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

robman60

Published

Did people here do Q8 or Q9?

I always do Q8 and thought it was lovely although it was longer than usual. The exact same type came up in our mocks and I'd practised the marginal and absorption statements this morning so was very happy with it.

onethreefive

OL was a lot harder than previous years in my opinion.

jellytots95

Tabular

Did nobody at all do published?:(

sinead18

Tabular

Delighted with that paper!

7jy

Tabular

Could anyone else just not be bothered with service and did interpretation instead? No..? Ok then.

Perfect paper anyway, only difficulties were solvency on interpretation theory and mixing up the errors on suspense theory by putting down commission/principle/omission, but hey for only 6m not going to complain too much

jellytots95

Tabular

Does anyone remember what they got at the end of their published account? Nobody's answering me

robman60

Published

jellytots95 wrote: »

Does anyone remember what they got at the end of their published account? Nobody's answering me

I think most people avoided it so you mightn't have much luck trying to find an answer!


In 22 hours I will be free on my way down for a cold pint, with the LC over. Life is/will be good :cool:

DANIELMY9

jellytots95 wrote: »

Did nobody at all do published?:(

I did! what answer did you get?

jellytots95

Tabular

DANIELMY9 wrote: »

I did! what answer did you get?

I got 120000 i think but ive redone it since and got 123500 :P neither of them might be right :P what did you get?:)

DANIELMY9

jellytots95 wrote: »

I got 120000 i think but ive redone it since and got 123500 :P neither of them might be right :P what did you get?:)

Yeah i got 123,500 in the exam..not sure either

jellytots95

Tabular

DANIELMY9 wrote: »

Yeah i got 123,500 in the exam..not sure either

I think thats right

muirmul

Did anyone do control or total production cost budgeting?

jellytots95

Tabular

muirmul wrote: »

Did anyone do control or total production cost budgeting?

Yeah i did both

muirmul

jellytots95 wrote: »

Yeah i did both

I got €1673940 for production and €61442 for control but I'm pretty sure that's wrong?

flump_master

Cashflow

For marginal costing how did people deal with the variable cost per unit and contribution per unit? I got 18.125 for vcu and 11.875 for contribution per unit and wasn't sure which way to round. I left them both to three decimals for the rest of the question but I reckon that could throw my results out

jellytots95

Tabular

muirmul wrote: »

I got €1673940 for production and €61442 for control but I'm pretty sure that's wrong?

Total production cost budget is right anyway i was talking to my teacher after and he said the answer for the control was 61892

chelliam1

Published

flump_master wrote: »

For marginal costing how did people deal with the variable cost per unit and contribution per unit? I got 18.125 for vcu and 11.875 for contribution per unit and wasn't sure which way to round. I left them both to three decimals for the rest of the question but I reckon that could throw my results out

yeah i was confused as well, just left it at three decimal places to be most accurate

Sam2334

I got 897105 for suspense, hope that's right

Saskatchewan

Tabular

Just looking through the sole trader, some of the adjustments were pretty tricky.

Liquidity and Solvency theory would be more business or economics than accounting.

And asking what a cash budget was at the end of a production budget was weird!

robman60

Published

flump_master wrote: »

For marginal costing how did people deal with the variable cost per unit and contribution per unit? I got 18.125 for vcu and 11.875 for contribution per unit and wasn't sure which way to round. I left them both to three decimals for the rest of the question but I reckon that could throw my results out

You're correct, CPU was 11.875 and I kept my figures to three decimal places too. The break-even was 88xx (can't recall) but you have to round up to the next unit. Your results are correct.

Saskatchewan wrote: »

Liquidity and Solvency theory would be more business or economics than accounting.

I just glanced at interpretation, but that looked difficult. Solvency doesn't feature at all and I initially thought they were the same thing, not that it mattered to me though.

neonmaria

really happy with that paper even managed to get it all done even though I usually spend way too long on question 1 but I didn't balance the soul trader was about 3000 off hope I don't lose too many marks

Aspiring

Strange the layout of marginal was different to usual. I think it actually made it easier because when there's no sales commission the calculations you have to do become much easier imo. I know the sales commission came into it for one (or two, can't remember) parts but other than that it was different to usual.

Didn't think they'd go all out with marginal and absorption. Was expecting to have to find the selling price of something at the end :rolleyes:

Calvin

Published

Aspiring wrote: »

Strange the layout of marginal was different to usual. I think it actually made it easier because when there's no sales commission the calculations you have to do become much easier imo. I know the sales commission came into it for one (or two, can't remember) parts but other than that it was different to usual.

Didn't think they'd go all out with marginal and absorption. Was expecting to have to find the selling price of something at the end :rolleyes:

All those decimals and rounding up though! I got the whole marginal costing side of the question but completely forgot absorption :P could vaguely picture it in my head

forevergold22

If you answered in the ledger book but didn't use the lines at all like just competely wrote over them would you be deducted marks for layout?

Aspiring

Calvin Leong wrote: »

All those decimals and rounding up though! I got the whole marginal costing side of the question but completely forgot absorption :P could vaguely picture it in my head

I got absorption wrong in the mock which cost me an A so I wasn't messing it up this time :P Exact same as DEB mock actually (Apart from a few bits in the first marginal costing such as the graph).

robman60

Published

neonmaria wrote: »

really happy with that paper even managed to get it all done even though I usually spend way too long on question 1 but I didn't balance the soul trader was about 3000 off hope I don't lose too many marks

What a cruel business :eek:


sorry

forevergold22 wrote: »

If you answered in the ledger book but didn't use the lines at all like just competely wrote over them would you be deducted marks for layout?

There are no marks for layout in the whole paper so you should be fine.

neonmaria

robman60 wrote: »

What a cruel business :eek:


sorry

"

Ah its ok its not the end of the world, all im really hoping for is a b in accounting anyways

Sinead_Hanley

Really annoyed that I wasn't allowed plain paper - just completely threw me - never seen it before as I just picked up accounting - hadn't even done it for Junior Cert - paper was lovely but I flopped it as I thought everything I was doing was wrong - so unfair but can't imagine anything can be don now

JackKele

893855 for suspense anyone?

randylonghorn

neonmaria wrote: »

Ah its ok its not the end of the world, all im really hoping for is a b in accounting anyways

I think he was referring to the "soul trader"!