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a/cing Qs

  • 17-06-2008 9:50am
    #1
    declan_lgs
    Registered Users, Registered Users 2 Posts: 549 ✭✭✭


    Hullo just started studying this morning. I've always been very strong with Q8 and we never did Q9 so for section 3 I'm hoping to pick up 80 marks or very close to it.

    For section 1 everyone in my class is doing Q1. Most people are banking on manufacturing account, but just incase they stick in another sole trader/company like they did LAST TIME, what does a man who has minimal expertise with these in particular need to remember?

    Sole trader: big ass drawings adjustments, not too difficult is it? How exactly do we treat it in the books? Balance sheet financed by - subtract is all? Subtract where?

    Is there any other differences for sole trader - do we need to calculate a capital figure?

    Company accounts well I haven't ever seen them come up 2 years in a row, but is there anything different about it or is it just longer-ass adjustments?

    Hoping I can get at LEAST 80 marks out of section 1 but if I'm careful enough I should be able to get closer to 120, assuming I learn these differences.

    Section 2. Ratios I was never that good at but I'm not good at much in this section. Gonna spend a long time with them. Published accounts, bloody hate them but I gotta get them into my head. Club accounts - easy, but in case it's service firms (again, unlikely), is there any real differences?

    Also might get a look at cash flows for section 2, they're not the hardest, and if they came up along side a club account Q = beautiful. Incomplete is likely enough to come up again and give me no choice but to do ratios and the 3rd Q though.

    Tabular statements aren't that likely (actually really unlikely) to come up in section 2 but I can do them handy enough. Some things about them I do are different to the marking scheme though. For example if during the year (say Feb) we pay rent to cover 12 months, do you get full marks if you calculate what will be prepaid in December and then up/down the rent prepaid CA figure, in the Feb column? And wages that are due but there is no word of them being paid during the year - you can remove them at the end of the year? (I think that was on the marking scheme but just to be sure)

    Also for months with simple adjustments, it's grand if you can think about it for a bit and put the right figures in the right places without writing down your workings? I mean the simple months only.

    Thanks.

    3 hours to study :D (I am lucky this starts at 2)


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