** LC accounting 2014 - predictions , discussion, etc **

Andrewmcmahon

What do you think will come up as question 6 and 7 on the exam?

robman60

Published

Suspense (very high chance) then the other question will be either cash flow or service I'm guessing.

nancy..

any predictions for this years accounting paper|(higher level)

Andrewmcmahon

Tabular

Q2 published (possibly revaluation)
Q3 control account
Q4 cash flow
Q6 farm (first time as 100 marker. Q6 is tough to predict this year)
Q7 suspense
Q8 Marginal + small bit absorption (like 2006)

Saskatchewan

Tabular

Judging by previous exams this year, suspense could appear in section 1 and cash flow in section 2

scallway

I won't even be surprised if we get a manufacturing question 1 because all the exams have been so unpredictable this year

Delightfully Bright

Tabular

They wouldn't be completely evil this year and not put ratios up... Would they?

nancy..

Any predictions on d accounts that may come up this year! please! Im fricking out !!

Jones82

Published

Delightfully Bright wrote: »

They wouldn't be completely evil this year and not put ratios up... Would they?

No, ratios are always Q5, it won't change.. I just try to avoid ratios though, quite unpredictable and marked very hard

Jones82

Published

Wait, is there actually a chance of a farm account coming up? We didn't do any of those.. Are they similar to service / club accounts?

Saskatchewan

Tabular

scallway wrote: »

I won't even be surprised if we get a manufacturing question 1 because all the exams have been so unpredictable this year

I don't intend on doing q1, but that would be terrible. I wouldn't rule out company though

Isitthough?

Cashflow

Jones82 wrote: »

Wait, is there actually a chance of a farm account coming up? We didn't do any of those.. Are they similar to service / club accounts?

Yeah Like very similar except you spilt the stocks up things like that just look at one question and solution and you'de be able to give it a good go if it comes up

Isitthough?

Cashflow

scallway wrote: »

I won't even be surprised if we get a manufacturing question 1 because all the exams have been so unpredictable this year

If it was Manufacturing Id just do the 2 questions from section 1 Even though we never did it like that before:pac:

nancy..

What about Q9? Production budget and flexible ??

nancy..

For Q1 would it be okay if i just learn company and soletrader

Isitthough?

Cashflow

nancy.. wrote: »

For Q1 would it be okay if i just learn company and soletrader

Havnt done manufacturing either I was told that the notes are similar so you would be able to pass even better if your good at the ques ones just look over one maybe.

Isitthough?

Cashflow

You know departmental can also come up as a Q1 its never come up before but it has been able to come as a ques one all these years but If they did that the accounting peeps will cause riots and we don't want that now do we SEC?

nancy..

We never did departmental accounts before so im not bothered about them. For section2 would suspense , incompleteB ,servive and cashflow be grand to learn?

Isitthough?

Cashflow

nancy.. wrote: »

We never did departmental accounts before so im not bothered about them. For section2 would suspense , incompleteB ,servive and cashflow be grand to learn?

And club 100mark club hasnt come up since 2011 service came up in 2012 so club might be more likely tbh plus tabular may also come up hasnt been on since 2011 either..Maybe do Ratio lightly just in case?

nancy..

Ratios and i are dont get along! Dont like em. is suspense likely to come up? For Q9 is production + flexible grand?

Isitthough?

Cashflow

nancy.. wrote: »

Ratios and i are dont get along! Dont like em. is suspense likely to come up? For Q9 is production + flexible grand?

Yeah suspense is very likely id be surprised not to see it...Your really taking risks here arnt you:P Well I never take risks with Q9 that ones really random cause they mix them like last year it was a cash mixed with production 2009 it was a flex mixed with production so there really isnt telling for it. Judging from the mocks Id say production is likely and flex so yes You will be ok with that but just print off like 2 cash questions even just type A's cause theyre more likely and see where some of the numbers are coming from dont even practice them if you dont have the time or whatever but Look at them :pac:

Calvin

Published

What I'm studying are Control accounts (already know), Suspense, Service, Farm, Club, Reval, Marginal, Flexible, Cash, Production and Cash flow. Praying the cash flow comes up as a 60m!

Ideal paper would be:
60m- control, cash flow, reval
100m - service and suspense
80m- marginal and production

nancy..

Thanks! Accounting is hard enough to predict i just it all goes well .

stevemanu

Tabular

Hey guys. You know in Suspense sometimes you introduce capital into company to pay off a company debt. Isn't there a case when you offer a private discount and there is no entry made in the discount account ? The capital introduced and the debt are not equal obviously. I remember my teacher mentioning this a while back !

flump_master

Cashflow

[PQUOTE=stevemanu;90806261]Hey guys. You know in Suspense sometimes you introduce capital into company to pay off a company debt. Isn't there a case when you offer a private discount and there is no entry made in the discount account ? The capital introduced and the debt are not equal obviously. I remember my teacher mentioning this a while back ![/QUOTE]

If the private debt is larger than the business debt the discount is absorbed by the owner and no entry is made. But in every case since 1994 the business debt has been larger. If it's a case of no discount you just make an entry in capital/drawings and debtors/creditors account for the amount of the business debt

MeganB

Suspense

nancy.. wrote: »

For Q1 would it be okay if i just learn company and soletrader

That is exactly what I'm doing I personally think company will come up though Sole Trader is way to obvious!

Delightfully Bright

Tabular

MeganB wrote: »

That is exactly what I'm doing I personally think company will come up though Sole Trader is way to obvious!

Although if the SEC don't put sole trader up this year it will be even more obvious for next year.

nancy..

MeganB wrote: »

That is exactly what I'm doing I personally think company will come up though Sole Trader is way to obvious!

Yeah same i think company will come up. what are doing for srction 2?

jellytots95

Tabular

Isitthough? wrote: »

And club 100mark club hasnt come up since 2011 service came up in 2012 so club might be more likely tbh plus tabular may also come up hasnt been on since 2011 either..Maybe do Ratio lightly just in case?

Club and tabular were both up last year at 60s though? Do you really think theyll put club on two years in a row? Theyve never done that have they? Not as far back as 1990 anyway!

Andrewmcmahon wrote: »

Q2 published (possibly revaluation)
Q3 control account
Q4 cash flow
Q6 farm (first time as 100 marker. Q6 is tough to predict this year)
Q7 suspense
Q8 Marginal + small bit absorption (like 2006)

Ive never done a 100 marker farm! I havent even looked at the 60 markers

stevemanu

Tabular

We get an already ruled sheet if Tabular comes up right ?

Isitthough?

Cashflow

stevemanu wrote: »

We get an already ruled sheet if Tabular comes up right ?

Im told we do yes theyre booklets like remember in JC was like record books 1-3. thank god;)

Saskatchewan

Tabular

stevemanu wrote: »

We get an already ruled sheet if Tabular comes up right ?

I think we only get a record book 1 sheet. It's handier just to rule it out. :pac:


What's everyone doing for theory?

Isitthough?

Cashflow

Saskatchewan wrote: »

I think we only get a record book 1 sheet. It's handier just to rule it out. :pac:


What's everyone doing for theory?

My teacher gave me a big handout with it all but Im not sure if ill do it In the mocks I just used common sense for some and tried making up some elaborate meaning and got a few attempt marks...Wbu?

Saskatchewan

Tabular

Isitthough? wrote: »

My teacher gave me a big handout with it all but Im not sure if ill do it In the mocks I just used common sense for some and tried making up some elaborate meaning and got a few attempt marks...Wbu?

I'm looking through the past few years exams and seeing the questions. Nothing is going in though. Think I'll probably wing the theory questions. I got an A1 in my mocks and had no theory right at all in it... hopefully

Isitthough?

Cashflow

Saskatchewan wrote: »

I'm looking through the past few years exams and seeing the questions. Nothing is going in though. Think I'll probably wing the theory questions. I got an A1 in my mocks and had no theory right at all in it... hopefully

Yeah same Hopefully be grand really depends on the exam too. I mean the club theory is fine and there's no theory in suspense or Q1's so should be fine:pac:

Saskatchewan

Tabular

Isitthough? wrote: »

Yeah same Hopefully be grand really depends on the exam too. I mean the club theory is fine and there's no theory in suspense or Q1's so should be fine:pac:

There's a bit of theory with suspense isn't there? Like what entries impact on he balancing and stuff. I don't think I'm going to do q1. I've only ever balanced 5 of them....

Isitthough?

Cashflow

Saskatchewan wrote: »

There's a bit of theory with suspense isn't there? Like what entries impact on he balancing and stuff. I don't think I'm going to do q1. I've only ever balanced 5 of them....

They dont need to balance you only get an extra 6 marks I was told you will make less mistakes doing one Q1 rather than 2 short questions but on the other hand I suppose doing Q2-4 gives you good practice for the Q6 and 7's so whatever suits you ...And I didnt know there was thorey in suspense :eek: thanks for telling me. Btw are you doing Q8 And 9's ive done 9's only did you do both?

Gcc ct96

The suspense is killing me!

Isitthough?

Cashflow

Gcc ct96 wrote: »

The suspense is killing me!

Lol theyre fun arnt they Alot of them repeat themselves so even on the day of the exam there will be at least 3 youve seen before. Even if you get them wrong in part (A) its still possible to get full marks in part (b) thats the only redeeming quality about them:pac: sometimes you think your doing the suspense right and it makes sense in your head but when you go to the marking scheme Ahh well hopefully alot of it we will have seen before figures crossed

flump_master

Cashflow

If we could have the 2006 paper I would be so happy :')

Gcc ct96

Isitthough? wrote: »

Lol theyre fun arnt they Alot of them repeat themselves so even on the day of the exam there will be at least 3 youve seen before. Even if you get them wrong in part (A) its still possible to get full marks in part (b) thats the only redeeming quality about them:pac: sometimes you think your doing the suspense right and it makes sense in your head but when you go to the marking scheme Ahh well hopefully alot of it we will have seen before figures crossed

No i like suspense really it's the suspense that is killing me especially whether sole trader will come up

Isitthough?

Cashflow

Gcc ct96 wrote: »

No i like suspense really it's the suspense that is killing me especially whether sole trader will come up

Oh lol totally misread such an ambiguous thing to put on a accounting thread!:p

Lara_15

Published

Accounting Theory

Incomplete Records

Advice- I would advise .............. to keep a detailed cash book and general ledger supported by appropriate subsidiary day books, enabling ................ to prepare an accurate trading profit and loss account and therefore avoid reliance on estimates.

Additional info available from double entry system
-Total Purchases and Sales
-Bank Balance
-Capital and Drawings
-Expenses Due and Prepaid

Suspense

Error of commission – correct amount, correct side, correct class of account, incorrect account
e.g. Entering goods sold on credit to L. O' Brien into D. O' Brien's account
Error of principle – Incorrect class of account e.g. Shop owner entering purchase of a vehicle as purchase of trading stock
Error of omission – Entry completely omitted from the books
Compensating errors - When two errors cancel each other out
Reversal of entry – Debit entry entered on credit side and vice versa

Errors that do affect the trial balance :
-One amount on DR and different amount on CR
-Mathematical/calculation errors
-Posting only one side of the double entry

Club/ Service

Special purpose P+L – used to calculate the profit on things such as raffle or lotto. Profit then goes into the income and expenditure account

Limitations of a Receipts and Payments A/c
-Does not show weather club is raising enough funds to cover costs
-Does not take into account dues and prepaids
-Does not take into account non-cash losses such as depreciation

Cash Flow

Things affecting profit but not cash
-Non cash losses such as depreciation
-Credit purchases or sales

Things affecting cash but not profit
-Capital/Drawings of cash
-Purchase or sale of Fixed asset

Accounting Standards Board
-Issues new accounting standards called financial reporting standards (FRS)
-FRS 1 (issued in 1991 revised in 1999) requires large companies to prepare a cash flow statement for each activity period
-It requires that individual cash flows should be entered under standard headings according to the activity that gives rise to them

Purpose of Cash Flow
-Shows cash inflows and outflows for the year
-Shows that profits do not always equal cash
-Aids financial planning, used to predict future cash flows

Budgeting

Cash Budget – forecast of cash inflow and outflow over a period, highlights weather enough cash will be aailable to cover future costs, gives advance knowledge to arrange an overdraft if needed
Flexible Budget – Prepared to help control and plan product levels, and to compare budgeted costs to actual costs at a certain level of activity
Capital Budget - Deals with planned capital expenditure e.g. Purchase o fixed assets
Master Budget – Summary of all budgets, includes a budgeted Manufacturing account Profit and Loss account and Balance Sheet
Adverse variance – When actual costs exceed budgeted costs
Controllable costs – can be controlled e.g. Direct labour, Administration
Uncontrollable costs – cannot be controlled e.g. Rates to local council
Principle Budgeting Factor – Limits output e.g. Sales demand, availability of labour and materials, capacity of the factory/plant
How to predict sales : take into account
-Last years sales
-Competition
-Market Research
-Trends/ Economy






accounting theory for some topics if anyone needs it, it was formatted all nice but when I copied an pasted it it went all boring sorry

Isitthough?

Cashflow

Lara_15 wrote: »

Accounting Theory

Incomplete Records

Advice- I would advise .............. to keep a detailed cash book and general ledger supported by appropriate subsidiary day books, enabling ................ to prepare an accurate trading profit and loss account and therefore avoid reliance on estimates.

Additional info available from double entry system
-Total Purchases and Sales
-Bank Balance
-Capital and Drawings
-Expenses Due and Prepaid

Suspense

Error of commission – correct amount, correct side, correct class of account, incorrect account
e.g. Entering goods sold on credit to L. O' Brien into D. O' Brien's account
Error of principle – Incorrect class of account e.g. Shop owner entering purchase of a vehicle as purchase of trading stock
Error of omission – Entry completely omitted from the books
Compensating errors - When two errors cancel each other out
Reversal of entry – Debit entry entered on credit side and vice versa

Errors that do affect the trial balance :
-One amount on DR and different amount on CR
-Mathematical/calculation errors
-Posting only one side of the double entry

Club/ Service

Special purpose P+L – used to calculate the profit on things such as raffle or lotto. Profit then goes into the income and expenditure account

Limitations of a Receipts and Payments A/c
-Does not show weather club is raising enough funds to cover costs
-Does not take into account dues and prepaids
-Does not take into account non-cash losses such as depreciation

Cash Flow

Things affecting profit but not cash
-Non cash losses such as depreciation
-Credit purchases or sales

Things affecting cash but not profit
-Capital/Drawings of cash
-Purchase or sale of Fixed asset

Accounting Standards Board
-Issues new accounting standards called financial reporting standards (FRS)
-FRS 1 (issued in 1991 revised in 1999) requires large companies to prepare a cash flow statement for each activity period
-It requires that individual cash flows should be entered under standard headings according to the activity that gives rise to them

Purpose of Cash Flow
-Shows cash inflows and outflows for the year
-Shows that profits do not always equal cash
-Aids financial planning, used to predict future cash flows

Budgeting

Cash Budget – forecast of cash inflow and outflow over a period, highlights weather enough cash will be aailable to cover future costs, gives advance knowledge to arrange an overdraft if needed
Flexible Budget – Prepared to help control and plan product levels, and to compare budgeted costs to actual costs at a certain level of activity
Capital Budget - Deals with planned capital expenditure e.g. Purchase o fixed assets
Master Budget – Summary of all budgets, includes a budgeted Manufacturing account Profit and Loss account and Balance Sheet
Adverse variance – When actual costs exceed budgeted costs
Controllable costs – can be controlled e.g. Direct labour, Administration
Uncontrollable costs – cannot be controlled e.g. Rates to local council
Principle Budgeting Factor – Limits output e.g. Sales demand, availability of labour and materials, capacity of the factory/plant
How to predict sales : take into account
-Last years sales
-Competition
-Market Research
-Trends/ Economy






accounting theory for some topics if anyone needs it, it was formatted all nice but when I copied an pasted it it went all boring sorry

:eek: Awesome thanks so much! will this cover me for theory?

Saskatchewan

Tabular

Isitthough? wrote: »

They dont need to balance you only get an extra 6 marks I was told you will make less mistakes doing one Q1 rather than 2 short questions but on the other hand I suppose doing Q2-4 gives you good practice for the Q6 and 7's so whatever suits you ...And I didnt know there was thorey in suspense :eek: thanks for telling me. Btw are you doing Q8 And 9's ive done 9's only did you do both?

I've done both q8 and q9. I've done most from 2002-2013. I like them because you can make up your own way and its pretty repetitive. I think a manufacturing budget will come this year and they're pretty straight forward.

Isitthough?

Cashflow

Saskatchewan wrote: »

I've done both q8 and q9. I've done most from 2002-2013. I like them because you can make up your own way and its pretty repetitive. I think a manufacturing budget will come this year and they're pretty straight forward.

Is it necessary? Or would I get away with just Q9..I might just look over 8's just incase

Saskatchewan

Tabular

Isitthough? wrote: »

Is it necessary? Or would I get away with just Q9..I might just look over 8's just incase

I'd say you'd be grand. Just maybe have a look at marginal costing as well.

I'm only going overboard because i actually like accounting!:o

Isitthough?

Cashflow

Saskatchewan wrote: »

I'd say you'd be grand. Just maybe have a look at marginal costing as well.

I'm only going overboard because i actually like accounting!:o

I like it too its just more of a time issue :pac: thanks

Saskatchewan

Tabular

Isitthough? wrote: »

I like it too its just more of a time issue :pac: thanks

No problem! Oh, are you bothering with incomplete or published?

Isitthough?

Cashflow

Saskatchewan wrote: »

No problem! Oh, are you bothering with incomplete or published?

incomplete mostly B it came up in 2000 as incomplete A and in 2001 it came up as incomplete B so it has come up twice in a row before so Theres no saying they wont do it again. I didnt do published I dont even think we did them in class either. you?

Saskatchewan

Tabular

Isitthough? wrote: »

incomplete mostly B it came up in 2000 as incomplete A and in 2001 it came up as incomplete B so it has come up twice in a row before so Theres no saying they wont do it again. I didnt do published I dont even think we did them in class either. you?

I'm just doing incomplete B. Not doing published! They're so ridiculously stupid!