My Accounting Paper Prediction

Sunstorm

I honestly thought it was a lovely paper, I'm hopeful about getting the grade I wanted. Budget was grand apart from the last bit, incomplete was fine, ratios were okay and manufacturing had hardly any dodgy adjustments apart from the hire of equipment. I wouldn't worry about balances too much, they're worth maybe 1-2 marks out of the whole 120 on Q1.

Groovychick

I thought it was quite a challenging paper as well, quite unfair especially for weaker students. My Q1 balanced but i didn't do anything with the last note so i think i lost a few marks there!! My incomplete was way off but my published balanced. Absorbtion was a lovely question but i didn't like any of the theory!!!!! I think i got an A2 but i was expecting an A1, so i wasn't that happy!!!!! :eek:

Cotsy

JoeyD wrote:

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

Fair play for balancing the manufacturing account, there was a good bit of stuff there that i haven't seen much of b4, i.e. carriage, transfer of goods @ 800,000 so on. Cant remember how much i was off but no too bothered cos i must have got at least 80/120.

Innervision

Anyone remember the answer they got for the gross profit on the Budget?! I hate that question, can never figure out how I did on it.

shay_562

Thought it was a pretty good paper in general, the topics I was hoping for all came up, but some of the theory was kinda nuts - does anyone know how the double entry system affects Incomplete Records when you're doing them from TP&L? I've only ever seen theory on the type that start at the Balance Sheet. And what about Q8 (d) - why are they based on budgeted costs?

ashmurph

i got 118800 for the budget, a few others in my class also got that so i think its right.
depreciation - 79125 for the final provision for dep,
service firm - 248140 ( a beautiful question had like half of d normal adjustments
incomplete - 361570
hope those answers helped, if anyon1 got dem tel me, id luv 2 no if dey right
what was wit d theory tho?? id say dey wil mark it easier as most ppl never saw it b4, but if u thought bout it prop dey were real easy it was just that twas so off puttin

Beau

aw NO! forgot to do the theory part in Q9. grrrr! pissed off with myelf now. How many marks do you reckon that will be worth?

Cotsy

ashmurph wrote:

i got 118800 for the budget, a few others in my class also got that so i think its right.
depreciation - 79125 for the final provision for dep,
service firm - 248140 ( a beautiful question had like half of d normal adjustments
incomplete - 361570
hope those answers helped, if anyon1 got dem tel me, id luv 2 no if dey right
what was wit d theory tho?? id say dey wil mark it easier as most ppl never saw it b4, but if u thought bout it prop dey were real easy it was just that twas so off puttin

Ye got that 4 the budgeting

Webmonkey

I was finished at 4. Came home and posted at 4.30. Couldn't stay in there long. I am extremly fast for working though. Though nothing balanced but im happy with what i could do. Prediction helped a lot, only things i learned

mrs. hamlet

ashmurph wrote:

i got 118800 for the budget, a few others in my class also got that so i think its right.
depreciation - 79125 for the final provision for dep,
service firm - 248140 ( a beautiful question had like half of d normal adjustments
incomplete - 361570

i got the same answers for the prod budget and for the service firms a/c! My incomplete didn't balance and i didn't do dep!

The amount of theory on that exam was completely unfair! I was expectin' 1 bit of theory at the end of published a/cs but there was a bit on the end on nearly every question! i'm really pissed off about it cuz i wanted an a and my incomplete and published didn't balance!!

hada

Never really got lower than an A1 in accounting, but I think I'd be safe to say I'm going to get a B1 in this..None of my accounts balanced (my service a/c, published and incomplete..) And if the way the exams have gone with me so far, I'd say this cost me my 1st and 2nd choice. Pretty gutted now

Webmonkey

Man don't worry, im sure they might cut out the theory in the marking scheme if everyone gets it wrong. No1 has a clue of some of the stuff they asked

Groovychick

It doesn't matter if they don't balance if you have the method right you get most of da marks. You can still get an A2 if some of your questions don't balance!!
theory was a bitch, bu**sh*ted my way through that, hopefully i'll get something!!!!

defiantshrimp

hada wrote:

Never really got lower than an A1 in accounting, but I think I'd be safe to say I'm going to get a B1 in this...

That's pretty much how I feel, never got below an A1 all the way from the start of 5th year. I've done all the questions since 1997 and that paper was very different that any other year and I think harder. The questions (especially the published) were way longer and they had way more adjustments. Then they decided to throw a bit of theory at the end of every fecking question. Which isn’t bad in itself but the questions were longer than ever before. Very unfair in my opinion, why can’t the state exams commission be consistent over the years? I thought I knew the theory but what on earth is the answer to the last bit of Q8?!

I just couldn't get 8 (d). It asked to name 3 overhead absorption rates, but didn't we just work out the overhead absorption rates as numbers in part (b)? How can they be names?! Were we just suppose to pick out random numbers or something?

Prezatch

They meant like, machine hours rate, labour rate, floor space rate etc. You could have said a lot of stuff

JoeyD

JoeyD wrote:

They meant like, machine hours rate, labour rate, floor space rate etc. You could have said a lot of stuff

My teacher said they were called absorbed overheads.

Damn that confused me!

Creamy Goodness

JoeyD wrote:

They meant like, machine hours rate, labour rate, floor space rate etc. You could have said a lot of stuff

at least i got two of them

i then said they use budgeted figures because it helps the company see whether they have under or over absorbed by comparing to the real overhead figures.

i doubt that there will be many marks going for the theory.

Sure look at it this way, any time they asked theory on incomplete it was ALWAYS 15MARKS this year it was only 8MARKS they lowered it becuase they knew half the country would get it wrong.

Don't worry. just sit back - that's if you don't have anymore exams - and let the results come on the 17th August

Beau

Beau wrote:

I did`nt even notice the Rent date (about 10-15 marks in total probably).

In saying that, I doubt I would`ve dealt with it properly anyway. How did people deal with the rent prepaid considering one third of that was drawings?

defiantshrimp

Beau wrote:

How did people deal with the rent prepaid considering one third of that was drawings?

It doesn't effect the rent prepaid. You are still "owed" all that money (in the sense that you don't have to pay it). You only take account of the drawings for profit and financing purposes. It is the same if rent was due, the total amount due is still a current liability even though not all of rent is a business expense. I'm explaining this quite badly but I hope it helps!

Cotsy

I fecked it up, didnt read it properly and ended up takin 1/3 of buildings as drawings! Thats gonna cost me big time.

Prezatch

The rent was paid on an "additional" premises (as in its nothing to do with the buildings mentioned in the question). I took one third of the rent, put it into drawings and reduced the charge of rent in the P+L

TaraC

ne1no what u do with patent royalites?it was in d published account

Prezatch

Reduce the admin expense, put royalty fees in as a gain in the P+L

Webmonkey

Wasn't fair tbh. I just added it to the balance sheet, didn't have a clue what i was at.

TaraC

dats wat i did!good guess!

Beau

Africa wrote:

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.

I know it dose`nt matter now but for anyone in the futre who comes across this thread.

In Section 1 there are 4 possibilities for Q1. (i) Manufacturing, (ii) Depatmental, (iii) Sole Trader and (iiii) Company Accounts

for Q2, 3, 4 there are 8 posibilities such as (i) Cash Flow Statements, (ii) Tabular Statements, (iii) Control Accounts, (iv) Suspense, (v) Depreciation/Revaluation of Fixed Assets, (vi) Club Acs/Service Firm/Farm Acs, (vii) Incomplete Records (Ratio Method) and (viii) Published Accounts.

All (i), (ii), (iii), (iv), (vi), (vii) and (viii) come up in Section 2. That means there are only two new things to learn and you are covering yourself for section 2 aswell meaning less work. Plus its also fairly predictable and most people find them easier and they are way quicker to do. I was finnished Section 1 in 30-40 minutes in the exam.

Africa

But the manufacturing this year was SOOOOOO tipped that it was fine. Most of the stuff could be predicted this year.