Accounting Aftermath

melsman

thought that was the trickiest paper they have ever put out! that said it was really only the q.1 that bothered me. couldnt for the life of me get it balanced, kept being 7200 out!!:mad:
but the incomplete and service were nice enough (guessed the theory) and im pretty confident about the cash budget.
what you all think?

Eddie Ere

Ordinary: The rotten B*stards, it was meant to be a sole trader for question 1 (hasn't come up since 2003) this year, but had to be a bloody company. Still manageable though.

And the absorbtion costing (Q8), what the hell was all that about? Completely changed its layout and that confused me..

Apart from that pretty ok..

Choc.Monster

Lovely paper but I made a mess of it. Didnt get any of my accounts out & couldnt remember how to do part a of question 8. Ah well, Im finished now!

Bluefox21

one or two dodgy workings but pretty predictable!

fitzgese

it was fairly challenging alright. i thought that q1 was very tricky. and q 5 was a bit unusual as well. is it just me or were all the papers harder this year with only 1 or 2 exceptions. (note the past, i am a free man, but for everyone else, hang on in there. it will be over soon!)

EamonnKeane

Q.8 was mad, I'd never seen half of it. Luckily 9 was handy.

melsman

Bluefox21 wrote:

one or two dodgy workings but pretty predictable!

yes what came up (company, service firm, incomplete & cash budget) was all predicted but i found that the fire and insurance adjustment was a bollox, that or suspense (but that was grand) have never come up in a company before

justbringit89

If i ****ed up the fire and insurance and also suspense part !! would i have got many of the 120 marks ???

whatshername!!

I thoght it was a really nice paper. I did:
Q.1 thought it was ok apart from the fire working
Q.6 So happy this came up It was really easy
Q.7 Staight forward question nothing unusual
Q.8 Fine apart from the theory i had to guess that.

The whole paper was the same as our mocks so i was really happy.

cson

Pretty sweet paper overall. Threw a hail mary at the fire adjustment in question 1 though.

md99

CASH BUDGETING END FIGURES???? PLEASE.... Someone tell me....! I have literally no idea how I got on in this question...

melsman

justbringit89 wrote:

If i ****ed up the fire and insurance and also suspense part !! would i have got many of the 120 marks ???

provided they were the only mistakes you made then you wont lose much.
those two adjustments will probably be the two ones most people found toughest so there will (hopefully) be less marks going for them

colm-ccfc84

I felt it was ok, could have been a lot worse. I didn't manage to balance q1 unfortunately. Hopefully I will get lot of marks in any case. I balanced my incomplete and service though and I felt q8 was fine. Hopefully I can still get my A1.

colm-ccfc84

melsman wrote:

provided they were the only mistakes you made then you wont lose much.
those two adjustments will probably be the two ones most people found toughest so there will (hopefully) be less marks going for them

That will almost certainly be the case, my teacher told me that.

justbringit89

melsman wrote:

provided they were the only mistakes you made then you wont lose much.
those two adjustments will probably be the two ones most people found toughest so there will (hopefully) be less marks going for them

yeah but it effects all the figures if ya no what i mean !!! can anyone post a soloution to fire insurance part and even the suspense bit

colm-ccfc84

justbringit89 wrote:

yeah but it effects all the figures if ya no what i mean !!! can anyone post a soloution to fire insurance part and even the suspense bit

You only get punished once for a mistake.

melsman

colm-ccfc84 wrote:

You only get punished once for a mistake.

exactly so dont lose too much sleep over it!

cormac17

i was very happy wit it!!! After an absolutely horrible mornin in physics!!:(,,acc was a nice paper compared!!!

Did debtors control, revaluation
incomplete( was hopin 4 the other method but sure!!)
service
cash budget

da only hard thing really was the theory,,,in school we never did that kind of stuff so just have to guess everything!!!!
happy overall,,,,could av been a lot worse:D

RandolphEsq

Does anyone remember what they got for Q1? I got 1,416,844.

So annoyed with myself for the Service Firm question, I left out the revaluation reserve at the end and ended up like 100,000 off or something like that

md99

BrightEyes wrote:

Does anyone remember what they got for Q1? I got 1,416,844.

Did this balance? I got €1,437,544, which balanced, though I may have made one or two mistakes with the infamous Fire adjustment!

RandolphEsq

md99 wrote:

Did this balance? I got €1,437,544, which balanced, though I may have made one or two mistakes with the infamous Fire adjustment!

Ye mine balanced, but I just made a few almost random entries for the fire adjustment and it seemed to just balance out of no where

justbringit89

will q8 part b be for half ie 40 marks????

colm-ccfc84

BrightEyes wrote:

Does anyone remember what they got for Q1? I got 1,416,844.

So annoyed with myself for the Service Firm question, I left out the revaluation reserve at the end and ended up like 100,000 off or something like that

I think I did the sae with the service, just thought of it, o the mistakes under pressure! Will only be a few marks anyway.

melsman

i was convinced the devil was trying to get a hold of me during the exam today. on the q.1, service and incomplete the number 666 was there somewhere! funnily enough they were all mistakes and i had to correct them!:D

md99

A few things to check on Cash Budgeting... (Q9)

Loan Interest - €333 per month?
Fixed Overheads = €41,250 per month? ie 42,000-750 monthly depr.?
Anyone have the end figures?

Also, Sales in P+L = Total Sales given at top of question?
Same thing for Total Purchases...?

Discount Allowed = (Total Sales) x (30%) x (5%)?
Discount Received = (Total Purchases) x (50%) x (2%)?

melsman

md99 youre wrong for discount recieved as you had to take away december purchases first then get 50% then 2%
the rest is spot on

md99

melsman wrote:

md99 youre wrong for discount recieved as you had to take away december purchases first then get 50% then 2%
the rest is spot on

Of course! Thanks for clearing this up .

Can you remember your final figure in the budget... Mine was (probably wrong) around 360,000...

melsman

md99 wrote:

Of course! Thanks for clearing this up .

Can you remember your final figure in the budget... Mine was (probably wrong) around 360,000...

in or around that cant remember exactly

md99

fingers crossed...! 360,167 is what I got exactly.

melsman

in the trading profit & loss there was no opening stock OR closing stock sure there wasnt?

md99

indeed there wasn't. same as in the 04 version I'm pretty sure.

btothei

question 3: debtors control....failry ok but i tink i mite hav e messed a figure r two
Question 4: pretty sure i got this perfect rite the way down to the very end cept for the last 2 dodgy a/c's...never hav a clue wat to do ther!
Question 5: ok i spose cudnt do (a) part (V) tho. didnt like the 2 bits bein part (b) and (c) at all tho....regret doin this question last
Question 7: incomplete records...was quite nice....cudnt complain really.....mite have messed the bank balance in current assets but thats it tho
Question 8: tricky but i eventually wrked round it...got it perfect cept maybe for a theory or two

overall....b1 maybe an a2 hopefully

Mushy

Q1: ah nuts. Although it was mainly that fire adjustment bit that got me, maybe the suspense thing aswell kinda. Althou if your only punished once for a mistake, I should still get the guts of about 100-110, which is better than expected

Q.5: Nice, a bit different the way you had to compare with projections from next year. Part (c) was ok, just used the gearing ratio going at current business activity, so said dont give it to them, as they are already financed through debt more so. Hopefully up around 80 for that question in total.

Q7: A nice Incomplete. Not my favourite method, but I worked hard on these, was able to get through it. Was ~€75,000 out, but then with 5 mins to go, noticed something, and I'm only €300 out. Think it was just basic calculation error that made that mistake, so hopefully up around 95 for that question.

Q9: Ah What? Never have seen it like that. Was majoritily just random guesswork, although think I have the basics of it all worked out. At best, I'd be looking at only half marks on that one.

Overall: Definately not the A I wanted. Hopefully as high as possible into the B's for what I thought to be a disaster of a paper(more so at the time, a B is still quite good). Dont think it'll adversely affect my getting my first choice in college luckily enough, but still, on a personal level, not a nice way to finish the LC. I'll go for worse case scenario and say a B3 here.

lennykravitz

cormac17 wrote:

i was very happy wit it!!! After an absolutely horrible mornin in physics!!:(,,acc was a nice paper compared!!!

never had a nosebleed in my life...............till i saw that physics paper!!!!!!!!!!
very traumatic experience!

cson

Actually I just remembered something and I'm surprised it hasn't been brought up yet.....the theory.

Wtf was with the theory on Q7? Now I don't know about you but we didn't do the accounting concept in class for theory so...?

I just said what came to me; for every debit there is a credit etc

Mushy

For the accounting concept, I just said it was an idea that has arisen from an accounting method. Cos after all, thats what a concept is. The next bit, the two traits of it, I just said the double entry system(same as you cson). Didnt know another. For the illustration relating to P. Lynch's accounts, I just did an illustration of a bloody T account cos I was so pissed off by that stage. Theory on Q9 was worse I felt.

melsman

cson wrote:

Actually I just remembered something and I'm surprised it hasn't been brought up yet.....the theory.

Wtf was with the theory on Q7? Now I don't know about you but we didn't do the accounting concept in class for theory so...?

I just said what came to me; for every debit there is a credit etc

well i wrote some bull about the concept of prudence and priciple of double entry

whatshername!!

cson wrote:

Actually I just remembered something and I'm surprised it hasn't been brought up yet.....the theory.

Wtf was with the theory on Q7? Now I don't know about you but we didn't do the accounting concept in class for theory so...?

I just said what came to me; for every debit there is a credit etc

We did it bt never learnt it thought it wouldnt come up. The answer to
(i) Logical structure which guides the preperation of a/c statements
(ii) is Accurals - matching principals that all costs are set off against revenues to which they relate
Consistency - similar matters should be treated in a similar matterswhen they arise
Prudence - Never overstate profits

md99

yeah...accounting concept... wtf. ah well just 8 marks! I said it was a concept related to accounting...:D

Jane1012

md99 wrote:

Did this balance? I got €1,437,544, which balanced, though I may have made one or two mistakes with the infamous Fire adjustment!

ah ha i got 1,429,784 and it didn even balance

cson

The cash budget theory was pretty easy if you did business.

Bastarding dishonored cheque in service....

md99

Did everyone else notice that the P+L Balance from the start of the year was a loss? I noticed this second time round... those tricky motherf's!

cormac17

lennykravitz wrote:

never had a nosebleed in my life...............till i saw that physics paper!!!!!!!!!!
very traumatic experience!

god yea,,tell me bout it!! durin it i went to da toilet nd sat down in da toilet nd was shakin!! really thought i failed it!!!! was sooo pissed off bout it!!,,,wish i droped to pass!!:(,,,so acc was a really nice relief 4m that crappy exam:D


oh nd the goodwill in da incomplete,,,that was a negative wasnt it!!!??!?!

cson

If thats in the Q1 thats where I went wrong so. ****ing presumptions! :eek:

md99

they did it in Examcraft pre...that's why I was sorta expecting it...still missed it 1st time

dobman

BrightEyes wrote:

Does anyone remember what they got for Q1? I got 1,416,844.

So annoyed with myself for the Service Firm question, I left out the revaluation reserve at the end and ended up like 100,000 off or something like that

q1 total 1490544

dobman

cormac17 wrote:

god yea,,tell me bout it!! durin it i went to da toilet nd sat down in da toilet nd was shakin!! really thought i failed it!!!! was sooo pissed off bout it!!,,,wish i droped to pass!!:(,,,so acc was a really nice relief 4m that crappy exam:D


oh nd the goodwill in da incomplete,,,that was a negative wasnt it!!!??!?!

goodwill 18000

dobman

md99 wrote:

Of course! Thanks for clearing this up .

Can you remember your final figure in the budget... Mine was (probably wrong) around 360,000...

mine 360167

dobman

justbringit89 wrote:

will q8 part b be for half ie 40 marks????

q1 upset a fair few and question 8(A) was new (it too will be answered badly) so they will put more marks towards q8b. it doesn't deserve 40 but it will probably get it

md99

dobman wrote:

mine 360167

oh you absolute beauty... i got the same.

md99

dobman wrote:

q1 total 1490544

did this balance for you? if so that's 3 balancing figures we've seen...