Accounting Technician 2015/16

mayo pixiebell

Short and sweet and to the point. Make it clear to be read. The easier it is for the marker their easier they will be able to correct and they prefer that.

lorr27

mayo pixiebell wrote: »

Short and sweet and to the point. Make it clear to be read. The easier it is for the marker their easier they will be able to correct and they prefer that.

That's exactly what I needed to hear All set for tomorrow? Hopefully the examiner was in a good mood setting this paper, can't wait to get stuck in!

mayo pixiebell

lorr27 wrote: »

That's exactly what I needed to hear All set for tomorrow? Hopefully the examiner was in a good mood setting this paper, can't wait to get stuck in!

Really hope she is!!! Just finishing theory now for an hour before I have to go. Don't think I'll ever be 100% on statements and cash flow but hoping it all kicks in once I see it! Are you all set??

EmmaC88

How did ye find it?

mayo pixiebell

EmmaC88 wrote: »

How did ye find it?

I thought it was tough enough. A lot of workings on q3!!! My head is fried!!!! How did I do?

lorr27

Not happy at all with q1, I was all ready for standard setting, corporate governance and controls, I totally wrote bare answers that will barely scrape a few points.
Q2 I found okish except for the invigilators having a conversation right in front of my desk so I was distracted and really angry.
Q3 took ages so put a bit of pressure on time-wise, I didn't balance but I don't feel too bad about it.
Q on partnerships, grand except I put the capital into the debit side of the capital account, I wouldn't mind I tippexed it out of the credit side after doubting myself and I also added the revaluation on to the profit instead of putting it into the capital account.
Q6 cashflow was ok, the 300,000 net book value figure threw me as they didn't have the '000's at the top of the statements, I was out by around 2,000 but it could be made up of just one or two figures.
Totally annoyed and feel like crying over the theory though, it kind of put me in a panic for the rest of the exam.

mayo pixiebell

lorr27 wrote: »

Not happy at all with q1, I was all ready for standard setting, corporate governance and controls, I totally wrote bare answers that will barely scrape a few points.
Q2 I found okish except for the invigilators having a conversation right in front of my desk so I was distracted and really angry.
Q3 took ages so put a bit of pressure on time-wise, I didn't balance but I don't feel too bad about it.
Q on partnerships, grand except I put the capital into the debit side of the capital account, I wouldn't mind I tippexed it out of the credit side after doubting myself and I also added the revaluation on to the profit instead of putting it into the capital account.
Q6 cashflow was ok, the 300,000 net book value figure threw me as they didn't have the '000's at the top of the statements, I was out by around 2,000 but it could be made up of just one or two figures.
Totally annoyed and feel like crying over the theory though, it kind of put me in a panic for the rest of the exam.

Aaaaah I just realised I did the same on the capital account 😀

lorr27

mayo pixiebell wrote: »

Aaaaah I just realised I did the same on the capital account 😀

Great minds think alike eh? Or should I say fools seldom differ! I'm trying to leave it behind me now at this stage, can't do anything about it now! I should really start tax tonight. Sigh!

mayo pixiebell

Couldn't look at another thing today!!! Tomorrow is another day.

lorr27

Yeah I kind of feel the same. Drowning my sorrows with a vodka

mayo pixiebell

lorr27 wrote: »

Yeah I kind of feel the same. Drowning my sorrows with a vodka[/quote

I'll join u with a gin! Lol

willietherock

My cashflow was out by .5 million. I must by missing something v obvious.
The rest was OK. The provision q was a great time saver. Theory was all bull but fine. Short Q's had 2 new ones that hadn't come up previously.

EmmaC88

I thought the Mcq was very hard. Q1 was all bull too. My q3 figure was out by 1million ���� Cash flow was out too & the partnership question I got thrown by doing the capital t account & I put in stuff that I should have. Jesus if I get 50 I'd be happy! Hopefully they will correct the papers as nice as they did last year ��

willietherock

My balance sheet was out by 22,000. I suspect the sale of plant had 11,000 cash receivable Current asset and other income??
What was the story with dividends in the cashflow? Just the difference between the balances as the cash given out?

lorr27

willietherock wrote: »

My balance sheet was out by 22,000. I suspect the sale of plant had 11,000 cash receivable Current asset and other income??
What was the story with dividends in the cashflow? Just the difference between the balances as the cash given out?

The sale of plant sounds about right plus a profit on disposal of 1,000 I think?
I honestly can't remember what I did with the dividends I think I took one from the other. I was rushing to finish at 5 I completely forgot I had until 5.30! Delighted with the half an hour to go back over things

mayo pixiebell

willietherock wrote: »

My cashflow was out by .5 million. I must by missing something v obvious.
The rest was OK. The provision q was a great time saver. Theory was all bull but fine. Short Q's had 2 new ones that hadn't come up previously.

I did the provisions too. Only done a journal for 1 provision. A payment for the rent. Nothing for the third as it wasn't a liability Didn't know what to do with the last scenario??? The ratio bit was kinda just thrown in there???

mayo pixiebell

I was out by €59,000 on my SOFP but I know I for the equipment depreciation which was €20,000 but couldn't see where else

willietherock

mayo pixiebell wrote: »

I did the provisions too. Only done a journal for 1 provision. A payment for the rent. Nothing for the third as it wasn't a liability Didn't know what to do with the last scenario??? The ratio bit was kinda just thrown in there???

the last provision was profit smoothing which is not allowed. The rent was an onerous contract. Im not sure wrt to the legal case which was 70% probable win for us. Its not a contingent asset as its probable so its???

That cashflow is bloody annoying.

mayo pixiebell

willietherock wrote: »

the last provision was profit smoothing which is not allowed. The rent was an onerous contract. Im not sure wrt to the legal case which was 70% probable win for us. Its not a contingent asset as its probable so its???

That cashflow is bloody annoying.

I mentioned onerous contract alright and it had to be paid. I didn't do the cash flow. Thought I could pick more marks up on a question broken down in to smaller mark segments as opposed to messing up a cash flow that's worth 18 marks. I prob didn't do well in any

EmmaC88

lorr27 wrote: »

The sale of plant sounds about right plus a profit on disposal of 1,000 I think?
I honestly can't remember what I did with the dividends I think I took one from the other. I was rushing to finish at 5 I completely forgot I had until 5.30! Delighted with the half an hour to go back over things

I got a loss of €1,000 I think ahh I know I made stupid mistakes ! I'm freaked for results already The thoughts of doing tax now! I hope that attempt marks work again like that I had the basics right just a few errors.

What ye looking at for tax? Closed rules? Wonder what the theory be like I've a feeling revenue audits but my feelings aren't great ����

mayo pixiebell

Tax is a funny one. So many dates. Can not for the life of me get closed companies in to my head. My tutor just read it and that was it. Same as losses!!! Got to focus on them today.

lorr27

I'm avoiding the mcq like the plague if it's not compulsory, I'd rather get effort marks than none at all

mayo pixiebell

lorr27 wrote: »

I'm avoiding the mcq like the plague if it's not compulsory, I'd rather get effort marks than none at all

Any tutors giving feelers for theory??

lorr27

mayo pixiebell wrote: »

Any tutors giving feelers for theory??

Mine was talking about close companies, residency and vat a fair bit so she's probably expecting one of those to come up. I just worked on papers all day today and trying to perfect CGT, it's still a bit sloppy. I'll look into theory more tomorrow.

mayo pixiebell

lorr27 wrote: »

Mine was talking about close companies, residency and vat a fair bit so she's probably expecting one of those to come up. I just worked on papers all day today and trying to perfect CGT, it's still a bit sloppy. I'll look into theory more tomorrow.

Mine said audits. Can't understand close companies. I missed that day and can't get it now! Really hope it doesn't come up

EmmaC88

Me too the mcq question is awful, I'm scared again if this it's like I know nothing. Getting caught on the w & t. My teacher mentioned audits as well & badges of trade. Do ye think close companies will come up as the long question?

willietherock

What is the 3rd compulsory q in tax after Income/Corporation?

EmmaC88

My teacher said it could be vat or cgt.. hoping losses don't come up.

willietherock

EmmaC88 wrote: »

My teacher said it could be vat or cgt.. hoping losses don't come up.

You can sing that. My head is ready to explode soaking in all this crap!

EmmaC88

I hope the income tax computation is easy as in straightforward throwing in my tricks Like a nice death of the non assessable person would be nice