My Accounting Paper Prediction

Webmonkey

Ok I've studied what has come up over the years now and i have come to a conclusion of what the accounting paper should look like.

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SECTION 1
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Manufacturing (120 Marks)
Service Firms (60 Marks)
Depreciation of Fixed Assets (60 Marks)
Creditors Control Account (60 Marks)

Farm accounts could come up but a lot of people reckon it won't seeing it never really shows up, plus maybe times of farming are gone so they won't show up much anymore

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SECTION 2
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Publish Accounts (100 Marks)
Incomplete Records Cash Book Method (100 Marks)
Interpreation of Accounts (100 Marks)

(Maybe 100 marker service firm will appear here)

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SECTION 3
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Budgeting (Material X,Y,Z etc) (80 Marks)
Job Costing (80 Marks)


I am convinced that this is what the paper will look like. We will see tomorrow evening

EDIT: Inserted Manufacturing. Looks more promising

Cotsy

Webmonkey wrote:

Ok I've studied what has come up over the years now and i have come to a conclusion of what the accounting paper should look like.

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SECTION 1
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Company Final Accounts (120 Marks)
Farm Accounts (60 Marks)
Depreciation of Fixed Assets (60 Marks)
Creditors Control Account (60 Marks)


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SECTION 2
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Publish Accounts (100 Marks)
Service Firms (100 Marks)
Interpreation of Accounts (100 Marks)

(Incomplete Records looks promising as well, especially the cash book method - Know it!)

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SECTION 3
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Budgeting (Material X,Y,Z etc) (80 Marks)
Job Costing (80 Marks)


I am convinced that this is what the paper will look like. We will see tomorrow evening

No offence but I hope your wrong cos Manufacturing Account just has to come up. I doubt that they will ask a Farm Ac and id be surprised (but happy) if they put both published and service firms together as 100 mark questions, id say it'l be one or the other.

Webmonkey

Well its going to be Published thing id say.

Cotsy

Ye i'd agree with you there alright, just out of interest why don't you think they'l ask a Maufacturing A/c?

Africa

Yay! Spen this morning did 5 Interpretation accounts, gonna do 2 manufacturing after lunch and a couple of published accounts, maybe a tabular statement or something after that. Follow that up with section three of budgeting and costing questions. Cant wait for this one guys i either gonna do deadly or fail miserably

Webmonkey

Well didn't even think of it tbh. I'm a disaster with Section III, i've done nothing for it. When did manufacturing come up last?

Cotsy

Ye i feel the same, if the right questions come up it'l be one sweet test. Fleixible budgeting is also a possibility for section C, But im hopin for that X and Y thing too.

Cotsy

Webmonkey wrote:

Well didn't even think of it tbh. I'm a disaster with Section III, i've done nothing for it. When did manufacturing come up last?

Manu hasnt been up since 2001 i think, most people seem to be banking on it this year includin me. it was up in 97 aswell.
So i think it goes
97 Manu
98 Company
99 Sole Trader
00 Company
01 Manu
02 Company
03 Sole Trader
04 Company
05 Manu I hope

Webmonkey

Sorry miss understanding, thought u were talking bout section III, thats how bad im with it, don't even know whats asked. I don't do the 120markers. Our teacher doesn't do them with us so i havnt a clue bout them

Africa

Ah hard luck dude they should be easy generally means less learning. I basically just learned the whole course in last 6 weeks...

Creamy Goodness

what do you mean by incomplete records cash book method?

is that final a/c's first or balance sheet first?

Webmonkey

Cashbook is Final Accounts First. Balance sheet method came up last

xinran

I think there will be an incomplete records instead of the service firm because its too like the farm accounts in section 1. they are unlikely to put both on the same year.

ashmurph

incomplete cash book is the one where you do the cash and bank account and have to calculate total sales and total purchases. u start with the trading profit and loss ac. there is also a chance that farm accounts could come up as a 100 marker as it never has come up before, only as a 60.
for 60 markers:
creditors control
deprecition (big predicition)
maybe suspense
100 markers:
farm ac
interpretaton debenture holder one
incomplete cash book
published
cash flow (maybe)
80 markers:
total production cost budgets
costing and absorption costing or stock and product costing

shay_562

Both service firms and Incomplete Records came up in 2001 and 2003, so I'm hoping one or the other will stick to the pattern. Judging on past patterns, I'd agree Published is another strong possibility for section 2. Just praying the theory section isn't too hard - I totally screwed it up in the mocks, lost a lot of easy marks.

leggo

I've studied:

Manufacturing
Interpretation
Incomlete Records
Published
Flexible Budgeting
Simple Budgeting

Oh and I've studied all of that today. Haven't really done any revision for Accountancy since the Mocks. I'm pretty ****ed I reckon.

Beau

I agree with the first prediction apart from the Manufacturing account and the Service Firm. A Service Firm/Club Account or a Farm Account can only come up once on a paper. I reckon it will be the interpretation.

Africa? Did you mean by doing Q1 theres less learning? your joking right?

Webmonkey

I suppose its gonna be a 60 marker service then, will edit, my predictions are changing

Webmonkey

leggo wrote:

I've studied:

Manufacturing
Interpretation
Incomlete Records
Published
Flexible Budgeting
Simple Budgeting

Oh and I've studied all of that today. Haven't really done any revision for Accountancy since the Mocks. I'm pretty ****ed I reckon.

You're not that screwed but please learn Depreciation. Its quick to learn, have it within an hour and it looks like its gonna come up

leggo

Actually I'm relatively okay with Manufacturing. It's one of my better questions, so Section 1 isn't really THAT much of a worry to me. I did really well in all of my Depreciation tests throughout the course, so if I NEED it it's the kind of thing I shouldn't find too hard after a quick look over. I have a note on it somewhere. Thanks for the tip.

Sunstorm

Damn it! If published comes up I am screwed, I don't really like incomplete records. I know the formats of the accounts, but I haven't a clue of the notes. How do the marks break down? I'm guessing 60/40.

Africa

Beau wrote:

I agree with the first prediction apart from the Manufacturing account and the Service Firm. A Service Firm/Club Account or a Farm Account can only come up once on a paper. I reckon it will be the interpretation.

Africa? Did you mean by doing Q1 theres less learning? your joking right?

ACtually thats just what i mean. It is less. I mean...learn the manufacturing account, i mean by now we should know P&L and Balance sheet. And the adjustments. Saves having to learn other stuff that COULD come up insteadof what nearly defo will come up.

Still need to do budgeting, have interpretation, Manufacturing and Published all done now...

AND I STILL AHVE TO STUDY PHYSICS!!!!!!

leggo

Sunstorm wrote:

Damn it! If published comes up I am screwed, I don't really like incomplete records. I know the formats of the accounts, but I haven't a clue of the notes. How do the marks break down? I'm guessing 60/40.

The notes are simple.

1) Check for Goodwill as usual (if you don't know how to do this then for you)

2) Get the Sales and Purchases figures. Do this by opening up a Creditors Control a/c (for Purchases) and Debtors Control a/c (Sales, obviously). Fill in the opening balances on one side, and the transaction during the year and closing balances on the other. The balance of the accounts is the Purchases and Sales. They're the credit figures. To find the total figures for purchases, add the figure given in the 'Cash Lodgements' section in the question and the figure you've just found, and don't forget to take away drawings of stock if it's there. To find the total for sales, open up a cash book and on the credit side fill in all of the 'Cash Lodgements'. On top of that there'll be a cash drawings figure more than likely and a cash balance at the end of the question. The sum of those figures is the cash sales. Add that to the credit sales and you've got your figure.

3) Then do a bank account. Fill in the obvious lodgements and payments. On top of that there'll more than likely be a loan for the debit side, and an investment fund to cover for the loan (a few hundred paid a month for the rest of the year starting from when the loan was taken) and a new fixed asset.

From there just go through the question from top to bottom and do any simple adjustments that you come across (e.g. light and heat due, insurance prepaid etc.). Then it's a simple Trading, P&L and a Balance Sheet from there.

For someone who thought they were ****ed a few hours ago, I'm feeling slightly confident now!

jacksie

i have the ratio, depreciation and sec3 flying what should i cram for sect 2?

leggo

Incomplete and Published.

Webmonkey

Well guys we couldn't have predicted better than this could we? Im finished my LC!!!!!!!!!

Cotsy

How the hell did u manage to finish so quick, if u posted this at half 4, did it go that well, or that bad 4 u?

Ye we predicted it spot on alright, but they threw in a fair bitta variation with some bits to easily catch people out in the Manufacturing a/c (it worked on my cos unfortunately i didn balance) and in the Incomplete (once again no balance) but @ least my publshed balanced!!

Didn answer much of the theory Qs cos pushed bit 4 time but overall a pretty fair paper.

Creamy Goodness

bits that caught me out a little.

Manufacturing Q1.

hire of special equipment - i think it was a direct cost
carriage in on Raw materials - i think it was a direct cost aswell.

Incomplete Q7.

Part c here would odd, what i said was that depreciation would show up if he did double entry book keeping. Probably totally wrong though.

Absorption/Job costing Q8.

i love this question, but the last part was difficult, i just said so that companies can compare their budgeted figures against the real figures so that they could see if they under or over absorped.

all in all it was a good test. we predicted it but they threw some spanners in the works and a couple of red herrings in there to catch us out.

hada

Think the paper was quite unfair in that items appeared on the paper that had never appearead in previous years.

The theory was ridiculous. For a first, most accounting books don't deal with those topics. For a second, most of those questions had never appeared on any form of test (mock or actual LC Paper) and finally, students who did learn theory would have absolutely been dumbfounded as to some of the questions - and instead would need to waffle there way through their attempts.

The paper came up as predicted, but instead of the odd variation on one or two questions (as one expects every year) students were faced with a barrage of obsecure adjustments and twists.

In comparison to the last 10 years, that paper was by far, the hardest.

Prezatch

I got Question 1 balanced, think I made 1 mistake with classification of the carriage. But my incomplete records were out by feckin 240,000 or something

I thought the theory on published accounts was a little unfair about the director's report. It came up in 1997 so i hadn't looked at it all because there's such a wide pool of theory available to ask for that question.

Beau

I reckon I did ok. I panicked when I saw the theory in Q2 and 3 but i calmed down when I realsied I knew the answers anyway. THe only question I did badlyin was the interpretation. The minute I opened the paper up again on the bus with a clear mind I noticed 3 obvious mistakes; forgot to put the Vehicals figure in the balance sheet(only worth 1 mark so not too bad), forgot to put Capital Introduced in the financed by (3 marks probably) and then the big one, I did`nt even notice the Rent date (about 10-15 marks in total probably).

Sunstorm

I honestly thought it was a lovely paper, I'm hopeful about getting the grade I wanted. Budget was grand apart from the last bit, incomplete was fine, ratios were okay and manufacturing had hardly any dodgy adjustments apart from the hire of equipment. I wouldn't worry about balances too much, they're worth maybe 1-2 marks out of the whole 120 on Q1.

Groovychick

I thought it was quite a challenging paper as well, quite unfair especially for weaker students. My Q1 balanced but i didn't do anything with the last note so i think i lost a few marks there!! My incomplete was way off but my published balanced. Absorbtion was a lovely question but i didn't like any of the theory!!!!! I think i got an A2 but i was expecting an A1, so i wasn't that happy!!!!! :eek:

Cotsy

JoeyD wrote:

I got Question 1 balanced, think I made 1 mistake with classification of the carriage. But my incomplete records were out by feckin 240,000 or something

Fair play for balancing the manufacturing account, there was a good bit of stuff there that i haven't seen much of b4, i.e. carriage, transfer of goods @ 800,000 so on. Cant remember how much i was off but no too bothered cos i must have got at least 80/120.

Innervision

Anyone remember the answer they got for the gross profit on the Budget?! I hate that question, can never figure out how I did on it.

shay_562

Thought it was a pretty good paper in general, the topics I was hoping for all came up, but some of the theory was kinda nuts - does anyone know how the double entry system affects Incomplete Records when you're doing them from TP&L? I've only ever seen theory on the type that start at the Balance Sheet. And what about Q8 (d) - why are they based on budgeted costs?

ashmurph

i got 118800 for the budget, a few others in my class also got that so i think its right.
depreciation - 79125 for the final provision for dep,
service firm - 248140 ( a beautiful question had like half of d normal adjustments
incomplete - 361570
hope those answers helped, if anyon1 got dem tel me, id luv 2 no if dey right
what was wit d theory tho?? id say dey wil mark it easier as most ppl never saw it b4, but if u thought bout it prop dey were real easy it was just that twas so off puttin

Beau

aw NO! forgot to do the theory part in Q9. grrrr! pissed off with myelf now. How many marks do you reckon that will be worth?

Cotsy

ashmurph wrote:

i got 118800 for the budget, a few others in my class also got that so i think its right.
depreciation - 79125 for the final provision for dep,
service firm - 248140 ( a beautiful question had like half of d normal adjustments
incomplete - 361570
hope those answers helped, if anyon1 got dem tel me, id luv 2 no if dey right
what was wit d theory tho?? id say dey wil mark it easier as most ppl never saw it b4, but if u thought bout it prop dey were real easy it was just that twas so off puttin

Ye got that 4 the budgeting

Webmonkey

I was finished at 4. Came home and posted at 4.30. Couldn't stay in there long. I am extremly fast for working though. Though nothing balanced but im happy with what i could do. Prediction helped a lot, only things i learned

mrs. hamlet

ashmurph wrote:

i got 118800 for the budget, a few others in my class also got that so i think its right.
depreciation - 79125 for the final provision for dep,
service firm - 248140 ( a beautiful question had like half of d normal adjustments
incomplete - 361570

i got the same answers for the prod budget and for the service firms a/c! My incomplete didn't balance and i didn't do dep!

The amount of theory on that exam was completely unfair! I was expectin' 1 bit of theory at the end of published a/cs but there was a bit on the end on nearly every question! i'm really pissed off about it cuz i wanted an a and my incomplete and published didn't balance!!

hada

Never really got lower than an A1 in accounting, but I think I'd be safe to say I'm going to get a B1 in this..None of my accounts balanced (my service a/c, published and incomplete..) And if the way the exams have gone with me so far, I'd say this cost me my 1st and 2nd choice. Pretty gutted now

Webmonkey

Man don't worry, im sure they might cut out the theory in the marking scheme if everyone gets it wrong. No1 has a clue of some of the stuff they asked

Groovychick

It doesn't matter if they don't balance if you have the method right you get most of da marks. You can still get an A2 if some of your questions don't balance!!
theory was a bitch, bu**sh*ted my way through that, hopefully i'll get something!!!!

defiantshrimp

hada wrote:

Never really got lower than an A1 in accounting, but I think I'd be safe to say I'm going to get a B1 in this...

That's pretty much how I feel, never got below an A1 all the way from the start of 5th year. I've done all the questions since 1997 and that paper was very different that any other year and I think harder. The questions (especially the published) were way longer and they had way more adjustments. Then they decided to throw a bit of theory at the end of every fecking question. Which isn’t bad in itself but the questions were longer than ever before. Very unfair in my opinion, why can’t the state exams commission be consistent over the years? I thought I knew the theory but what on earth is the answer to the last bit of Q8?!

I just couldn't get 8 (d). It asked to name 3 overhead absorption rates, but didn't we just work out the overhead absorption rates as numbers in part (b)? How can they be names?! Were we just suppose to pick out random numbers or something?

Prezatch

They meant like, machine hours rate, labour rate, floor space rate etc. You could have said a lot of stuff

JoeyD

JoeyD wrote:

They meant like, machine hours rate, labour rate, floor space rate etc. You could have said a lot of stuff

My teacher said they were called absorbed overheads.

Damn that confused me!

Creamy Goodness

JoeyD wrote:

They meant like, machine hours rate, labour rate, floor space rate etc. You could have said a lot of stuff

at least i got two of them

i then said they use budgeted figures because it helps the company see whether they have under or over absorbed by comparing to the real overhead figures.

i doubt that there will be many marks going for the theory.

Sure look at it this way, any time they asked theory on incomplete it was ALWAYS 15MARKS this year it was only 8MARKS they lowered it becuase they knew half the country would get it wrong.

Don't worry. just sit back - that's if you don't have anymore exams - and let the results come on the 17th August

Beau

Beau wrote:

I did`nt even notice the Rent date (about 10-15 marks in total probably).

In saying that, I doubt I would`ve dealt with it properly anyway. How did people deal with the rent prepaid considering one third of that was drawings?

defiantshrimp

Beau wrote:

How did people deal with the rent prepaid considering one third of that was drawings?

It doesn't effect the rent prepaid. You are still "owed" all that money (in the sense that you don't have to pay it). You only take account of the drawings for profit and financing purposes. It is the same if rent was due, the total amount due is still a current liability even though not all of rent is a business expense. I'm explaining this quite badly but I hope it helps!