeting (Material X,Y,Z etc) (80 Marks)
Job Costing (80 Marks)


I am convinced that this is what the paper will look like. We will see tomorrow evening

No offence but I hope your wrong cos Manufacturing Account just has to come up. I doubt that they will ask a Farm Ac and id be surprised (but happy) if they put both published and service firms together as 100 mark questions, id say it'l be one or the other.

Webmonkey

Well its going to be Published thing id say.

Cotsy

Ye i'd agree with you there alright, just out of interest why don't you think they'l ask a Maufacturing A/c?

Africa

Yay! Spen this morning did 5 Interpretation accounts, gonna do 2 manufacturing after lunch and a couple of published accounts, maybe a tabular statement or something after that. Follow that up with section three of budgeting and costing questions. Cant wait for this one guys i either gonna do deadly or fail miserably

Webmonkey

Well didn't even think of it tbh. I'm a disaster with Section III, i've done nothing for it. When did manufacturing come up last?

Cotsy

Ye i feel the same, if the right questions come up it'l be one sweet test. Fleixible budgeting is also a possibility for section C, But im hopin for that X and Y thing too.

Cotsy

Webmonkey wrote:

Well didn't even think of it tbh. I'm a disaster with Section III, i've done nothing for it. When did manufacturing come up last?

Manu hasnt been up since 2001 i think, most people seem to be banking on it this year includin me. it was up in 97 aswell.
So i think it goes
97 Manu
98 Company
99 Sole Trader
00 Company
01 Manu
02 Company
03 Sole Trader
04 Company
05 Manu I hope

Webmonkey

Sorry miss understanding, thought u were talking bout section III, thats how bad im with it, don't even know whats asked. I don't do the 120markers. Our teacher doesn't do them with us so i havnt a clue bout them

Africa

Ah hard luck dude they should be easy generally means less learning. I basically just learned the whole course in last 6 weeks...

Creamy Goodness

what do you mean by incomplete records cash book method?

is that final a/c's first or balance sheet first?

Webmonkey

Cashbook is Final Accounts First. Balance sheet method came up last

xinran

I think there will be an incomplete records instead of the service firm because its too like the farm accounts in section 1. they are unlikely to put both on the same year.

ashmurph

incomplete cash book is the one where you do the cash and bank account and have to calculate total sales and total purchases. u start with the trading profit and loss ac. there is also a chance that farm accounts could come up as a 100 marker as it never has come up before, only as a 60.
for 60 markers:
creditors control
deprecition (big predicition)
maybe suspense
100 markers:
farm ac
interpretaton debenture holder one
incomplete cash book
published
cash flow (maybe)
80 markers:
total production cost budgets
costing and absorption costing or stock and product costing

shay_562

Both service firms and Incomplete Records came up in 2001 and 2003, so I'm hoping one or the other will stick to the pattern. Judging on past patterns, I'd agree Published is another strong possibility for section 2. Just praying the theory section isn't too hard - I totally screwed it up in the mocks, lost a lot of easy marks.

leggo

I've studied:

Manufacturing
Interpretation
Incomlete Records
Published
Flexible Budgeting
Simple Budgeting

Oh and I've studied all of that today. Haven't really done any revision for Accountancy since the Mocks. I'm pretty ****ed I reckon.

Beau

I agree with the first prediction apart from the Manufacturing account and the Service Firm. A Service Firm/Club Account or a Farm Account can only come up once on a paper. I reckon it will be the interpretation.

Africa? Did you mean by doing Q1 theres less learning? your joking right?

Webmonkey

I suppose its gonna be a 60 marker service then, will edit, my predictions are changing

Webmonkey

leggo wrote:

I've studied:

Manufacturing
Interpretation
Incomlete Records
Published
Flexible Budgeting
Simple Budgeting

Oh and I've studied all of that today. Haven't really done any revision for Accountancy since the Mocks. I'm pretty ****ed I reckon.

You're not that screwed but please learn Depreciation. Its quick to learn, have it within an hour and it looks like its gonna come up

leggo

Actually I'm relatively okay with Manufacturing. It's one of my better questions, so Section 1 isn't really THAT much of a worry to me. I did really well in all of my Depreciation tests throughout the course, so if I NEED it it's the kind of thing I shouldn't find too hard after a quick look over. I have a note on it somewhere. Thanks for the tip.

Sunstorm

Damn it! If published comes up I am screwed, I don't really like incomplete records. I know the formats of the accounts, but I haven't a clue of the notes. How do the marks break down? I'm guessing 60/40.

Africa

Beau wrote:

I agree with the first prediction apart from the Manufacturing account and the Service Firm. A Service Firm/Club Account or a Farm Account can only come up once on a paper. I reckon it will be the interpretation.

Africa? Did you mean by doing Q1 theres less learning? your joking right?

ACtually thats just what i mean. It is less. I mean...learn the manufacturing account, i mean by now we should know P&L and Balance sheet. And the adjustments. Saves having to learn other stuff that COULD come up insteadof what nearly defo will come up.

Still need to do budgeting, have interpretation, Manufacturing and Published all done now...

AND I STILL AHVE TO STUDY PHYSICS!!!!!!

leggo

Sunstorm wrote:

Damn it! If published comes up I am screwed, I don't really like incomplete records. I know the formats of the accounts, but I haven't a clue of the notes. How do the marks break down? I'm guessing 60/40.

The notes are simple.

1) Check for Goodwill as usual (if you don't know how to do this then for you)

2) Get the Sales and Purchases figures. Do this by opening up a Creditors Control a/c (for Purchases) and Debtors Control a/c (Sales, obviously). Fill in the opening balances on one side, and the transaction during the year and closing balances on the other. The balance of the accounts is the Purchases and Sales. They're the credit figures. To find the total figures for purchases, add the figure given in the 'Cash Lodgements' section in the question and the figure you've just found, and don't forget to take away drawings of stock if it's there. To find the total for sales, open up a cash book and on the credit side fill in all of the 'Cash Lodgements'. On top of that there'll be a cash drawings figure more than likely and a cash balance at the end of the question. The sum of those figures is the cash sales. Add that to the credit sales and you've got your figure.

3) Then do a bank account. Fill in the obvious lodgements and payments. On top of that there'll more than likely be a loan for the debit side, and an investment fund to cover for the loan (a few hundred paid a month for the rest of the year starting from when the loan was taken) and a new fixed asset.

From there just go through the question from top to bottom and do any simple adjustments that you come across (e.g. light and heat due, insurance prepaid etc.). Then it's a simple Trading, P&L and a Balance Sheet from there.

For someone who thought they were ****ed a few hours ago, I'm feeling slightly confident now!

jacksie

i have the ratio, depreciation and sec3 flying what should i cram for sect 2?

leggo

Incomplete and Published.

Webmonkey

Well guys we couldn't have predicted better than this could we? Im finished my LC!!!!!!!!!

Cotsy

How the hell did u manage to finish so quick, if u posted this at half 4, did it go that well, or that bad 4 u?

Ye we predicted it spot on alright, but they threw in a fair bitta variation with some bits to easily catch people out in the Manufacturing a/c (it worked on my cos unfortunately i didn balance) and in the Incomplete (once again no balance) but @ least my publshed balanced!!

Didn answer much of the theory Qs cos pushed bit 4 time but overall a pretty fair paper.

Creamy Goodness

bits that caught me out a little.

Manufacturing Q1.

hire of special equipment - i think it was a direct cost
carriage in on Raw materials - i think it was a direct cost aswell.

Incomplete Q7.

Part c here would odd, what i said was that depreciation would show up if he did double entry book keeping. Probably totally wrong though.

Absorption/Job costing Q8.

i love this question, but the last part was difficult, i just said so that companies can compare their budgeted figures against the real figures so that they could see if they under or over absorped.

all in all it was a good test. we predicted it but they threw some spanners in the works and a couple of red herrings in there to catch us out.

hada

Think the paper was quite unfair in that items appeared on the paper that had never appearead in previous years.

The theory was ridiculous. For a first, most accounting books don't deal with those topics. For a second, most of those questions had never appeared on any form of test (mock or actual LC Paper) and finally, students who did learn theory would have absolutely been dumbfounded as to some of the questions - and instead would need to waffle there way through their attempts.

The paper came up as predicted, but instead of the odd variation on one or two questions (as one expects every year) students were faced with a barrage of obsecure adjustments and twists.

In comparison to the last 10 years, that paper was by far, the hardest.

Prezatch

I got Question 1 balanced, think I made 1 mistake with classification of the carriage. But my incomplete records were out by feckin 240,000 or something

I thought the theory on published accounts was a little unfair about the director's report. It came up in 1997 so i hadn't looked at it all because there's such a wide pool of theory available to ask for that question.

Beau

I reckon I did ok. I panicked when I saw the theory in Q2 and 3 but i calmed down when I realsied I knew the answers anyway. THe only question I did badlyin was the interpretation. The minute I opened the paper up again on the bus with a clear mind I noticed 3 obvious mistakes; forgot to put the Vehicals figure in the balance sheet(only worth 1 mark so not too bad), forgot to put Capital Introduced in the financed by (3 marks probably) and then the big one, I did`nt even notice the Rent date (about 10-15 marks in total probably).