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

Lara_15

Published

neonmaria wrote: »

oh that's good then just worried there will be a shock somewhere in section 2 or 3 since last year they put up manufacturing in section 1 even though soul trader was due up

I think because we're more than likely going to get suspense, there wont be any shocks because its regarded as the most difficult question on the course and most people hate it

nancy..

Kyro wrote: »

I'm doing:

-Sole Trader.
-Suspense.
-Service/Club.
-Production Budget.

And hoping for the best. ****ed if my predictions don't come up though - I'm not even going to look at any other questions.

what about company and flexible just incase.

Kyro

Tabular

nancy.. wrote: »

what about company and flexible just incase.

Nope, I won't bother. I can do most of a company anyway because it's practically the same as a Sole Trader just with an Abridged and some dividend calculations.

Don't even know what Flexible is haha.

I can always just do the interpretation if the 100 markers are terrible. Guaranteed 45/50 marks for knowing the formula.

neonmaria

well im definitely doing ratios and q1 not sure after that though just depends on what comes up on the day

nancy..

Kyro wrote: »

Nope, I won't bother. I can do most of a company anyway because it's practically the same as a Sole Trader just with an Abridged and some dividend calculations.

Don't even know what Flexible is haha.

I can always just do the interpretation if the 100 markers are terrible. Guaranteed 45/50 marks for knowing the formula.

yeah sure u r right. lol flexible is pretty easy it has only been up twice. ew! I hate ratios! They r so much effort.

Lara_15

Published

Kyro wrote: »

Nope, I won't bother. I can do most of a company anyway because it's practically the same as a Sole Trader just with an Abridged and some dividend calculations.

Don't even know what Flexible is haha.

I can always just do the interpretation if the 100 markers are terrible. Guaranteed 45/50 marks for knowing the formula.

Flexible is very easy! Just learn the high low method and marginal costing format and bobs your uncle 80/80
And I would definately learn the formulae for the ratio question as a back up, then you can bull**** your way through the essay yoke and get some marks.
It depends on what youre aiming for
I would probably glance over a cash flow just enough that you can make a decent attempt if it came up. Its very very likely to come up somewhere on the paper, but it could end up as a 60mk

Andrewmcmahon

Tabular

Lara_15 wrote: »

I think because we're more than likely going to get suspense, there wont be any shocks because its regarded as the most difficult question on the course and most people hate it

I think suspense is the easiest to get fully right tbh. Only problem is one journal entry wrong can lose you 15+ marks.

Lara_15

Published

Andrewmcmahon wrote: »

I think suspense is the easiest to get fully right tbh. Only problem is one journal entry wrong can lose you 15+ marks.

I dont mind them too much, but I always end up making a mistake somewhere. It depends on the person obviously but I know alot of people struggle with them and they are regarded as difficult.
I think once you spend enough time on them, like anything else in accounting, you start to see the pattern and repetition and they become easy

jellytots95

Tabular

I know this is probably a stupid question but could someone tell me which sections are q 8 and which are q 9

Calvin

Published

jellytots95 wrote: »

I know this is probably a stupid question but could someone tell me which sections are q 8 and which are q 9

All the costings are q8, the budgets are q9.

I need to start studying accounting already know controls, suspense and reval. Just gotta go over club, service, firm, cash flow, all budgets and costings and MAYBE ratios just to be covered.

richardh330

Cashflow

Pretty sure I'll be covered with this:
Sole Trader / Company
Club, Service, Tabular, Cash Flow, Suspense (little bit of ratios)
Marginal (+Absorption and Flexible), Job Costing, Production Budget

Pretty much nothing from last year!

Lara_15

Published

You know when youre doing suspense, in the marking schemes sometimes they put in like 2 figures for debtors or something in the general journal with separate marks for each, I always just balance it off do I lose marks for this? and how do I know what to put in separately

jellytots95

Tabular

Lara_15 wrote: »

You know when youre doing suspense, in the marking schemes sometimes they put in like 2 figures for debtors or something in the general journal with separate marks for each, I always just balance it off do I lose marks for this? and how do I know what to put in separately

i think you get the same marks for putting them together, thats what our teacher says anyway

Lara_15

Published

jellytots95 wrote: »

i think you get the same marks for putting them together, thats what our teacher says anyway

awh grand, thanks a mill

matthew8

Published

Lara_15 wrote: »

You know when youre doing suspense, in the marking schemes sometimes they put in like 2 figures for debtors or something in the general journal with separate marks for each, I always just balance it off do I lose marks for this? and how do I know what to put in separately

If you look a bit more at the pattern, it's only when a payment is made and subsequently cancelled that they enter it twice. Every other time they just enter the balance.

Kat7

Tabular

Hey,could anyone help me out, what are the main points you should include in your answer for the theory in club or service firm 100mrks? For any of the questions would be great thanks!!!

gclaire

Cashflow

I dont think they will put suspense as a 100mark becoz so many people have predicted it nd are relyin on it! :P

Lara_15

Published

Kat7 wrote: »

Hey,could anyone help me out, what are the main points you should include in your answer for the theory in club or service firm 100mrks? For any of the questions would be great thanks!!!

Posted a big chunk of theory a few pagers back


private debt of 600 owed to cooke offset against a businsess debt of 550

Can anyone help with this, I would do it
Capital CR 600
Creditor DR 550
Discount DR 50


But the marking scheme has
Capital Cr 550
Creditor Cr 550


I dont understand why?

gclaire

Cashflow

Lara_15 wrote: »

Posted a big chunk of theory a few pagers back


private debt of 600 owed to cooke offset against a businsess debt of 550

Can anyone help with this, I would do it
Capital CR 600
Creditor DR 550
Discount DR 50


But the marking scheme has
Capital Cr 550
Creditor Cr 550


I dont understand why?

I think it shud b ur way! Maybe its a mistake in the marking scheme.

Lara_15

Published

thanks anyone have a mock club/service account (100Mk)

Saskatchewan

Tabular

Lara_15 wrote: »

Posted a big chunk of theory a few pagers back


private debt of 600 owed to cooke offset against a businsess debt of 550

Can anyone help with this, I would do it
Capital CR 600
Creditor DR 550
Discount DR 50


But the marking scheme has
Capital Cr 550
Creditor Cr 550


I dont understand why?

There's some rule that you don't include the full amount of the capital introduced if its greater than the debt.

Lara_15

Published

Saskatchewan wrote: »

There's some rule that you don't include the full amount of the capital introduced if its greater than the debt.

ohhh ok i think that makes sense, thank you

onethreefive

Hi,
I'm doing questions now and I'm stuck on one.

Could anyone explain where the numbers come from for working A (iv) on the 2011 OL Interpretation of Accounts question. I can't figure out how to find the interest!
Thanks!

Osmosis Jones

Published

Return on capital employed?

If so it's net profit before interest and tax, all over capital employed, by 100

onethreefive

Osmosis Jones wrote: »

Return on capital employed?

If so it's net profit before interest and tax, all over capital employed, by 100

Thanks How would I find out what the interest was to deduct it?

flump_master

Cashflow

Lara_15 wrote: »

Posted a big chunk of theory a few pagers back


private debt of 600 owed to cooke offset against a businsess debt of 550

Can anyone help with this, I would do it
Capital CR 600
Creditor DR 550
Discount DR 50


But the marking scheme has
Capital Cr 550
Creditor Cr 550


I dont understand why?

Because the private debt is larger the discount is on the private debt. The business doesn't get the benefit of the discount, the owner does. So in reality the owner only put in 550 in capital, not 600. As a general rule if the private debt is larger, no discount

sallycoolgal

Published

richardh330 wrote: »

Pretty sure I'll be covered with this:
Sole Trader / Company
Club, Service, Tabular, Cash Flow, Suspense (little bit of ratios)
Marginal (+Absorption and Flexible), Job Costing, Production Budget

Pretty much nothing from last year!

tabular came up last year? its never come up 2 years in a row before

Calvin

Published

Anyone gonna cover published accounts? I'm not sure if it's worth the time.....

jellytots95

Tabular

Calvin Leong wrote: »

Anyone gonna cover published accounts? I'm not sure if it's worth the time.....

Ive covered 60 mk published therell hardly be a 100 mk question two years in a row id say

jellytots95

Tabular

sallycoolgal wrote: »

tabular came up last year? its never come up 2 years in a row before

Neither has club but people are predicting that thatll come up again too