Q1 accounting dilema

MB44

Alot of people think that the examiner might be evil this year for the higher accounting paper and put departmental accounts as q1. so im just wondering what you will do if the nightmare comes true cos i am sure as f**ked.

willowmegs

MB44 wrote:

Alot of people think that the examiner might be evil this year for the higher accounting paper and put departmental accounts as q1. so im just wondering what you will do if the nightmare comes true cos i am sure as f**ked.

I will just have a mild heart attack and ignore Section 1 because I don't like the short questions. Well, unless Farm Accounts come up.

NADA

MB44 wrote:

Alot of people think that the examiner might be evil this year for the higher accounting paper and put departmental accounts as q1. so im just wondering what you will do if the nightmare comes true cos i am sure as f**ked.

Yeah I'm scared too. I won't be completely ****ed. It is actually easier then the rest. All you gotta apportion is the trading account and the expenses account. Just look over it today to get an idea of what you do and you will be fine. I'm also afraid of getting screwed in section B with a weird ration question and other questions I don't know how to do. And in section see I want Marginal costing flexible budgeting and cash budgeting. I just hope that's what comes up. I got an a2 in the mocks. That could become an a1 or turn into a c3. It's bad!

willowmegs

I got a D

fatal

i REALLY dont think that department will be coming up.....even if it does,i should be able to do 2 of the 3 others...
if the exmainers really wanna **** us over i think they will put manufacturing as q1 and 6and7 as suspense and cash flow

MB44

manufacturin will be fine if it comes up but i am also worried that they will make a horrible ratios question or even put suspense and service firms in section 2:eek:

NADA

MB44 wrote:

manufacturin will be fine if it comes up but i am also worried that they will make a horrible ratios question or even put suspense and service firms in section 2:eek:

I know it's a cliche but they don't actually want to catch us out. They want to keep the high percentage of A's so they ain't going to do something radical. I am still scared they would though. I am just trying to do a manufacturing account now and I have not got a ****ing clue. What's worse is that I have not got much time left to spend on accounting. I've physics in the morning aswell. At least I'm finished tomorrow. After that I won't give a ****!

fatal

NADA wrote:

I know it's a cliche but they don't actually want to catch us out. They want to keep the high percentage of A's so they ain't going to do something radical. I am still scared they would though. I am just trying to do a manufacturing account now and I have not got a ****ing clue. What's worse is that I have not got much time left to spend on accounting. I've physics in the morning aswell. At least I'm finished tomorrow. After that I won't give a ****!

its your last night...so just do an all nighter like what im gonna do tonight

NADA

Nope! Going out with the girlfriend tomorrow night about 2 hours after accounting. Need to get my sleep for that never mind the exams.

xnightwishx

If departmental comes up, it's the exact same except you have to split up the trading and expenses right? The adjustments will be easier then. That's all you do isn't it? :S I've never done a higher level departmental before!

Rob30888

If it is Departmental I'm gonna try the short Q's (60 marks). If I can only do 1 of them (as usually there will be Reval/Dep or Control Accounts) then I'll give the Deparmental a shot. Worst case scenario I make a mess, but so will every other student, so it'll be marked very easy It's the same if Manufacturing comes up for me

happydance

I have visions of farm accouns for question 1.

I think the departmental are fairly similar to the farm, a few little specific things and the just splitting up a few expenses. I'm hoping they wont give it but im deffenitly looking over it in case!

Rob30888

happydance wrote:

I have visions of farm accouns for question 1.

I think the departmental are fairly similar to the farm, a few little specific things and the just splitting up a few expenses. I'm hoping they wont give it but im deffenitly looking over it in case!

But Farm and Deparmental are nothing alike. Farm is like a Club/Service Firm question and Departmental is like a Company/Sole Trader

happydance

The layout is very different but the adjustments are on the same principal. it's all fix for whatever is suitable be it cattle or food or suits and apportion expenses. Maybe not, Thats what I find though.

xnightwishx

For departmental, after you get the gross profit, do you have to split up the interest and investment incomes too? And once you get down to net profit...how do you go about including them all in the P&L balance 31/12? I would look into a book...but we never used books for accounting and it's never come up before!

tweetypie

I dont even remember doing departmental accounts so if they come up i am really in trouble:( Think i will just storm out of the centre in pure annoyance!

NADA

xnightwishx wrote:

For departmental, after you get the gross profit, do you have to split up the interest and investment incomes too? And once you get down to net profit...how do you go about including them all in the P&L balance 31/12? I would look into a book...but we never used books for accounting and it's never come up before!

You just apportion the expenses and the sales. It's actually really easy once you know the bases of apportionment for them all!

Garret

NADA wrote:

Nope! Going out with the girlfriend tomorrow night about 2 hours after accounting. Need to get my sleep for that never mind the exams.

and here was me thinking you bummed men

UnitedIrishman

Never even heard of departmental. Can't see it coming up. It would come up in a mocks beforehand so that people are wary that there is a fourth type.

I'd still give it a lash anyways if it came up, worst comes to worse.