HL Accounting....

needacchelp · 13-06-2009 7:01pm

hey guys, i was just wondering, what is everyone using for the percentage return on risk-free investments this year?

In the marking scheme for last year they said 5%, but with the recession i'd say it'll have gone down.

I can't remember what my teacher said about it and I accidentally left my old accounting copies in my locker too long and I think they've all been cleared out.

Thanks in advance!

~Candy~ · 13-06-2009 7:05pm

needacchelp wrote: »

hey guys, i was just wondering, what is everyone using for the percentage return on risk-free investments this year?

In the marking scheme for last year they said 5%, but with the recession i'd say it'll have gone down.

I can't remember what my teacher said about it and I accidentally left my old accounting copies in my locker too long and I think they've all been cleared out.

Thanks in advance!

its 1%around this yr ...it was 1%in may anyway... =O yea, very low
anything above 1% ,2%would be good..

needacchelp · 13-06-2009 7:13pm

thanks candy!
I'll put down 1-2% so, just to give a bit of margin for error or whatever you call it.

If I get good results in august you can expect a massive fruit basket!

only not really cause I'll be going to college soon after and will need all my money...

but i'll think about sending a fruit basket

Risteard · 13-06-2009 7:15pm

What question is this in relation to?

needacchelp · 13-06-2009 7:19pm

Ratios and interpretation of accounts.

You usually have to compare the company's profits to the return you could expect from a risk-free investment.

If the company's percentage profit isn't higher than the return on risk-free investments then there isn't much point in the company, the owners should just put their money into something else and save themselves the hassle of running a company.

blue-army · 13-06-2009 7:36pm

I'm hoping it's gonna be predictable this year.

I'm sure there will be 1 or 2 surprises, but it should be easier than last years.

I heard that they had to change the marking scheme 5 times last year. Can anyone confirm this?
Either way, they won't want a repeat of having to correct each paper 2-3 times in order to match the bell curve.

I think that it'll be;

Manufacturing
Dep, Tabs...with either Farm or Control AC's

Ratios
Service (or Tabs if not a 60mark Q)
Incomplete Type B

Job Costing
Cash Budgeting (might be mixed with something, maybe?)

anyone think the same?

.:FuZion:. · 13-06-2009 7:43pm

blue-army wrote: »

I think that it'll be;

Manufacturing
Dep, Tabs...with either Farm or Control AC's

Ratios
Service (or Tabs if not a 60mark Q)
Incomplete Type B

Job Costing
Cash Budgeting (might be mixed with something, maybe?)

anyone think the same?

Dep, Tabs, Service.
Ratios, Published, Incompletes.
Any of these could come up in 60 / 100 form thou.

Then I hope Absorption costing.
And yeah, cash / flexible budgeting.

Risteard · 13-06-2009 7:58pm

Oh, ratios, never mind then.:pac:

galway.gaa · 13-06-2009 8:01pm

Risteard wrote: »

Oh, ratios, never mind then.:pac:

are you not coverin ratios either? i thought i was the only one:pac:

Risteard · 13-06-2009 8:45pm

galway.gaa wrote: »

are you not coverin ratios either? i thought i was the only one:pac:

I'll look over the ratios themselves the night before strictly as a back up but they are a last resort. Unless I feel that I'm truly ****ed with the other questions I won't do it. It's the commenting on them where I lose all my marks.

JW91 · 13-06-2009 8:53pm

I think it's a pretty stupid tactic not to cover interpretation. It's a pretty easy question if you know the formulae and it's guaranteed to be there.

By not covering it you're relying on you neing able to do 2 out of 2 instead of just 1 out of 2.

Ye're running a massive risk

Risteard · 13-06-2009 8:59pm

I know. But I'm actually pretty good on all the other questions, we never did question 1 so we were able to do every other question and revise in good detail. I ended up doing it in the pres and it took up so much time that I didn't get another question finished and still lost a load of marks. It's there if I need it but I wouldn't count on using it.

Fince · 13-06-2009 9:06pm

Risteard wrote: »

I'll look over the ratios themselves the night before strictly as a back up but they are a last resort. Unless I feel that I'm truly ****ed with the other questions I won't do it. It's the commenting on them where I lose all my marks.

i'm in the same boat.

interpretation isn't a great question as a first choice if your going for an A1. its not as black and white as every other accounting question.

mink_man · 13-06-2009 9:09pm

munufacturin a/c

The Maverick · 13-06-2009 9:11pm

Risteard wrote: »

I'll look over the ratios themselves the night before strictly as a back up but they are a last resort. Unless I feel that I'm truly ****ed with the other questions I won't do it. It's the commenting on them where I lose all my marks.

Exact same for me aswell.I just can't seem to remember the formulas at all.I hope I don't have to do this question.

~Candy~ · 13-06-2009 9:37pm

needacchelp wrote: »

thanks candy!
I'll put down 1-2% so, just to give a bit of margin for error or whatever you call it.

If I get good results in august you can expect a massive fruit basket!

only not really cause I'll be going to college soon after and will need all my money...

but i'll think about sending a fruit basket

lol, no prob and good luck

Reilly616 · 14-06-2009 1:02am

galway.gaa wrote: »

are you not coverin ratios either? i thought i was the only one:pac:

I'm not. We learned them in 6th year and I don't really like them. If we learned them from 5th year and I knew then they were guaranteed, I probably would do them. Anywho, if the test is as it should be, this should be very nice!

TanG411 · 14-06-2009 10:06am

our teacher told us that there was a new guy who was the head of the accounting paper for this year. So he could change a lot of the questions that were supposed to come up if he wanted, but i know hw wont because there'd just be too much arguing with students again.

I just hope he doesn't put up ratios. I hate them so much :pac:

.:FuZion:. · 14-06-2009 12:51pm

Any chance of some help? I was just looking at the Examcraft Pre there and I didn't get one of the tabular entries.

Its about the debtors provision. I understand the first part with the less 5% and the actual figure is 40000. But how do you get the May part when I says increase to 8%? I have written down 860, but I dont have a clue where it came from.

Cheers.

Prowetod · 14-06-2009 12:54pm

Larkin501 wrote: »

our teacher told us that there was a new guy who was the head of the accounting paper for this year. So he could change a lot of the questions that were supposed to come up if he wanted, but i know hw wont because there'd just be too much arguing with students again.

I just hope he doesn't put up ratios. I hate them so much :pac:

That new person made last years paper, it was her first.

~Candy~ · 14-06-2009 12:55pm

.:FuZion:. wrote: »

Any chance of some help? I was just looking at the Examcraft Pre there and I didn't get one of the tabular entries. Its about the debtors provision. I understand the first part with the less 5% and the actual figure is 40000. But how do you get the May part when I says increase to 8%? I have written down 860, but I dont have a clue where it came from.

Cheers.

hey my tabular friend :P

i don't have the Q but usually what you do is

get the actual debtors figure at the start of the yr ,and + whatever they bought during the the yr , get 8% of that..

then the figure u got of 8% - the debtor at the start of the yr
put the difference there ..:D

sorry i am really bad at explain things , hope u got it !!

Prowetod · 14-06-2009 12:56pm

needacchelp wrote: »

hey guys, i was just wondering, what is everyone using for the percentage return on risk-free investments this year?

In the marking scheme for last year they said 5%, but with the recession i'd say it'll have gone down.

I can't remember what my teacher said about it and I accidentally left my old accounting copies in my locker too long and I think they've all been cleared out.

Thanks in advance!

3%, that was the 2008 official figure, which you use tomorrow. You dont use the current figure.

~Candy~ · 14-06-2009 12:57pm

Larkin501 wrote: »

our teacher told us that there was a new guy who was the head of the accounting paper for this year. So he could change a lot of the questions that were supposed to come up if he wanted, but i know hw wont because there'd just be too much arguing with students again.
:pac:

i heard that too...grrr..if control, suspense, published and a twist in Q9 came up..i d be SCREWED!!!

andyman · 14-06-2009 12:58pm

eoccork wrote: »

That new person made last years paper, it was her first.

I'm pretty sure I've told you this before, but no she didn't. Christy Tyrell set last years paper and had done so for the last 15 to 20 years. This year is the first one for the new Chief Examiner.

EDIT: Like the rest of you, I've a feeling I'm going to be royally fecked over tomorrow. One of Services and Incomplete HAS to come up (well, no it doesn't, but there'll be war if neither do) in Section B. If one of them comes up at least, happy days. I'll do Question 5 if only one of them does as I have that covered. If both of them come up, I'll kiss my superintendent (who's rather old and, well, no) smack-bang on the lips!

Manufacturing will come up. They won't feck everyone over that much. Job costing for Question 8 as well, please.

Also, here's a little fact, no question has ever repeated itself in the Accounting exam bar Question 5. Hopefully that trend continues and I don't have to look at Control Accounts and Suspense Accounts having never covered them before.

.:FuZion:. · 14-06-2009 1:03pm

~Candy~ wrote: »

hey my tabular friend :P

i don't have the Q but usually what you do is

get the actual debtors figure at the start of the yr ,and + whatever they bought during the the yr , get 8% of that..

then the figure u got of 8% - the debtor at the start of the yr
put the difference there ..:D

sorry i am really bad at explain things , hope u got it !!

I should have just posted in our tabular thread lol.

Yeah I tried that, but it didn't work.

I am really confused now, and its really annoying me.

~Candy~ · 14-06-2009 1:07pm

.:FuZion:. wrote: »

I should have just posted in our tabular thread lol.

Yeah I tried that, but it didn't work. I am really confused now, and its really annoying me.

grrr,hmmm i am after losing my copy of that pre -_- ...
do you want write out the part of the Q or scan it ?

.:FuZion:. · 14-06-2009 1:10pm

andyman wrote: »

Also, here's a little fact, no question has ever repeated itself in the Accounting exam bar Question 5. Hopefully that trend continues and I don't have to look at Control Accounts and Suspense Accounts having never covered them before.

Control came up 2007 and 2008? Bare in mind thou that it was Debtors and then Creditors. So not exactly the same.

And Tabular repeated itself 2001 / 2002. And Revaluation repeated itself 2003 / 2004 lol. Other than that you are right.

~Candy~ wrote: »

grrr,hmmm i am after losing my copy of that pre -_- ...
do you want write out the part of the Q or scan it ?

I took a pic and uploaded it there.

Thanks a mill for the help!

Link: http://s557.photobucket.com/albums/ss11/Coughlan91/?action=view&current=03042009300.jpg

ynwa_17 · 14-06-2009 1:15pm

~Candy~ wrote: »

hey my tabular friend :P

i don't have the Q but usually what you do is

get the actual debtors figure at the start of the yr ,and + whatever they bought during the the yr , get 8% of that..

then the figure u got of 8% - the debtor at the start of the yr
put the difference there ..:D

sorry i am really bad at explain things , hope u got it !!

The papers at hand, so i can do it numerically

Debtors figure in BS: 38000
This represents 95% of the total debtors figure.

38000÷95= 400
400x100= 40000 ... This is the total debtors figure for the year

Then they purchased the new firm, which included 7000 in debtors, so debtors increases to 47000

Then we have March, with the normal person returns good blah blah blah

12500 = total debt
Goods are returned but they have to repay 10% as a restocking charge. This 10% is a debt itself

12500-1250=11250

11250 is a reduction in the debtors

47000 - 11250 = 35750

This is the debtors figure that you must get the 8% of.

So 8% of 35750 = 2860

2860 is the new provision, 2000 was the old provision. Take one from the other and you get a reduction of 860 in the debtors figure and a reduction of 860 in the P&L. Hope that helped

~Candy~ · 14-06-2009 1:17pm

ynwa_17 wrote: »

The papers at hand, so i can do it numerically

Debtors figure in BS: 38000
This represents 95% of the total debtors figure.

38000÷95= 400
400x100= 40000 ... This is the total debtors figure for the year

Then they purchased the new firm, which included 7000 in debtors, so debtors increases to 47000

Then we have March, with the normal person returns good blah blah blah

12500 = total debt
Goods are returned but they have to repay 10% as a restocking charge. This 10% is a debt itself

12500-1250=11250

11250 is a reduction in the debtors

47000 - 11250 = 35750

This is the debtors figure that you must get the 8% of.

So 8% of 35750 = 2860

2860 is the new provision, 2000 was the old provision. Take one from the other and you get a reduction of 860 in the debtors figure and a reduction of 860 in the P&L. Hope that helped

.:FuZion:. · 14-06-2009 1:18pm

ynwa_17 wrote: »

The papers at hand, so i can do it numerically

Debtors figure in BS: 38000
This represents 95% of the total debtors figure.

38000÷95= 400
400x100= 40000 ... This is the total debtors figure for the year

Then they purchased the new firm, which included 7000 in debtors, so debtors increases to 47000

Then we have March, with the normal person returns good blah blah blah

12500 = total debt
Goods are returned but they have to repay 10% as a restocking charge. This 10% is a debt itself

12500-1250=11250

11250 is a reduction in the debtors

47000 - 11250 = 35750

This is the debtors figure that you must get the 8% of.

So 8% of 35750 = 2860

2860 is the new provision, 2000 was the old provision. Take one from the other and you get a reduction of 860 in the debtors figure and a reduction of 860 in the P&L. Hope that helped

Perfect! Nice one!

Thanks for trying too candy!

ynwa_17 · 14-06-2009 1:24pm

~Candy~ wrote: »

Thats what realizing your fecked for accounting does to you. :pac:

As for the paper, we have a detailed spreadsheet on whats come up in the passed 20 years. Basically everyone is predicting the same thing, it just cant happen. Expect to see suspense or either of the control accounts on the paper. I personally hope i'm wrong and its tabular, reval or depreciation as 60 markers. Incomplete by BS method is an easy question too, but it'll catch a lot of people out. The 80 marker is where the paper will be very tricky. Im Hoping cash budgeting will come up, but that can be extremely time consuming.

Roll on Economics

Perfect! Nice one!

No problem mate. If you need any other answers for the examcraft pres, i have the marking scheme in a nice and tiny mess lol

~Candy~ · 14-06-2009 1:24pm

.:FuZion:. wrote: »

Perfect! Nice one!

Thanks for trying too candy!

aww but...:o i didn't help much didn't i ..
like you had to scan it for nothing ..sorry

~Candy~ · 14-06-2009 1:28pm

ynwa_17 wrote: »

Thats what realizing your fecked for accounting does to you. :pac:

As for the paper, we have a detailed spreadsheet on whats come up in the passed 20 years. Basically everyone is predicting the same thing, it just cant happen. Expect to see suspense or either of the control accounts on the paper. I personally hope i'm wrong and its tabular, reval or depreciation as 60 markers. Incomplete by BS method is an easy question too, but it'll catch a lot of people out. The 80 marker is where the paper will be very tricky. Im Hoping cash budgeting will come up, but that can be extremely time consuming.

that's exaculy what my teacher said,, what we expected to come up is far too esay....she said something unusual is gonna come up

i hope they don't put a twist on cash buget..like mixing it with the costing Q =(

andyman · 14-06-2009 1:29pm

.:FuZion:. wrote: »

Control came up 2007 and 2008? Bare in mind thou that it was Debtors and then Creditors. So not exactly the same.

And Tabular repeated itself 2001 / 2002. And Revaluation repeated itself 2003 / 2004 lol. Other than that you are right.

Yeah I kinda meant Q1 and Section B :P Oh well.

ynwa_17 · 14-06-2009 1:31pm

~Candy~ wrote: »

that's exaculy what my teacher said,, what we expected to come up is far too esay....she said something unusual is gonna come up

i hope they don't put a twist on cash buget..like mixing it with the costing Q =(

The Product costing was difficult in the exam craft pre. Tbh, had i worked after Christmas in fifth year up until now i'd be on for an A1, but my teacher cant teach the subject and its amazing what can distract you lol

~Candy~ · 14-06-2009 1:35pm

ynwa_17 wrote: »

The Product costing was difficult in the exam craft pre. Tbh, had i worked after Christmas in fifth year up until now i'd be on for an A1, but my teacher cant teach the subject and its amazing what can distract you lol

haha, anything that i learned from 5th yr up to xmas 6th yr come up i would def get an A...:P my head stopped wanting to work on accounting after the pre..thats when did suspense,costing,published and control

this is one subject i took chances on,,i hope i won't fail misberly

ynwa_17 · 14-06-2009 1:36pm

I've taken chances in everything so far, and they've all paid off. Accounting i'm not so sure about there isnt much room to bull**** compared to other subjects

Prowetod · 14-06-2009 1:49pm

Anyone else thinking Cashflow 60 will feature?

As long as Cash Budgeting is on I will be happy, I have not prepared Suspense.

.:FuZion:. · 14-06-2009 2:31pm

ynwa_17 wrote: »

No problem mate. If you need any other answers for the examcraft pres, i have the marking scheme in a nice and tiny mess lol

Cheers, I will have a look cause I didn't like some of those questions very much.

~Candy~ wrote: »

aww but...:o i didn't help much didn't i ..
like you had to scan it for nothing ..sorry

It didn't take all but 2 seconds.

It was the thought of you helping me that counts.

andyman wrote: »

Yeah I kinda meant Q1 and Section B :P Oh well.

Well if you mean Q1 and section B, you are completely right!

:D

galway.gaa · 14-06-2009 10:31pm

i cant wait, im so excited

aarglynn · 14-06-2009 10:35pm

Having a bit of trouble on the Balance Sheet
In the Current Liabilities I can't work out the 'other creditors' figure for the life of me :mad:

Anybody got any ideas?

Thanks in advance

Risteard · 14-06-2009 10:47pm

aarglynn wrote: »

Having a bit of trouble on the Balance Sheet
In the Current Liabilities I can't work out the 'other creditors' figure for the life of me :mad:

Anybody got any ideas?

Thanks in advance

Debenture Interest for Year: 32000
- paid 12000

due 20000
Provision for Auditor's Remuneration: 9000
Provision for Directors' Remuneration: 80000

Other Creditors 109000

aarglynn · 14-06-2009 10:55pm

Risteard wrote: »

Debenture Interest for Year: 32000
- paid 12000

due 20000
Provision for Auditor's Remuneration: 9000
Provision for Directors' Remuneration: 80000

Other Creditors 109000

Thanks a lot! You're a legend

aine-maire · 14-06-2009 10:57pm

galway.gaa wrote: »

i cant wait, im so excited

Weirdo

I'm sorry if you were being ironic

blue-army · 14-06-2009 10:58pm

Could someone just quickly explain how to get Dividends Proposed, Paid etc... on Manufacturing A/C's?

Just take the '05 one as an example..

Cheers.

galway.gaa · 14-06-2009 11:01pm

aine-maire wrote: »

Weirdo

I'm sorry if you were being ironic

you cant say your not a little excited about the accounting test tomorow:D?
its gonna be fun. ive been waitin for it for 2 years

QueenOfLeon · 14-06-2009 11:02pm

blue-army wrote: »

Could someone just quickly explain how to get Dividends Proposed, Paid etc... on Manufacturing A/C's?

Just take the '05 one as an example..

Cheers.

Calculate total dividends: Preference 200,000 x 8%
Ordinary 300,000 x 9%

The interim is for 6 months, ie half a year. This is used for preference dividends...half the year = half the dividends have been paid. Dont use the interim figure, just half of the dividends you just calculated. Thats dividends paid, you can find dividends due easily by subtraction.

The rest of the interim is ordinary dividends paid, and again by subtraction find ordinary dividends due.

ynwa_17 · 15-06-2009 12:45am

Good luck all tomorrow. Lets hope our worrying about predictions is wrong, and its an easy paper

~Candy~ · 15-06-2009 9:28am

could somebody tell me what does this mean ?

creditors are paid in the month immdeliately following delivery -_-
does it mean the month after or within the months am confused

QueenOfLeon · 15-06-2009 10:20am

I see im not the only one up early to cram!!

If you're talking about a cash budget, say your purchases for February are 50,000, you dont actually pay them til march, and your purchases from march are paid in april. This has a knock on effect meaning that you dont count for your last months purchases (june most likely) in your cash budget, and you may not have a january figure if its a new business...

Hope that makes sense...:) Is that the type of q you were talking about?

HL Accounting....

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