Honours Accounting

Zapp Brannigan

Okay this is my next exam so I have ages to study for it and I really need this time because I have done sweet F all during this year in Accounting. I used to be brilliant at it! I even won an award from Maynooth (€50).

But now I've gotten crap and I'm really in need of help. So people, get posting them hints and tips and predictions!

happydance

Question 1 has the most marks. It'a a gaurnteed (you know what i mean) question. Everyone says either sole trader or company and they are basically the same. the question doesn't change much so get out you exam papers and do them. personally i recomend doing around 3 questions from teh same topic in one sitting. it's painful but it really gets in to you head.

disney

section 3 will be marginal costing with ne luck!!:)

Faerie

Definately Marginal! I just hope we get one really really easy question in section 2 like club or farm accounts! Cash Flows and Suspense or Tab are likely. Actually wouldn't it be great if they left out Interpretation? It belongs in Business!!
Accounting: The King Of Subjects.

willowmegs

i'd like marginal costing or flexible budgeting!

Duddy

heehee if i get more than 20% in this exam it will be worth more than i deserve!!! Im soooooo crap at it! the strange thing is...i like it! hmm. id say do the same typa q agen an agen over the weekend and itl sink in...that what i doin...




AND DRINK DRINK DRINK that night!!!! IL BE FINISHED!!!!!!!!


>SINGS<

fatal

i LOVE accounting..however i dont think that i can give you any advice to what to cover and what not to especially with only a week to go because im covering ALL the questions that we did in class and am not gonna take a risk and get picky about it....however i will say that maybe the ones that come up every year would be a good bet(question 1 and question 5 and either marginal or product costing for question 8)

DonaldDuck

Im not doing question 1 but these are the topics I'm focusing on:

Suspense
Tabular(These are pretty much common sense though)
Cashflow
Interpretation
Club accounts
Revaluation
Maybe published accounts and incomplete records

Marginal Costing
Cash Budgeting

fatal

how hard is it to learn budgeting????we only covered marginal and product costing for section 3 but if budgeting is wasy i may cover that aswelll...can it be covered completely in the 5 days i have til accounting?

happydance

personally I couldn't learn budgeting in 5 days. I'm just going over flexable budgeting, they are quite simple and basic. On the other hand I find cash budgeting impossable, I know people who are in my class who have it the opposite way though. personally i'd say stick to what you know unless you're strugling with costing.

DonaldDuck

fatal wrote:

how hard is it to learn budgeting????we only covered marginal and product costing for section 3 but if budgeting is wasy i may cover that aswelll...can it be covered completely in the 5 days i have til accounting?

Cash budgeting is very straight forward,its basically a more detailed version of the junior cert budget.Its a very easy topic as well,just filling in numbers pretty much.You could probably learn it from the solutions+exam papers without a book

You would be doing well though to learn whe whoe budgeting section though in 5days

fatal

isnt one from product costing or marginal pretty much guaranteed?

Nerd007

I need help for tabular and suspense! im fine at everything else its just these two! i don't know why i cant do them! ahhh... im so annoyed! i have 5 days now to study for this exam and therefore im expecting a B possibly even an A. so any tips on suspense or tabular would be much appreciated!

fatal

Nerd007 wrote:

I need help for tabular and suspense! im fine at everything else its just these two! i don't know why i cant do them! ahhh... im so annoyed! i have 5 days now to study for this exam and therefore im expecting a B possibly even an A. so any tips on suspense or tabular would be much appreciated!

tabular is ALWAYS the same...look at the solutions for the last number of years and ul figure it out......just remember assets MUST = liabilities...
sorry i cant help with suspense...im not doing it

UnitedIrishman

DonaldDuck wrote:

Im not doing question 1 but these are the topics I'm focusing on:

Suspense
Tabular(These are pretty much common sense though)
Cashflow
Interpretation
Club accounts
Revaluation
Maybe published accounts and incomplete records

Marginal Costing
Cash Budgeting

Hopefully those in bold come up. As well as a Company Final Account. Wouldn't it be nice if Club Accounts came up as a question 6.

Anyone gonig to do the Ratio's? Very hard to get good marks in it according to our teacher. Don't let me put you off though, it's basically a definite question.

DonaldDuck

UnitedIrishman wrote:

Hopefully those in bold come up. As well as a Company Final Account. Wouldn't it be nice if Club Accounts came up as a question 6.

Anyone gonig to do the Ratio's? Very hard to get good marks in it according to our teacher. Don't let me put you off though, it's basically a definite question.

Im only doing them if published accounts come up as a 100marker probably

Nerd007

do people think that published accounts will come up?????

willowmegs

UnitedIrishman wrote:

Anyone gonig to do the Ratio's? Very hard to get good marks in it according to our teacher. Don't let me put you off though, it's basically a definite question.

Me!

DonaldDuck

Nerd007 wrote:

do people think that published accounts will come up?????

I dont know..I didn't think they would come up but apparntly they come up twice every 3 years,and theyll have only been up once in these 3 years if it doesnt come up

Nerd007

damn! i was planning on doing suspense, tabular, club ac and cash flow to cover me for questions 6 and 7. not doing qusetion 5. our teacher never did it with us and i tried it in the mock and got lik 17%!!!

Rob30888

I reckon Published as a 60marker. Praying it's not a Manufacturing or Departmental Account for Q1 as I've enough to do

CrimE

Can debtors/creditors control accounts come up in section 2?

I've been through all the past papers and they never have and im doing question 1 so im just checking if i can leave these out of study.

Rob30888

CrimE wrote:

Can debtors/creditors control accounts come up in section 2?

I've been through all the past papers and they never have and im doing question 1 so im just checking if i can leave these out of study.

Nope, thankfully! So leave them out (Same with Reval and Dep)

CrimE

Yeah thought so, cheers for that.

I hope suspense, tabular and club/service come up, if they all do you will all hear me screaming from my exam centre!

tweetypie

I am dead for accounting I am rubbish at it but i got 69 in the mocks...fluke! I think i am just going to learn one long question (sole trader/company), ratios question and marginal and have a glance at the rest! I really need a B in it after my crap biology test yesterday!

MB44

could anyone bet alot of money to say thet manufacturing or departmental accounts wont come up? ive studied sole and company and have them perfect but if the other 2 come up i am screwed.

NADA

I would only for I'd be afraid of Jinxing the thing. I so hate this subject. I gotta study it everyday until monday!

Nerd007

im DEAD for this exam! i have 5 days to study for it including today. i spend two hours this morning doing a final account and i was WAAAAYY out! it just annoys me that i spend so long at it and it didnt even work! i need to do well in this to balance my bad grade in bio (which was a disater!)

Zapp Brannigan

Okay, I wrote out all my formulas for Ratio Analysis, cos thats a dead cert for a question.

I'll do Final Accounts of a Company and a Sole Trader tomorrow.

I'm not gonna touch Tab statements because I hate them and they take forever to rule up etc.

So that leaves me needing one question from Section 2 and one from Section 3.
So what else should I do that I can master in a few days?

DonaldDuck

Slurms wrote:

Okay, I wrote out all my formulas for Ratio Analysis, cos thats a dead cert for a question.

I'll do Final Accounts of a Company and a Sole Trader tomorrow.

I'm not gonna touch Tab statements because I hate them and they take forever to rule up etc.

So that leaves me needing one question from Section 2 and one from Section 3.
So what else should I do that I can master in a few days?

Im pretty sure you get cashbook paper in the exam book to do the tabular statements...we got it at the back of it in the junior cert for business...

Id do Marginal costing for your section 3

Zapp Brannigan

DonaldDuck wrote:

Im pretty sure you get cashbook paper in the exam book to do the tabular statements...we got it at the back of it in the junior cert for business...

Id do Marginal costing for your section 3

I hate Tabs, I just do!

Okay I'll look at MArginal Costing, cheers!

belinea06

im pretty confident of the following to come up:
1. Company Acs (maybe sole trader but it should be company)
2. Revaluation
3. Club
4. Tabular (maybe published)
5. interpretation
6. cash flow
7. suspense
8 marginal (i used to think product + stock but all mocks were marginal)
9 cash budgeting

if they come up thats hopefully an A1 for me.
im only studyin qs 2,3,4,6,7,8.
for the tabular they give u lined out paper.

Faerie

belinea06 wrote:

im pretty confident of the following to come up:
1. Company Acs (maybe sole trader but it should be company)
2. Revaluation
3. Club
4. Tabular (maybe published)
5. interpretation
6. cash flow
7. suspense
8 marginal (i used to think product + stock but all mocks were marginal)
9 cash budgeting

if they come up thats hopefully an A1 for me.
im only studyin qs 2,3,4,6,7,8.
for the tabular they give u lined out paper.

That's exactly what we predicted in school except q4 and 5 might swap! I hope they don't though!
Here's my nightmare:
1 Departmental/Manufacturing
2, 3 & 4 Don't care we didn't even cover all the 60m!
5 Interpretation
6 Tab
7 Published
8 Well all the Q8s are grand actually!
9 Mixture of all the budgeting

Nerd007

Published??? What??? We've only done 1 of them in class! This means i each have to do either Interpretation or Published so im safe! which is easier! bear in mind i got like 17% for my interpretation in the mock! ahhhh.... this is so annoying! can't wait for this to be over!

happydance

Personally I love interperatation! I used to find it impossabl to do weel but then I tried printing off a few solutions from the last 2 years and baseing my answers on that, it really works!

Faerie

happydance wrote:

Personally I love interperatation! I used to find it impossabl to do weel but then I tried printing off a few solutions from the last 2 years and baseing my answers on that, it really works!

It annoys me because they give you marks for particular phrases! So even if you imply the answer they can't give you the marks. I think it should be in the Business exam!

happydance

probably should. Still I like it as a back up. I prefare other accounting (all those lovly doube entrys! No other subject and be based on such a tiny concept!!)

Still though, when you look at what they want it is fairly short and simple. I like it 'cos if one of the other questions goes wrong and i get flustered it doesn't get affected 'cos it's so totaly different!

Rob30888

belinea06 wrote:

im pretty confident of the following to come up:
8 marginal (i used to think product + stock but all mocks were marginal)

We did two mocks in Accounting and the second one was exactly as you described, but Stock Valuation came up, which was very odd It's easy anyway

melopeat

I find interperatation is a Question u can't leave out, plus there practical the same every year. I hope sole trader comes up in section 1 and marginal costing in section 3. If all goes well could get a high grade in this. What do you think of cash flows???????

Nerd007

melopeat wrote:

I hope sole trader comes up in section 1 and marginal costing in section 3. If all goes well could get a high grade in this. What do you think of cash flows???????

i like them! its the only think i get right everytime! practice practice practice!

In an ideal world: Ques 1 will be Company or Sole (i dont really mind), Ques 6 will be cash flow (cos im good at them), Ques 7 will be Club Ac (cos i hate tab and suspense) and ques 8 will be marginal!

But knowing my luck, ill get manufacturing account in section A, tabular suspense or published will come up as Questions 6 and 7 and product costing will be section C!

Last exam though- cant wait!

UnitedIrishman

I'll just be happy if a company final account comes up, followed by a club account and maybe cash flow in 6 and 7. And then Marginal costing with a Cash Budget.

Cash flows can be tricky with the tax (use this years or last years etc) and other headings but it's a better option than suspense.

Nerd007

im praying for cash flow and club a/c's to come up in question 6 and 7. If published comes up im completly f**ked!!

DonaldDuck

I use to think suspense were hard,but now I've realised I can do the 100mark suspense in 20minutes....saving me loads of time in other questions(Nevermind the fact that marginal only takes 10min ). I'm not to fond of cashfls since I've never learnt them properly

Zapp Brannigan

So is no-one doing Q5?

Okay im having serious troubles with Company Final Account. I've been looking through my book and I cannot get my head around the Preference Dividends Paid and Proposed and Ordinary Divs Paid and Proposed! Help?

Nerd007

i should be fine if tabular or suspense come up cos i've bin practicing alot and will be doing more revision before the exam but now that i've found out that published come up twice every 3 years im completly f**ked! my teacher is obviously awful cos we've never done Published or Interpretation!

CrimE

Im not going to do interpretation either. I know its a guranteed question but i just really dont like them. I chose accounting to avoid writing! I need to do a good bit on the last section, still dont know that stuff very well.

Nerd007

CrimE wrote:

chose accounting to avoid writing!

ME TOO! also my stupid guidance teacher discovered i liked maths and said it would be better to do accouting than physics! about a week into accounting i realised that it wasnt for me but the deputy-principal wouldnt let me change! :mad: :mad:

willowmegs

k dudes, started my revision on accounting this morning. i'm doing the long question in section1 and hoping marginal costing/flexible budgeting comes up in section 3. im also doing the ratio question in section2. anyway here are the questions that im only going to revise:

sole trader (hope this one comes up, i prefer it to company)
company
ratio
tabular
incomplete records
incomplete records (type b)
cashflow
club
marginal costing
flexible budgeting

Nerd007

wow thats loads! well done you!

willowmegs

well i thought to myself i might as well do good in the exam seeing as ive a big break beforehand :-)

Faerie

Slurms wrote:

So is no-one doing Q5?

Okay im having serious troubles with Company Final Account. I've been looking through my book and I cannot get my head around the Preference Dividends Paid and Proposed and Ordinary Divs Paid and Proposed! Help?

You'll actually find that really easy once you do!
For pref didvidends you're given something like:
8% Pref Div 100000
So the total for the year is 8000
And then you're usually given the figure paid in the Trial Balance like:
6 months pref divs paid 4000
So the figure due is 4000.
The 8000 goes into the P&L and 4000 goes into the B/S. Although remember to show in the P&L the paid figure and the due figure - you have to spilt them up.
And for the Ord Divs:
You're given the paid:
6 months ord divs paid 12000
And you're also given:
Ord Divs 300000
Then in the adjustments you're told:
Total ord div brought up to 12% of ord shares
So the total figure for year is 36000 (12% of 300000)
And then the due is 24000.
36000 goes into P&L (split it up) and 24000 goes into B/S.

I hope that helped at all! I'm bad at explaining stuff!