Accounting Technician 2015/16

mayo pixiebell

Income tax, CT, capital gains, VAT and a nice theory hopefully. Don't think I'll chance the MCQs unless compulsory. Getting nervous now. So many dates and little itty bitty pieces to know

willietherock

I've skipped the MCQs. So that probably means it compulsory Q1.

EmmaC88

Keep the faith willie. I went over losses I've a feeling it's coming up coz I can't do them! Mcq will be last question if paper is so bad I'll just guess a few.

mayo pixiebell

2 to go girl then that's it!!! Have ye filled in your work placement record?

EmmaC88

Thank god! I'm done was thinking I'll come back I'm def not I'd say exams aren't my thing! What u thinking of doing? No I have to start that too is it bad? Does it need to be typed or written? I've still to print it off !

mayo pixiebell

I'm taking a break from study for a while. Til kids are older and I'll have more time to dedicate to it. It was ok. I just filled mine in with a pen and hoping for the best. Got the mentors to sign it. Hopefully I'll graduate this year!!!

mayo pixiebell

What did ye think of that?? Q3 is the only one that threw me. Q4 and q7 were the 2 I done and thought they were ok

lorr27

I found that paper very tricky. It was so different from all of the past papers I studied. I answered everything I needed to. What distributions were there for the close company, I didn't see any, only the loan to the company. I added back the interest after multiplying by 13%, I then used that difference as the dividend/distribution as I couldn't find anything else?
I thought the VAT was terrible, I could answer most of it in bits and pieces but wanted to get the most points possible so did q 7 and q5 I think ( the one with the year of marriage?) Q7 was actually grand.
Almost everyone coming out of the exam centre here were a bit shocked by it. It's a tough call to estimate how I did.

mayo pixiebell

Didn't understand the contribution or patents on that or interest. That question wasn't good for me. Very surprised there was no dates or penalty or that included

lorr27

mayo pixiebell wrote: »

Didn't understand the contribution or patents on that or interest. That question wasn't good for me. Very surprised there was no dates or penalty or that included

There was no gain either in the corporation tax, I was ready for that!

willietherock

I thought in was grand buts kept my month shut afterwards as everyone was pissed off with it. Q5 and 7 were great.

One thing was the patent royalties, are they a trade charge and taken off the profits or not?
Loan int. was 13% of share capital of 200.
Two sneaky parts wrt to the reducing allow on disposal of one of the cars and negative lease.

mayo pixiebell

Got the balance charge, balancing allowance in q1. Think I took the wrong value in part b of q2.

I worked it out as a loss and then put the proceeds as deemed proceeds if €2540..wrong

On q3 I thought u take the charge of but I didn't do that. I added back €4000 that was unpaid and allowed €26 of the interest and added the rest back!! Completely wrong

Q4 I think I was ok and q7 I carried the last bit of the loss forward to other income and I don't think u can do that.

mayo pixiebell

lorr27 wrote: »

There was no gain either in the corporation tax, I was ready for that!

Yeah never thought of that

EmmaC88

I'd say I'm back. Bits got me like the part bs in the questions I couldn't do them! Unless I get attempt marks! Not able for it all!

What to do for management accounting now??

EmmaC88

mayo pixiebell wrote: »

Got the balance charge, balancing allowance in q1. Think I took the wrong value in part b of q2.

I worked it out as a loss and then put the proceeds as deemed proceeds if €2540..wrong

On q3 I thought u take the charge of but I didn't do that. I added back €4000 that was unpaid and allowed €26 of the interest and added the rest back!! Completely wrong

Q4 I think I was ok and q7 I carried the last bit of the loss forward to other income and I don't think u can do that.

I did the same for question 2 as well. Lest they can only dock us once for it can't double dock us

lorr27

willietherock wrote: »

I thought in was grand buts kept my month shut afterwards as everyone was pissed off with it. Q5 and 7 were great.

One thing was the patent royalties, are they a trade charge and taken off the profits or not?
Loan int. was 13% of share capital of 200.
Two sneaky parts wrt to the reducing allow on disposal of one of the cars and negative lease.

That's how I treated the lease thank god, also got the negative lease, the patent you've to add back the portion that wasn't paid like pensions? I think?

mayo pixiebell

The worse thing is you don't get them back to check it!!

For management I hope cash budgets, absorb and marginal comes up and labour. I know variances do and I wouldn't mind break even.

Just hold they don't change the layout or way they ask the questions too much!! I don't deal well with change 😂😂😂

EmmaC88

Just remember I didn't do preliminary tax properly or the disposal oin question 1 so upset with myself . I hope Monday is straight forward.

willietherock

mayo pixiebell wrote: »

On q3 I thought u take the charge of but I didn't do that. I added back €4000 that was unpaid and allowed €26 of the interest and added the rest back!! Completely wrong

Q4 I think I was ok and q7 I carried the last bit of the loss forward to other income and I don't think u can do that.

That looks spot onto me. I took off the patent royalties off the adj. profit before calc. tax also but am probably wrong on that.
I also took the loss carried forward off the investment income for Q7 even though I know I was wrong DOH!

Now that I think about it I think the CGT was a lot trickier than it seemed at the time. Inherited ANTIQUE, wasn't sure how to cost it.
And two costs pre indexation for an asset.

mayo pixiebell

willietherock wrote: »

That looks spot onto me. I took off the patent royalties off the adj. profit before calc. tax also but am probably wrong on that.
I also took the loss carried forward off the investment income for Q7 even though I know I was wrong DOH!

Yeah I didn't take it off the adjusted profit. I knew u do but the question threw me yesterday.

Now that I think about it I think the CGT was a lot trickier than it seemed at the time. Inherited ANTIQUE, wasn't sure how to cost it.
And two costs pre indexation for an asset.

On that disposal I put it as a NL/NG cos it turned a gain in to a loss I think.

EmmaC88

This board is just making me realise how bad I've done & all small mistakes! Can't face management accouting! Did any of her teachers say anything about theory? Mine hope for those questions u explain what they are but the way the papers have gone for me they could change it all ..

mayo pixiebell

How's everyone set for tomorrow??

EmmaC88

Bit panicked at this stage. How are u set?

mayo pixiebell

EmmaC88 wrote: »

Bit panicked at this stage. How are u set?

Just want it over. Haven't done as much this weekend as I'd hope too. I'll look over theory bits tomorrow. It's silly little mistakes that I keep making. Hopefully I'll remember them.

Just think. We will be free tomorr at 5.30!!

EmmaC88

Hoping for ac v mc , budgets, fifo wages break even I hope that's the exam, ��

mayo pixiebell

That was a nice paper. What did ye think?? No abc/traditional or variances?! Couldn't believe labour came up and limiting factors

willietherock

mayo pixiebell wrote: »

That was a nice paper. What did ye think?? No abc/traditional or variances?! Couldn't believe labour came up and limiting factors

I was like alright where is the catch here? Lovely stuff.

Ye guys working in accounts? Thinking of doing the accounting professional exams? I'm tempted!

mayo pixiebell

willietherock wrote: »

I was like alright where is the catch here? Lovely stuff.

Ye guys working in accounts? Thinking of doing the accounting professional exams? I'm tempted!

No I haven't done any accounting in a practice just bits on and off through office admin duties.

EmmaC88

willietherock wrote: »

I was like alright where is the catch here? Lovely stuff.

Ye guys working in accounts? Thinking of doing the accounting professional exams? I'm tempted!

Ya was happy with the paper my question 1 didn't reconcile & I couldn't do the last part in question 3 I could do everything else so I'm hopefully!

No I don't think I'll go on. I work in accounts practice alright I'll see how the results go? What u thinking of doing?

lorr27

That was a lovely paper.Im so pleased and relieved to finish on a high. Roll on the 3rd of July!