taking chances in accounting

~Candy~ · 11-06-2009 7:15pm #1

ok i can't understand control a/cs ..
very slow at doing suspense A/cs..

and i want to do the budget Q
and leaving out the costing Qs..

i am not good at published a/c but look like its gonna come up? so i might do that ...

am I taking a big risk? :O

are ye leaving out anything?

galway.gaa · 11-06-2009 7:22pm

ive only really looked at manufacturing for q1 but i reckon i could bluff my way through any other q1.

for section2 i no service/club ac, incomplete a/c(BS) and published really well. ive also looked at tabs. im not doin q5 or havnt done the qs that came up last year.

i havnt even looked at q9 in the last 2 years so im defo doin q8. i can do all of them fairly well apart from the ones that came up last year.

hope theres a few more in the same boay as it would give me some kind of peace of mind:o

QueenOfLeon · 11-06-2009 7:32pm

~Candy~ wrote: »

ok i can't understand control a/cs ..
very slow at doing suspense A/cs..

and i want to do the budget Q
and leaving out the costing Qs..

i am not good at published a/c but look like its gonna come up? so i might do that ...

am I taking a big risk? :O

are ye leaving out anything?

We didnt do control acs or suspense acs ever

And im leaving out costing, cos im pretty confident with cash and flexible budgeting.
We also never did published acs.

Hope you feel a little bit better, that im just as fecked as you if the paper is awful!

~Candy~ · 11-06-2009 7:38pm

galway.gaa wrote: »

ive only really looked at manufacturing for q1 but i reckon i could bluff my way through any other q1.

for section2 i no service/club ac, incomplete a/c(BS) and published really well. ive also looked at tabs. im not doin q5 or havnt done the qs that came up last year.

i havnt even looked at q9 in the last 2 years so im defo doin q8. i can do all of them fairly well apart from the ones that came up last year.

hope theres a few more in the same boay as it would give me some kind of peace of mind:o

we never did Q1 =O..
o_o ya..last yrs paper was really hard...accounting was very predictable before then

Anne-Marie!! wrote: »

We didnt do control acs or suspense acs ever
And im leaving out costing, cos im pretty confident with cash and flexible budgeting.
We also never did published acs.

Hope you feel a little bit better, that im just as fecked as you if the paper is awful!

we rushed them though in the very end, like at that stage i couldn't really take in new stuff

are you gonna do Q5?

i reckon the little comments we have to make would be hard this year, everything could be negative

Fluorescence · 11-06-2009 8:36pm

~Candy~ wrote: »

and i want to do the budget Q
and leaving out the costing Qs..am I taking a big risk?

I would not leave out anything from section 3! Take risks anywhere else on the paper you feel like, but absolutely not section 3!!!! If you look at past papers they often mix up bits of questions together in section 3. So if you haven't revised absorption costing for example, but that lovely flexible budget you spent all night revising pops up... with 40marks going for an absorption costing part in the question.... well you'd be ****ed tbh.

Cheerful way to look at accounting

QueenOfLeon · 11-06-2009 8:40pm

fluorescence wrote: »

I would not leave out anything from section 3! Take risks anywhere else on the paper you feel like, but absolutely not section 3!!!! If you look at past papers they often mix up bits of questions together in section 3. So if you haven't revised absorption costing for example, but that lovely flexible budget you spent all night revising pops up... with 40marks going for an absorption costing part in the question.... well you'd be ****ed tbh.

Cheerful way to look at accounting

But could they really stick a costing bit with say a cash budget? There'd never be time....
Im afraid they'd put on a flexible, with a costing bit at the end

Fluorescence · 11-06-2009 8:43pm

They could make it a very short cash budget over, say, 4 months, with a costing bit. I'm really sorry to say it but we can't take any chances with section 3.

Section 2 though, cut away! Personally, I'm dropping suspense :P I loathe it with a passion. Funnily enough I love tabular statements (They're kinda similar so it doesn't really make sense why I love tab and hate suspense.... but that's life for ya :P)

QueenOfLeon · 11-06-2009 8:47pm

fluorescence wrote: »

They could make it a very short cash budget over, say, 4 months, with a costing bit. I'm really sorry to say it but we can't take any chances with section 3.

Section 2 though, cut away! Personally, I'm dropping suspense :P I loathe it with a passion. Funnily enough I love tabular statements (They're kinda similar so it doesn't really make sense why I love tab and hate suspense.... but that's life for ya :P)

Damn :mad: so theres job costing, absorption costing.....what else? We didnt do some of this, id say

Fluorescence · 11-06-2009 8:48pm

Not too much: 3 types of budget, absorption costing and production costing. I think that's it.....

galway.gaa · 11-06-2009 9:02pm

fluorescence wrote: »

Not too much: 3 types of budget, absorption costing and production costing. I think that's it.....

stall the beans here a minute, a bit of q9 cant come up in q8 though right?:o

QueenOfLeon · 11-06-2009 9:05pm

galway.gaa wrote: »

stall the beans here a minute, a bit of q9 cant come up in q8 though right?:o

Well, flexible budgeting was part of the q8 last year....:eek:

galway.gaa · 11-06-2009 9:09pm

Anne-Marie!! wrote: »

Well, flexible budgeting was part of the q8 last year....:eek:

oh f**k i wouldnt of been able to that at all and i dont think im goin to bother coverin them either:(

Fluorescence · 11-06-2009 9:09pm

Does anyone know how important the layout is in Q1? ie, how many marks it's worth? Or is it just negative marking if you have the wrong layout as opposed to gaining marks for the correct one?

stylee · 11-06-2009 10:05pm

our teacher told us before it's not so much layout, its more like the figures for q1 anyway because there was a boy getting doing it a different way in our class and always got the figures right anyway so i dont think its layout that's important so much:S hey, our teacher kept telling us she was sure manufacturing was coming up

havent a clue what to study :S

.:FuZion:. · 12-06-2009 9:20am

galway.gaa wrote: »

oh f**k i wouldnt of been able to that at all and i dont think im goin to bother coverin them either:(

You could cover flexible in an hour they are that easy. Its ridiculous.

blue-army · 12-06-2009 8:31pm

Would this be enough?

-Depreciation/Revaluation
-Tabs
-Farm
-Club
-Service
-Incomplete Type B

-Job Costing
-Cash Budgeting

I need a C. Am I taking a big risk?

ya-ba-da-ba-doo · 12-06-2009 9:01pm

blue-army wrote: »

Would this be enough?

-Depreciation/Revaluation
-Tabs
-Farm
-Club
-Service
-Incomplete Type B

-Job Costing
-Cash Budgeting

Same as me but im doin ratios and product costing. U could get caught out in section B.

QueenOfLeon · 12-06-2009 9:14pm

blue-army wrote: »

Would this be enough?

-Depreciation/Revaluation
-Tabs
-Farm
-Club
-Service
-Incomplete Type B

-Job Costing
-Cash Budgeting

I need a C. Am I taking a big risk?

You're taking too big a risk in section 9 imo. Even though flexible budgeting came into q8 last year, it could still be a full q9. They're really easy, if you've gone over them in class it shouldn't take you much more than an hour to perfect them and practice a few

As ya-ba-da-ba-doo said, you could be caught out in section B aswel. Ratios are more or less guaranteed, and if you have time maybe a tabular?

SligoBrewer · 12-06-2009 10:22pm

galway.gaa wrote: »

ive only really looked at manufacturing for q1 but i reckon i could bluff my way through any other q1.

There is no way you'd be able to bluff another q1 as the notes for a manufacturing are quite simplistic in comparision to say a Company or a Sole Trader. They are like this due to the time consuming nature of doing the Manufacturing a/c itself.

galway.gaa · 13-06-2009 10:27am

SligoBrewer wrote: »

There is no way you'd be able to bluff another q1 as the notes for a manufacturing are quite simplistic in comparision to say a Company or a Sole Trader. They are like this due to the time consuming nature of doing the Manufacturing a/c itself.

ive looked over the other ones at the start of the year. i have a fairly good understandin of accountin anyway but that said fingers crossed for manufacturin

Messiah-19 · 13-06-2009 10:50am

Right, 2 questions for accounting..
You know in the entries where you have a lot of adjustments, say Admin expenses in published etc...If there is like 5 entries, and you get 1 wrong, is that whole figure wrong, cos that could be worth 8-10 marks. From what I can gather from the marking scheme, they assign marks individually, but in our pre, if we got one wrong, it was all wrong???

Also, anyone wanna post some help on the suspense entries in final accounts, just take any example, manufacturing or Sole trader etc, and like which sides of the accounts and things like that...??

Any help would be great!!

kevwall · 13-06-2009 1:37pm

which on is the incomplete question type b??

WolfForager · 13-06-2009 2:35pm

Hmm, Maunfacturing, Interpretation and Incompletete. Have no idea what i know for C, i'll just see what comes up on the day!

.:FuZion:. · 13-06-2009 5:16pm

blue-army wrote: »

Would this be enough?

-Depreciation/Revaluation
-Tabs
-Farm
-Club
-Service
-Incomplete Type B

-Job Costing
-Cash Budgeting

I need a C. Am I taking a big risk?

IMO Club aint necessary, came up last year. But dont take my word and not do it, could actually come up knowing my luck.

But eh, Published is quite likely, I would do that too.

blue-army · 13-06-2009 6:11pm

.:FuZion:. wrote: »

IMO Club aint necessary, came up last year. But dont take my word and not do it, could actually come up knowing my luck.

But eh, Published is quite likely, I would do that too.

Published was on last year too btw...

.:FuZion:. · 13-06-2009 6:36pm

blue-army wrote: »

Published was on last year too btw...

Yeah I know. But it comes up every 2 years and then takes a break.
Eg. 2002 + 2003 and then no 2004. Then 2005 + 2006 ect....

And it took a break in 2007, so its due up for 2008 + 2009. But whats worrying me, is that it was supposed to be a 100 Marker in 2008.

Fluorescence · 13-06-2009 6:36pm

Messiah-19 wrote: »

Right, 2 questions for accounting..
You know in the entries where you have a lot of adjustments, say Admin expenses in published etc...If there is like 5 entries, and you get 1 wrong, is that whole figure wrong, cos that could be worth 8-10 marks. From what I can gather from the marking scheme, they assign marks individually, but in our pre, if we got one wrong, it was all wrong???

Have a thin, 4th column in your P&L, Balance sheet labelled Workings or Notes or something. Number all your workings, and stick the number of the working into the column beside the figure. If the figure's wrong, the examiner then knows where to look so you can get some of the marks (for the bits of the working that are correct). That way you might get 3/4 marks if the working's worth 6. If you don't label the workings, you'll get nothing

mink_man · 13-06-2009 8:11pm

too big a risk!

Paddy001 · 13-06-2009 8:42pm

kevwall wrote: »

which on is the incomplete question type b??

Where you do the balance sheet first, which means it always balances

QueenOfLeon · 14-06-2009 10:31am

galway.gaa wrote: »

ive only really looked at manufacturing for q1 but i reckon i could bluff my way through any other q1.

galway.gaa wrote: »

ive looked over the other ones at the start of the year. i have a fairly good understandin of accountin anyway but that said fingers crossed for manufacturin

Well, Id say have a quick look through the company workings anyway! Even a good understanding of accounting won't help you for some of them.....I thought this too, till I went over them again, and it wont take you too long

Say, for example, the working for patents, when it includes investment income. Logically, you would take the income away from the patents, but for whatever reason you always add it! This type of working is not something you can really have a guess at on the day, its more that you need to know the techniques already

WolfForager · 14-06-2009 10:38am

Anne-Marie!! wrote: »

Well, Id say have a quick look through the company workings anyway! Even a good understanding of accounting won't help you for some of them.....I thought this too, till I went over them again, and it wont take you too long
Say, for example, the working for patents, when it includes investment income. Logically, you would take the income away from the patents, but for whatever reason you always add it! This type of working is not something you can really have a guess at on the day, its more that you need to know the techniques already

Actually..

Patents (incorporating suspense) - Here you add it it on.

Patent (including suspense) - Here you take it out.

Confusing as feck, especically in an exam!

QueenOfLeon · 14-06-2009 10:42am

WolfForager wrote: »

Actually..

Patents (incorporating suspense) - Here you add it it on.

Patent (including suspense) - Here you take it out.

Confusing as feck, especically in an exam!

:eek::eek:
Thanks!!

But.....when its patents (incorporating 3 months investment income).....im pretty sure you add it! All the company acs ive ever done are done that way....

When you're talking investment income, not the suspense....

WolfForager · 14-06-2009 10:48am

Ah yes, same thing! (Sorry if i confused you even more :P) And then in the balance sheet you take out the written off patents from the original patents figure.

QueenOfLeon · 14-06-2009 10:50am

WolfForager wrote: »

Ah yes, same thing! (Sorry if i confused you even more :P) And then in the balance sheet you take out the written off patents from the original patents figure.

Yup, thats grand, thanks! Had me quite confused there....doubting my accounting skills

:pac:

Anyone think that section 2 could be a combination of published/cash flow/correction of errors/farm? I think thats the only situation where i would be absolutely f*cked :eek::eek:

O, and if they threw in a departmental. And added a costing bit to Q9. I think i would actually leave

WolfForager · 14-06-2009 10:52am

Section 2 should be, Interpretation, Published and Incomplete. I'm covering published, incomplete, tabular and service just to be safe though!

Section 3 has always had me confused...

QueenOfLeon · 14-06-2009 10:55am

WolfForager wrote: »

Section 2 should be, Interpretation, Published and Incomplete. I'm covering published, incomplete, tabular and service just to be safe though!

Section 3 has always had me confused...

Im covering ratios (horrible Q but its more or less guaranteed!), incomplete (both ways), and then tabular, club and service.

As for Q9, if they stick to the way it SHOULD go, i know flexible, cash and product really well, so ill be fine as long as they dont put in any costing like the way they messed up the Q8 last year :mad:

WolfForager · 14-06-2009 12:03pm

I was going to do ratios... but they just won't stay in my head!! Gah!! And i hate the way published accounts seem to have different rules when it comes to the purchase or sale of land.... Actually the rules are different for alot of things in published...

~Candy~ · 14-06-2009 12:14pm

WolfForager wrote: »

I was going to do ratios... but they just won't stay in my head!! Gah!! And i hate the way published accounts seem to have different rules when it comes to the purchase or sale of land.... Actually the rules are different for alot of things in published...

+1 ....i really want to leave published a/c out but if suspense or control came up together with published i d be screwed ..

-_- ...

WolfForager · 14-06-2009 12:31pm

Suspense or control aren't gonna come up :S

*Eduacated guess*

~Candy~ · 14-06-2009 12:37pm

WolfForager wrote: »

Suspense or control aren't gonna come up :S

*Eduacated guess*

i hope now..lets see 2moro

i hope you are right...

QueenOfLeon · 14-06-2009 1:11pm

WolfForager wrote: »

Suspense or control aren't gonna come up :S

*Eduacated guess*

Thats what i like to hear

:D

All the blame might be coming back to you tomorrow night

WolfForager · 14-06-2009 1:20pm

Hmm.. Never thought of that...

PREPARE FOR EVERYTHING PEOPLE!!

:P

stylee · 14-06-2009 8:18pm

there's no way i cant get out of learning ratios or published no

god, wel that sucks..
im terrible at the whole learning off in accountancy because i can never remember them and i end up getting all confused and getting a big-fat ZERO... i dont know what to do now!:(

Finical · 14-06-2009 8:41pm

I have kinda done service, published, interpretation, incomplete both types, depreciation, tabulars and cash budgeting.

Hopefully it works out okay for everyone.

taking chances in accounting

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