Accounting Technician 2015/16

MONEYSUMS

Hi There,

Any further comments on the Advanced Financial Accounting exam ? I had some students doing it and the general response seemed to be almost entirely theory and not in line with the sample or past papers. I'm interested

MONEYSUMS

Hi There,

Any further comments on the Advanced Financial Accounting exam ? I had some students doing it and the general response seemed to be almost entirely theory and not in line with the sample or past papers. I'm interested to hear if others thought the same ?

lorr27

Good luck to you too! I just found a definition on corporate governance for dummies and learned it off word for word. Fingers crossed the examiner is kind to us tomorrow. Yay no more business management eveeeeerrrrrrrr

wally1990

MONEYSUMS wrote: »

Hi There,

Any further comments on the Advanced Financial Accounting exam ? I had some students doing it and the general response seemed to be almost entirely theory and not in line with the sample or past papers. I'm interested to hear if others thought the same ?

I did the advanced financial accounting as I am a 2nd year student and 6/7 questions were mainly theory based
The 1st question was the soci,cash flow , financial position

No ratio analysis came up
No manufacturing accounts
No partnerships
No government grants

Ehh trying to think what else.... It's was just theory to be fair . Could of studied preparing of financial statement and chapters 1-3 and that was the exam :P double entry journals questions based on Provisions and contingent liabilities came up as a question and LOads of theory with it again as usual

It was pretty much like the above .everyone was shocked and unhappy .felt quite unfair as the majority of the book wasn't covered in fairness in much detail

MONEYSUMS

Thanks wally - that corresponds with what I had been told by my students - Did you think it more or less difficult because of so much theory ?

wally1990

myself.. Well I'm ok at the theory . I have a good grasp of it and enjoy it however I only speak for myself because 80% of my colleagues prefer practical and are weak at the theory. It's difficult to replicate in business terminology what the books says exactly and some students struggle especially those where English isn't a 1st language.
I am on the side of my colleagues and think it was a very unfair paper as most of the book wasn't covered and it was too balanced in favour of theory which can hurt those where English isn't a first language again and aren't great at expressing themselves but may understand the fundamentals of financial accounting and can do the mathematical element . They would have found it hard to pick up the marks

MONEYSUMS

Thanks again - yes sounds a bit strange and very unfair especially for students whose first language is not english.......

lorr27

Well, how did you find business? I was blessed, everything I had prepared for came up thank God. I'm so relieved it is over. What qs did you attempt?

Wally did you have an exam today too?

willietherock

lorr27 wrote: »

Well, how did you find business? I was blessed, everything I had prepared for came up thank God. I'm so relieved it is over. What qs did you attempt?

Wally did you have an exam today too?

A piece of p1ss.
Hardest pt was deciding which qs to leave out. Thx bit of A God I'll never have to go through this BS again.

lorr27

willietherock wrote: »

A piece of p1ss.
Hardest pt was deciding which qs to leave out. Thx bit of A God I'll never have to go through this BS again.

I agree, there was someone listening to my prayers last night! Just hope they listen for tax and law too! I was thrilled to see Ansoff and the shareholders, stakeholder disadvantages and advantages come up. I'm surprised there wasn't more on marketing and IT though, I won't complain!

EmmaC88

lorr27 wrote: »

Well, how did you find business? I was blessed, everything I had prepared for came up thank God. I'm so relieved it is over. What qs did you attempt?

Wally did you have an exam today too?

Am I hope I did enough to pass.. Couldn't do some parts! But like I still wrote on them! I did 2 qs in section A question 3 & 5. Was the shareholder v stakeholder in the "what's a stakeholder" or was that in the corporate governance question? I just wrote what a stakeholder is! Oops.. Didn't have a clue who ur man was either for management! But hopefully enough for 50% think I'm over analysising coz I could write in everything else. I was very worried I would go in & no nothing on paper.

EmmaC88

What ye going doing for tax & law just doing sample papers? Law is crazy amount to learn!

lorr27

EmmaC88 wrote: »

What ye going doing for tax & law just doing sample papers? Law is crazy amount to learn!

The shareholder/stakeholder was q6, I didn't even look at q 5 so don't know what they asked there. Most of my classmates didn't know Taylor either so you're definitely not alone there. The only reason it was fresh in my head was that I watched the knowledge point videos in the run up to the exam and they covered him. I'm going to do the same for Law and hopefully will get through most of the questions ok. There is a crazy amount to learn alright. I'm just going to pick away at it each day so there won't be too much to cram the day before! I'll have to pick up the tax book tonight too, I'm afraid it will probably be neglected because of law. I'm ok with tax but I thought the same about financial accounting and look what happened there!
I think for now I'll start with the sample papers and revert to the book for clarification as the answers are difficult to read and take in in the solution section.

EmmaC88

lorr27 wrote: »

The shareholder/stakeholder was q6, I didn't even look at q 5 so don't know what they asked there. Most of my classmates didn't know Taylor either so you're definitely not alone there. The only reason it was fresh in my head was that I watched the knowledge point videos in the run up to the exam and they covered him. I'm going to do the same for Law and hopefully will get through most of the questions ok. There is a crazy amount to learn alright. I'm just going to pick away at it each day so there won't be too much to cram the day before! I'll have to pick up the tax book tonight too, I'm afraid it will probably be neglected because of law. I'm ok with tax but I thought the same about financial accounting and look what happened there!
I think for now I'll start with the sample papers and revert to the book for clarification as the answers are difficult to read and take in in the solution section.

Ya thanks think I'm over reacting to paper, I could write stuff was dreading that I wouldn't be able to so I'm positive about that haha.

Ya I'm gonna do same I've all questions written out from sample papers for law just to learn it! Which isn't gonna happen so much. I def think data protection gonna come me so def gonna learn that!

Ya tax, the answers are crazy in the back! It's always the same enough thing come up every year anyway. I hope they make the vat questions nicer! Like I deal with vat all time in work but those questions make me go wtf haha. I love those short questions

lorr27

EmmaC88 wrote: »

Ya thanks think I'm over reacting to paper, I could write stuff was dreading that I wouldn't be able to so I'm positive about that haha.

Ya I'm gonna do same I've all questions written out from sample papers for law just to learn it! Which isn't gonna happen so much. I def think data protection gonna come me so def gonna learn that!

Ya tax, the answers are crazy in the back! It's always the same enough thing come up every year anyway. I hope they make the vat questions nicer! Like I deal with vat all time in work but those questions make me go wtf haha. I love those short questions

I'm the same, I do a lot of VAT returns in work too and the VAT question scares me for some reason, payroll too and I definitely have no excuse there! I covered tort last night with most of the cases to go with it. I read it over and over and nothing was going in. I got up this morning and could list off all of the info and case names without a bother. The brain is a funny thing isn't it! I'm going to cover sample 1 in taxation today and maybe auditors and directors for a break away from case law. First I have to pull myself away from the computer!

willietherock

EmmaC88 wrote: »

Ya thanks think I'm over reacting to paper, I could write stuff was dreading that I wouldn't be able to so I'm positive about that haha.

Ya I'm gonna do same I've all questions written out from sample papers for law just to learn it! Which isn't gonna happen so much. I def think data protection gonna come me so def gonna learn that!

Ya tax, the answers are crazy in the back! It's always the same enough thing come up every year anyway. I hope they make the vat questions nicer! Like I deal with vat all time in work but those questions make me go wtf haha. I love those short questions

There is a new examiner in tax since last yr. The old examiner was a vat inspector so the vat questions were off the scale hard. The new ones are much easier. I thin k tax will be fine except for theory and MQCs which are as sneaky as hell.

EmmaC88

willietherock wrote: »

There is a new examiner in tax since last yr. The old examiner was a vat inspector so the vat questions were off the scale hard. The new ones are much easier. I thin k tax will be fine except for theory and MQCs which are as sneaky as hell.

Ya some questions in Mcqs are bad but sometimes there answer is in the tax material.
How u set for law?

willietherock

EmmaC88 wrote: »

Ya some questions in Mcqs are bad but sometimes there answer is in the tax material.
How u set for law?

Im doing the course fulltime (4 days aweek) so its much easier timewise. Ive a good set of condensed notes for law so should be ok.

EmmaC88

I hope that they do change the vat questions in tax! I don't understand them at all.. Getting confused between vat exclusive vat inclusive, including vat & excluding vat. As in do I multiply then by 23% if it's excluding or is like %1.23 x .23. Ahh

lorr27

EmmaC88 wrote: »

I hope that they do change the vat questions in tax! I don't understand them at all.. Getting confused between vat exclusive vat inclusive, including vat & excluding vat. As in do I multiply then by 23% if it's excluding or is like %1.23 x .23. Ahh

Sorry just saw this now. If it is VAT inclusive it means that the full amount is paid eg cash paid - to work this out €100 vat inclusive would be 100/1.23x.23
VAT exclusive means the vat isn't added on yet so on an invoice basis it would be €100 vat exclusive = 100x.23.
I hope that makes sense.
I did all of the sample papers again this morning, there's loads of mistakes in there. Off the top of my head they counted usc on emergency basis with no pps as all salary x 7% when it should be all at 8%. Another one had PRSI with a portion of it deducted and the remainder at 4% when it should have been all 4%. There's a few more but can't remember off the top of my head. I think I'm finished with tax now, I don't want to look at it anymore and just want to get stuck in to the exam.
Hopefully it will not be like the FA exam timewise.
Just picking away now at Law. There's a fair bit to it but getting there slowly but surely.

wally1990

Did ye study much over the last few days?

lorr27

wally1990 wrote: »

Did ye study much over the last few days?

Nonstop wally, got loads done. Hopefully everything will go ok tomorrow. How are you getting on?

EmmaC88

Thanks lorr. Ya mistakes are crazy with deduction cards as well! :O Do u know much theory? I'm hoping it be ok like all they can ask is tax credits & what forms have to be in & when. Got a bit done alright all I know for law is data protection thou so far! It better come up

wally1990

lorr27 wrote: »

Nonstop wally, got loads done. Hopefully everything will go ok tomorrow. How are you getting on?

Grand spent about 6 hours studying today for management accounting (last exam tomorrow @2:30pm) can't fricken wait!!!!

EmmaC88

lorr27 wrote: »

Sorry just saw this now. If it is VAT inclusive it means that the full amount is paid eg cash paid - to work this out €100 vat inclusive would be 100/1.23x.23
VAT exclusive means the vat isn't added on yet so on an invoice basis it would be €100 vat exclusive = 100x.23.
I hope that makes sense.
I did all of the sample papers again this morning, there's loads of mistakes in there. Off the top of my head they counted usc on emergency basis with no pps as all salary x 7% when it should be all at 8%. Another one had PRSI with a portion of it deducted and the remainder at 4% when it should have been all 4%. There's a few more but can't remember off the top of my head. I think I'm finished with tax now, I don't want to look at it anymore and just want to get stuck in to the exam.
Hopefully it will not be like the FA exam timewise.
Just picking away now at Law. There's a fair bit to it but getting there slowly but surely.

Thanks for tip of 8% I was putting in 7% all along!

EmmaC88

wally1990 wrote: »

Grand spent about 6 hours studying today for management accounting (last exam tomorrow @2:30pm) can't fricken wait!!!!

So jealous! Hope it goes well.

lorr27

How did ye all get on? I thought it was alright. I got a bit caught on the covenant, I couldn't remember how to treat it. Kicking myself as I only looked over it again yesterday. Also the BIK part of the payroll q, I only counted the gym and think I should've counted the subscription too. Nothing too major I suppose. Some of the theory was a bit tricky but should do ok here. It was a fair paper and I was pleased enough with it. I'm going to give myself an hour and then it will be nonstop law until Wednesday morning.

willietherock

I thought the MCQ were super hard.
There was a BIK wrt to house loan which didn't work out correctly for anyone.
Rest of the Qs were fine.

EmmaC88

Am I did the covenant wrong & the vat! Kicking myself. Theory was dodge too.. I could be seeing tax in August! Do u get attempt marks?

lorr27

I think I got the house loan incorrect too, I think I multiplied by the 4% instead of the interest. You get marks for everything in tax so we probably didn't lose a whole load with what we got incorrect once everything else is in order. Hopefully anyway. I've my head in the law exam papers for the last 2 hours, I'm a bit 50/50 at the moment. I really have to raise my standard, pressure's on! What do ye think the compulsory question will be on? My bet is Money Laundering.