!! Accounting HL 2016 - discussion & aftermath

LordHypnos

would like to hear what ye think will come up in section b. My teacher reckons published & club but I don't think the sec will be that predictable given how the rest of the exams have went. I was thinking Tabular could come up(see pattern for published & cash flow past 4 years) which I'm grand with but not so sure with suspense since my teacher didn't cover them this year (repeat LC). Worrying I'll have to do Q5 which I'm not confident of getting an A1 in.

TheWexfordWolf

I'm thinking manufacturing for Q1 (bit predictable though) and I'm holding out for a club and published or tabular in section 2. I'm also praying for marginal costing or absorbtion in section 3. Cash budgeting being my favourite but I highly doubt it will appear.

TomDelahunt

If it was club and published i would be very happy!
I'm under the impression that Club is a bit too easy for higher level 100 marks however Service has a bit more too it. Not much harder but i find it that bit extra.
Soooo i have down that Service, suspense and published are all equally likely to show up with the odd chances of Incomplete and tabular statement.
I'm the very same as yourself i think! I would rather not do ratios as the part B of it is on and off for me writing all comments but i will do it if tabs shows up :P

LordHypnos

I preferred q9's to q'8s last year but we didn't cover budgeting at all in my repeat course so a decent q8 is what I'm hoping for

TomDelahunt

TheWexfordWolf wrote: »

I'm thinking manufacturing for Q1 (bit predictable though) and I'm holding out for a club and published or tabular in section 2. I'm also praying for marginal costing or absorbtion in section 3. Cash budgeting being my favourite but I highly doubt it will appear.

Hoping you're right about cash not showing up! looking for a production and i will be soo happy!

Quick note yous should check out my teachers breakdown http://www.egs.ie/accountancy/hl.html If you're like me and love predicting more than study its an easy one to use! (double note he misplaced the link to last years Q9 as a production while it should be a cash)

TheWexfordWolf

The only reason I will do ratios is if cash flow comes up. God Almighty how I despise ****ing cash flow!

LordHypnos

TheWexfordWolf wrote: »

The only reason I will do ratios is if cash flow comes up. God Almighty how I despise ****ing cash flow!

doubt it would come up 3 years in a row so I think you're safe there.

TomDelahunt

It all seems so predictable but after that Higher level Irish exam i know just how ruthless the SEC can be.... so at the end of the day we can predict all we like (let's hope they wont) but we could be given a complete curve ball we haven't seen coming!

koolis02

Doubt a service firm will come up tbh
I'd be inclined to think club/suspense/published with a possible tabular as 100 marks
hopefully a production or production/cash budget mixed and marginal costing for q8/9 :rolleyes:

pleindespoir

Looking at the pattern Cash Budget actually always appear twice in a row though. Happened the same on Cash Flow Statement wherein it came up on 2014/2015.

TomDelahunt

Yeahp, 13 was a mixed production cash so we shouldn't be surprised to see that as a Q9

Boaty

The Sec are trying to do away with exams being predictable, Ill be looking at the sole trader and company for sure.

I don't see how people don't do question 5, very easy to get high marks in it.

pleindespoir

Boaty wrote: »

The Sec are trying to do away with exams being predictable, Ill be looking at the sole trader and company for sure.

I don't see how people don't do question 5, very easy to get high marks in it.

Because it is long and and it is marked harshly. It takes up alot of time and I believe it is easier to do another question.

TomDelahunt

Agreed with Pleinsespoir here, it's Easy and quick to pick up the first 45 but for me after that, the next 45 can be hard to maximize on easy to leave something out
Probably going to be doing it though as our hopes most likely won't come true

Boaty

I dont agree with you how you say its long,If you know your formulas you can do the first part in about 6 minutes, then for part two just follow the headings.You'd easily be able to do the question in 30 minutes.

TomDelahunt

We were having talks about accounting in school today and we were saying imagine the uproar if ratios didn't show up it'd be a strange one but there is nothing saying it HAS to come up.... What would be worst case scenario for all of you?
Mine would be 1) as a sole trader (all very similar which is good) 5) Tabular Statements 6) Cash flow 7) Incomplete A & 9) A bad Cash Budget in the form like 2003

Misty_01

Can anybody here please help me with the working for the 2011 Q7 Tabular statement June working ? I don't get anything to do with this working especially for direct debit of 1,500 to cover advertising for the year ended 31/3/2010. How do we know what to put in December and total column? I'm unsure about the signs / brackets too. Why is 1125 not in the total column since that's how much advertising we have yet to pay from 31/3 to 31/12 . the marking scheme puts 1375 in total and 375 in December . PLEASE help !!!

LordHypnos

Misty_01 wrote: »

Can anybody here please help me with the working for the 2011 Q7 Tabular statement June working ? I don't get anything to do with this working especially for direct debit of 1,500 to cover advertising for the year ended 31/3/2010. How do we know what to put in December and total column? I'm unsure about the signs / brackets too. Why is 1125 not in the total column since that's how much advertising we have yet to pay from 31/3 to 31/12 . the marking scheme puts 1375 in total and 375 in December . PLEASE help !!!

Misty_01 wrote: »

Can anybody here please help me with the working for the 2011 Q7 Tabular statement June working ? I don't get anything to do with this working especially for direct debit of 1,500 to cover advertising for the year ended 31/3/2010. How do we know what to put in December and total column? I'm unsure about the signs / brackets too. Why is 1125 not in the total column since that's how much advertising we have yet to pay from 31/3 to 31/12 . the marking scheme puts 1375 in total and 375 in December . PLEASE help !!!

June: +bank or -bank overdraft of +or-3000. create rent receivable tab in liabilities column, +4500 RR and -1500 Expenses due.

December: RR; -3500 RR since we were paid 3500 in June but we are still owed 1000.
DD; +375 expenses due since we paid 1500 in June but only 1125 was for this year (31/3-31/12) [9mths]. meaning 375 is due so we put that back into expenses due since we took out the whole payment of 1500 out in June.

koolis02

I'm really hoping an incomplete doesn't make an appearance as a 100 marker, but its unlikely... right?:pac:

Acca2016

I am expecting the following:
Q1-Sole Trader
Q5-Ratios
Q6-Tabular
Q7-Suspense
Q9-Mixed Budgeting e.g. 2013
They're very fond of suspense and tabular hasn't come up in a while, they brought them up together in 2006 so they could do it again. I think manufacturing is too predictable and SEC are being c***s this year.

juniorcert

In the published account question, can anyone remember what you're supposed to do if VAT comes up on the debit side of the trial balance? Looking back on the papers it's only ever come up on the credit and then you treat it as taxation but I know in one of the pres this year it came up on the debit, do you treat it as a current asset then? I made a note of it somewhere but can't find it

Acca2016

Add it to debtors

juniorcert

Acca2016 wrote: »

Add it to debtors

Had a feeling it was that but wasn't sure, thanks!

InTheNight

What are the chances of Tab and Farm coming up as 100 markers if they were 60 markers for 2015?

LordHypnos

InTheNight wrote: »

What are the chances of Tab and Farm coming up as 100 markers if they were 60 markers for 2015?

farm low but I think tabular could come up given cash flow came up the last few years and published came up consecutively before that both in different sections. Just a hunch!

TomDelahunt

Yeah Farm only ever being a Q4 i don't see it coming up, tabs came up last year as a Q1 alternative so chances it will come up again aren't great but as Acca said... SEC this year are really turning us over So we can't be too sure

koolis02

Can anyone help me with this? It's been driving me mental all day :pac:
How do I find the closing stock for the trading account in the 2013 cash/production Q9 budget
It says expected budgeting cost for finished goods is 25e
in the marking scheme it has;
Closing stock: Finished Goods 183750
Raw Materials 21700
No idea how they're calculating these figures :rolleyes:

TomDelahunt

koolis02 wrote: »

Can anyone help me with this? It's been driving me mental all day :pac:
How do I find the closing stock for the trading account in the 2013 cash/production Q9 budget
It says expected budgeting cost for finished goods is 25e
in the marking scheme it has;
Closing stock: Finished Goods 183750
Raw Materials 21700
No idea how they're calculating these figures :rolleyes:

Take the closing stock figure in April (this is the opening stock for may) and times it by 25. Your opening stock of finished goods in May (part A) should be 7350
And the Raw materials is found by using your closing figure of Raw Materials in April X €2. (This one is found mid way through

koolis02

TomDelahunt wrote: »

Take the closing stock figure in April (this is the opening stock for may) and times it by 25. Your opening stock of finished goods in May (part A) should be 7350
And the Raw materials is found by using your closing figure of Raw Materials in April X €2. (This one is found mid way through

Ah this makes sense thank you

Ufc2016

Should I be safe with knowing the following for q6/7:
Club Accounts
Service Firm's
Tabular
Published
?

juniorcert

Ufc2016 wrote: »

Should I be safe with knowing the following for q6/7:
Club Accounts
Service Firm's
Tabular
Published
?

Pretty safe I reckon but you should probably have a quick look over incomplete records, in particular type b as they've been tipped to come up this year as well