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LC Accounting predictions?

  • 25-05-2010 12:45pm
    #1
    Closed Accounts Posts: 19 ✭✭✭ Paddi Jones


    Personally I'm thinking ;
    Company A/Cs
    Suspense
    Ratio Analysis
    Club A/C OR Service Firm
    Marginal
    Flexible Budgeting

    I don't plan to do the 60 markers so I've no idea what could come up there.


    Whats your thoughts?


Comments

  • Registered Users Posts: 285 ✭✭ Ashashi


    My preferred exam would be:

    Company A/C
    Interpretation
    Suspense
    Club(easier than service, but service are grand)
    Marginal + Flexible
    Production


    A marginal flexible mix would be the best for myself, as it means it won't take as long as a longermarginal by itself, leaving me more time to do 3 question in section 2 hopefully.


  • Closed Accounts Posts: 9 ✭✭✭ mikey69


    adam ashahi??


  • Closed Accounts Posts: 46 ✭✭✭ Messi 10


    Ashashi wrote: »
    My preferred exam would be:

    Company A/C
    Interpretation
    Suspense
    Club(easier than service, but service are grand)
    Marginal + Flexible
    Production


    A marginal flexible mix would be the best for myself, as it means it won't take as long as a longermarginal by itself, leaving me more time to do 3 question in section 2 hopefully.

    No way you'll have time to do 3 questions in section 2. You'd have to seriously rush the rest of the paper if you were hoping to do that so I reckon it would end up being conuter productive attempting to do that.

    I'd say you're prediction for what will come up is fairly accurate though. Possibly a cash flow instead of that club though.


  • Closed Accounts Posts: 19 ✭✭✭ Paddi Jones


    :D
    No, no only plan to do the 120 marker, the two 100s and then the one 80 marker.
    I'm really crap at Suspense and the ratios, even with revision, so at best I'll be doing the two 100s but chances are I'll get stuck and only get the one done.


  • Registered Users Posts: 285 ✭✭ Ashashi


    Yeah, I know, it really would be counter productive. Suspense is gonna be hard, as they are changing them a lot these days, and cash flow is the suaul partner to suspense, so they may throw a club/ service in there instead.

    Then again, they may get rid of suspense and throw in cash instead.

    It's a tough exam to predict. Though if it came up what I posted, I will fly through it (hopefully)

    Mikey69? Do I know you?


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  • Registered Users Posts: 827 Cian92


    What are the predcitions for the 60markers? Depreciation anyway? Suspense is also a definite. I will defniteley be doing it, if it comes up!


  • Moderators, Education Moderators, Motoring & Transport Moderators Posts: 7,419 Mod ✭✭✭✭ **Timbuk2**


    I reckon depreciation using the NBV method (reducing balance method) will come up this year - it's long overdue. As this is a bit harder, the question will probably be a bit easier to compensate.

    Do you think I will be safe if I ignore Incomplete Records when I am studying? I have every other topic done but if it all possible, I am trying to avoid doing the Ratios Q5 - it's just impossible to do well in as it's very subjective to what's in the marking scheme.


  • Registered Users Posts: 285 ✭✭ Ashashi


    I have to self teach myself Suspense, Cash Flow, Mariginal Costing, Production and Club/Service, because my teacher is bordering on retarded. It took him 6 months to teach Final A/C's and ratios.

    We would have asked for a change of teachers, but he is the only "qualified" teacher in the school.

    Not fair, but that's life.


  • Moderators, Education Moderators, Motoring & Transport Moderators Posts: 7,419 Mod ✭✭✭✭ **Timbuk2**


    Ashashi wrote: »
    I have to self teach myself Suspense, Cash Flow, Mariginal Costing, Production and Club/Service, because my teacher is bordering on retarded. It took him 6 months to teach Final A/C's and ratios.

    We would have asked for a change of teachers, but he is the only "qualified" teacher in the school.

    Not fair, but that's life.

    That's a pity. Accounting is one of those subjects that you need a really good teacher for. I would be lost trying to teach myself topics. Especially since books / marking schemes don't often show where the figures come from, it can be a little confusing


  • Registered Users Posts: 827 Cian92


    Do you think I will be safe if I ignore Incomplete Records when I am studying? I have every other topic done but if it all possible, I am trying to avoid doing the Ratios Q5 - it's just impossible to do well in as it's very subjective to what's in the marking scheme.

    I'd say you would be safe, but don't quote me on that. I see what you mean about the ratios, i will try and avoid them too. Know the formula though, if you know the formula and do a half ass chat you will get a B.

    I hope to be doing club and suspense as my 100markers though!


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  • Closed Accounts Posts: 9 ✭✭✭ mikey69


    Em yeah we've talked before on msn ha


  • Closed Accounts Posts: 61 ✭✭✭ CiaraBelle


    I reckon depreciation using the NBV method (reducing balance method) will come up this year - it's long overdue. As this is a bit harder, the question will probably be a bit easier to compensate.

    As a 60 marker yeah? It couldn't come up as a 100 could it? Aah accounting is so dependent on getting the right questions...


  • Moderators, Education Moderators, Motoring & Transport Moderators Posts: 7,419 Mod ✭✭✭✭ **Timbuk2**


    CiaraBelle wrote: »
    As a 60 marker yeah? It couldn't come up as a 100 could it? Aah accounting is so dependent on getting the right questions...

    No, as far as I know, it can never be 100 marks. I think some things can crossover, that have never crossed over before, such as Farm a/cs can be 100 mark questions, and Incomplete Records: Ratio Method can apparently (according to my teacher) come up as 60 marks because they are quite short. The other two types of incomplete records can only be 100 marks.


  • Registered Users Posts: 285 ✭✭ Ashashi


    I got help from my uncle who is an accountant, he taught me suspense like an accountant would, not a teacher, so it makes a lot more sense than just following a load of rules.

    I thought I could get an A1 before my teacher appeared, now going for a B1 at best.


  • Moderators, Education Moderators, Motoring & Transport Moderators Posts: 7,419 Mod ✭✭✭✭ **Timbuk2**


    Ashashi wrote: »
    I got help from my uncle who is an accountant, he taught me suspense like an accountant would, not a teacher, so it makes a lot more sense than just following a load of rules.

    You don't have to go into much detail, but what did he do different than your teacher/textbook does?

    When we do Suspense workings, we don't use T-accounts but instead use "Should Be", "What Happened", "Correction"

    For example
    S/B Creditors.............. 24,000 cr
    ......Purchases 24,000dr

    W/H Creditors............... 42,000 cr
    .......Purchases............. 24,000 cr

    Corr. Creditors 18,000 dr
    ....... Purchases 48,000 dr
    ....... Suspense ..............66,000 cr

    Then I would put a box around the Correction entries, and these are exactly what you would put in the Journal.

    A tip for suspense: Leave the narratives to the end (leave space for them). They are only worth 1 mark each, but they take up quite a bit of time. If you are short for time, you will end up with more marks if you skip the narratives and go onto the Suspense a/c and the Corrected Net Profit, as there might be 5 marks going for the Suspense a/c, and you can do that in about 60 seconds or so. Also the Balance Sheet is worth a lot of marks (if it's a 100 mark question), so you will 'clock-up' marks quicker than you would by writing out narratives and running out of time.

    Narratives are those 'Being correction of error stock entered in the purchases account.... error now corrected' entries in the Journal.


  • Registered Users Posts: 285 ✭✭ Ashashi


    Well my uncle does it using t accounts. He said that every company starts off with a Bank and Capital A/C, and it works from there.

    He then helped to explain how assets work, Debtors and Creditors etc. I know think more like an accountant, than a student, he also helped with Cash Flow as well.

    Though, I do circle corrections in the T-Accounts, and then in the general journal, I would put a green tick beside everything affecting the Ba;ance Sheet, and a blue tick beside everything affecting the Net Profit and work from there.


  • Registered Users Posts: 137 ✭✭ JoeyBuddy


    I pretty much know:


    Company
    Sole Trader
    Club/Service/Farm
    Ratios
    Suspense
    Tab
    Flexible Budget
    Production Budget
    Marginal Costing
    Absorbtion Costing

    Do you think the paper will include most of these?


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