Accounting Review

CrimE

Wasnt too bad, i left out interpretation, published and incomplete records so i could have been screwed for section 2 but thank god im lucky!

I did question one, tabular, suspense and question 8.

Only 1 more to go!

DonaldDuck

For those of us who didn't do question 1,the shorter questions werent very nice...
Cashflow,farm and published
What was your balance sheet number for suspense accounts?

Id say I got 65/120 on section 1(I didnt know any of the 3 topics except a small bit of cashflows
190/200 on section 2
and 65/80 on section 3

willowmegs

I did question one, ratios, tabular and flexible. I hope I pass *scared*

CrimE

DonaldDuck wrote:

For those of us who didn't do question 1,the shorter questions werent very nice...
Cashflow,farm and published
What was your balance sheet number for suspense accounts?

Sorry but i havent a clue! :rolleyes:

Ah the joys of question one...:p

MB44

balanced q1 perfectly. ratios was a great question. tabular was a bit tough. and marginal was fine. hoping for an A2

NADA

Got an a2 in the pre. Got the sole trader balanced then but I didn't today. I was so ****ing pissed off during the exam. I got the suspense balanced and I think I got close to full marks on the tap and flewible budget. Probably got most of the marks for sole trader. Hopefully an a2/a1 but also likely of a b2/b1

Faerie

What was with the marginal costing question? I didn't have a clue about part B! And I had ignored Budgeting!
I was so pissed off! I doubt I'll get an A1 now, hopefully I'll get the A2 though.

ThE_IVIAcIVIAIV

i will get 30-45% percent hopefully above 38% ( a pass)i was disgusted

happydance

I was really happy! I didn't question one which balanced after a bit! When on to Question 9, I liked the flexible budgets, good thing to though 'cos from the glance I had the question 8 didn't look to friendly! Did question 6 and 7 then. the suspense was nice but I wasn't mad on the tabular so I did question 5 anyway. All in all I'm happy!

Creamy Goodness

for curiousity sake, what came up in q1.

company
manfuacturing
sole trader

???

willowmegs

I'm gonna fail it

happydance

Cremo wrote:

for curiousity sake, what came up in q1.

company
manfuacturing
sole trader

???

Sole trader did.

SirCretop

did q1 and was like 72000 out exactly but looking back over what I did i did everything right so must just have been a calculation mistake. did ratios and tabs. were handy enuff. tthe marginal costing part B was weird. never done or seen nething like it b4 so was pisssed rightly off as i was definately on for a1 before that question......now hoping for a2. what did people get as the capital employed or total net assets figure in q1?

Groovy Chic

I nearly cried with hapiness when my q1 worked out, first time ever.:) was annoyed didnt get suspense to balance, what was the balance?
Really glad i covered flexi budgets cos q8 looked weird. It could have been a lot worse so I happy

A1 paper, couldn't have been much happier.

Farm Accounts, what did i tell all yee doubters?
Cash Flow 100%

Tabular 100% correct
Suspense 100% correct

Did the Flex budgeting question. Got the figures.

Theory was dodgy on some parts.

Still got my A1

JCB

Groovy Chic wrote:

I nearly cried with hapiness when my q1 worked out, first time ever.:) was annoyed didnt get suspense to balance, what was the balance?
Really glad i covered flexi budgets cos q8 looked weird. It could have been a lot worse so I happy

That paper was beautiful! Q1 Great! Q6 Great! Q7 Great!
But what about the theory on Q8/Q9?
What the hell is "adverse variance" or controllable costs?
Did anyone get decimals in the answer for Q9?

casanova_kid

Deleted User wrote:

A1 paper, couldn't have been much happier.

Farm Accounts, what did i tell all yee doubters?
Cash Flow 100%

Tabular 100% correct
Suspense 100% correct

Did the Flex budgeting question. Got the figures.

Theory was dodgy on some parts.

Still got my A1

How did you do the last adjustment in suspense, i put it in capaital and creditors but i get the feeling it should have been put somewhere else.

casanova_kid

JCB wrote:

That paper was beautiful! Q1 Great! Q6 Great! Q7 Great!
But what about the theory on Q8/Q9?
What the hell is "adverse variance" or controllable costs?
Did anyone get decimals in the answer for Q9?

yeah, .58 or something like that. All the theory parts were hard i though, on Q9 and Q7 anyway.

casanova_kid

casanova_kid wrote:

How did you do the last adjustment in suspense, i put it in capaital and creditors but i get the feeling it should have been put somewhere else.

i cant remember exactly what the question was, if someone posts it up i'll do it?

Also, an adverse variance is when actual costs > Budgeted Costs

JCB

Deleted User wrote:

Also, an adverse variance is when actual costs > Budgeted Costs

Ah-ha! Did you get the direct material costs/ (un)controllable costs too?

The Agogo

i thought that was a b****x test.

They added something new into everything.....

some guys i know have to change their CAO now because it was that bad,,,but they blame our teacher all he did was hand out solutions and explained things very briefly

i did a crap attempt at tabular

was 1800 out of balance on question 1

did interp prettyy well

and did marginal fine but guessed my way through absorption


anyone else think that was a ridiculous paper?

Controllable Cost = Dividends, the business decides how much they pay.

UnControllable = Corporation Tax, they have no say in it.

JCB

Oh well! Cheers for that!

MB44

Emmet i shouldnt of doubted you with farm accounts . YA big bloody culchie

:|

**** off the lot of you
How do you know you get something "100% correct" anyway?

Practise makes perfect...

And it balances.

Rob30888

Got me Question 1 out in 40minutes and almost **** meselft with happiness Lovely Tab, got that out (but it always does) and the same as a few, so that's in the bag

I got the Suspense question out (around 801,000), but not sure if it's right as someone got theirs balanced, but got a different figure. The last adjustment was a bollox - diagnostic equipment What are Errors of Commission and Principle? I only had learned their names, but made a logical guess.

The only **** of a question was the second part of Q8 which probably cost me my A1 But nobody had a CLUE, so I'm hoping teachers complain...

EDIT: Also, did anyone see the Pass paper? Departmental for Q1!!! Ha, everyone was raging! It's only a matter of time before it hits the Honours paper...

DonaldDuck

Rob30888 wrote:

Got me Question 1 out in 40minutes and almost **** meselft with happiness Lovely Tab, got that out (but it always does) and the same as a few, so that's in the bag

I got the Suspense question out (around 801,000), but not sure if it's right as someone got theirs balanced, but got a different figure. The last adjustment was a bollox - diagnostic equipment What are Errors of Commission and Principle? I only had learned their names, but made a logical guess.

The only **** of a question was the second part of Q8 which probably cost me my A1 But nobody had a CLUE, so I'm hoping teachers complain...

EDIT: Also, did anyone see the Pass paper? Departmental for Q1!!! Ha, everyone was raging! It's only a matter of time before it hits the Honours paper...

For suspense i got around 800,000 but my balancing was a little off.At least i know im probably mostly correct now

balanced at something like 804,100

the last adjustment was to debit a Hire Diagnosit Equip ac, and also a Prepaid account for next year. Then to Credit Bank also.

CrimE

Deleted User wrote:

Practise makes perfect...

And it balances.

Doesnt mean its right though...

maxi-twist

Did anyone write down there answers?

Q1)balanced at 1480480

Q5)Interpretation
A)3.75
B)17.33
C)602000
D)13.33
E)8.57

Q6 tabular
got it to balance at 730040 im not sure if thats right tho....

Q9)Flexible
Total cost for 95% is 705000
conrtibution 262632

Anyone confirm or correct these?

Tabular 730320

your flex budgeting is the same as mine, except i included the decimal figures.

Didn't do the other 2.

madmazz89

maxi-twist wrote:

Did anyone write down there answers?

Q1)balanced at 1480480

Q5)Interpretation
A)3.75
B)17.33
C)602000
D)13.33
E)8.57

Q6 tabular
got it to balance at 730040 im not sure if thats right tho....

Q9)Flexible
Total cost for 95% is 705000
conrtibution 262632

Anyone confirm or correct these?

ya i got dee q1 balance...dee tab wz diff nd i cnt rembr dee 09!! on an overview it wzn a bad paper...i jus knew deyd trow in a few tricky bits ie;the theory to trow peeple of dere guaranteed a1's! herz to hopin most of us got a decent grade! and jus wan wish evry1 a brill summr.....cuz itz 8 weeks till now dee results will be cumin out...DUN DUN DUN!!!

UnitedIrishman

Was absolutley fantastic. Maybe not A grade but should be up there.

Did both Q8 and 9 within 40 mins. Pretty sure I got both fully right apart from the theory which was a bit iffy.

Did Tabular Statement, went well again (Cheers to those who helped with the insurance bit yesterday, worked a treat today but a small bit different). Hopefully about 80% right in that.

Ended up doing ratio's. Went well again. Learned them off about 15 mins before I went in and just wrote them all down when I got in. Amazingly they were mostly correct when I checked them later. Did everyone else say that the debenture holders would be unhappy?

The final account. Really...well...poor. Thought I had the work done on it but obviously didn't. Was about 300k out, my notes weren't great. Probabley should've done two short questions but didn't have the time to go back and do two.

Overall, fairly happy. Flexible budgeting is ridiculously easy,same with marginal costing.

DonaldDuck

Deleted User wrote:

Tabular 730320

your flex budgeting is the same as mine, except i included the decimal figures.

Didn't do the other 2.

I think i got that in the tabular

xnightwishx

Deleted User wrote:

A1 paper, couldn't have been much happier.

Farm Accounts, what did i tell all yee doubters?
Cash Flow 100%

Tabular 100% correct
Suspense 100% correct

Did the Flex budgeting question. Got the figures.

Theory was dodgy on some parts.

Still got my A1

No offence or anything...but nobody likes a bragg-er. How do you know you got your tabuluar 100% correct?

None of my balance sheets worked out but the differences weren't dramatic so I think I did ok! Luckily for me who didn't study any theory, the theory bits were blaggable.

Conor h

For Tabs how did everyone do the provison for Bad Debts working?

I ddi get that figure somebody had above but i hadn't seen that working before and took an educated guess!

fatal

wasnt too bad a paper,it was on the hard side i thought.
I was delighted when question 1 came up and even got it to balance,i also did interpretation and tabular and question 8,the second part(b part i) was a bitch,so i made an attempt at that and knew b part 2 so im pretty sure I got an A.......only thing im not sure about is what kind,an a1 or a2

DonaldDuck

Conor h wrote:

For Tabs how did everyone do the provison for Bad Debts working?

I ddi get that figure somebody had above but i hadn't seen that working before and took an educated guess!

As in the march adjustment?I just added 1500 to the 4500 that was already there because 6% of 100000 was 6000.Cant remember what else I did in the adjustment though!Made sense at the time

fatal

The Agogo wrote:

they blame our teacher all he did was hand out solutions and explained things very briefly

hahaha i second that....he even earned himself the nickname "mr.solutions" and he gave out so many solutions that there was a joke amongst the class that he never gives out solutions...which is all he did give out

fatal

The Agogo wrote:

they blame our teacher all he did was hand out solutions and explained things very briefly

hahaha i second that....he even earned himself the nickname "mr.solutions" and he gave out so many solutions that there was a joke amongst the class that he never gives out solutions...which is all he ever did give out

Conor h

DonaldDuck wrote:

As in the march adjustment?I just added 1500 to the 4500 that was already there because 6% of 100000 was 6000.Cant remember what else I did in the adjustment though!Made sense at the time

Didn't do that meself!!:(


But if that's the only thing i got wrong what am i looking ta?
85?

DonaldDuck

DonaldDuck wrote:

As in the march adjustment?I just added 1500 to the 4500 that was already there because 6% of 100000 was 6000.Cant remember what else I did in the adjustment though!Made sense at the time

yes that was correct..

you seperate the debtors and "provision for bad debts"

same as you do for accumulated depreciation.

the original debtors figure was 90,000 with 4500 as BDP.

then when the other company was bought that added 10,000 to debtors.

6% meant €6000, so increase BDP by 1500, and increase P+L figure.

DonaldDuck

Deleted User wrote:

yes that was correct..

you seperate the debtors and "provision for bad debts"

same as you do for accumulated depreciation.

the original debtors figure was 90,000 with 4500 as BDP.

then when the other company was bought that added 10,000 to debtors.

6% meant €6000, so increase BDP by 1500, and increase P+L figure.

Do you not decrease the P+L figure as BDP is a negative asset?And BDP WOUld bring it down 1500?
Giving you
BDP (1500)
P/L (1500)

ThE_IVIAcIVIAIV

the leaving cert was a **** stain, and maths and accounting more than others

DonaldDuck

ThE_IVIAcIVIAIV wrote:

the leaving cert was a **** stain, and maths and accounting more than others

To be honest,most of the accounting paper was pretty fair.Section 2 was perfect-Anyone that couldnt do that just didnt put any work in.
Section 1 is different though,as I know a lot of people left published accounts and farm accounts(Damn revaluation/depreciate supposodly coming up every year!).
Section 3 was peculiar with the marginal costing but I think I still did OK.but I'm not sure.My prediction is between a B3-B1 depending on my attempt marks on the farm account and cashflow

Conor h

What did yee do for Closing Stock in Q1?

Divide by 125 x 1oo and subtract that figure from the original Closing Stock one?

ThE_IVIAcIVIAIV

so many theory questions ffs! and yes i did expect reval or dep or cash budgeting ... marginal was weird . wahst obsorptional costing?

DonaldDuck

ThE_IVIAcIVIAIV wrote:

so many theory questions ffs! and yes i did expect reval or dep or cash budgeting ... marginal was weird . wahst obsorptional costing?

There was a lot of theory last year so I wasnt suprised(I still didn't learn it..accounting theory is so boring)

xnightwishx

Conor h wrote:

What did yee do for Closing Stock in Q1?

Divide by 125 x 1oo and subtract that figure from the original Closing Stock one?

Divide by 125 x100
Add figure onto Closing stock (goods in transit, you purchased so you have more stock)
Add figure onto Purchases
Add figure onto Creditors.


It came up in 1998 or some stage around then.

NADA

your suspense answer looks more like mine than any of the other answeres I see on this thread. (801000)

Deleted User wrote:

Tabular 730320

your flex budgeting is the same as mine, except i included the decimal figures.

Didn't do the other 2.

I got that flex budgeting too. So this is full marks for the tabular(how did I manage that). I figure out some adjustments I never seen before. Got the suspense balanced and knew the theory. Hopefully 90 marks there. all of flexible budgeting excpet the adverse thing. And most of question one. Got 148 and 147 something. God I didn't realise I was this clsoe to an A. I thought i ****ed the tab because I nvever seen the adjustments before but I think adrenalin got me it out.