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** LC accounting 2014 - predictions , discussion, etc **
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CashflowSaskatchewan wrote: »I think we only get a record book 1 sheet. It's handier just to rule it out. :pac:
What's everyone doing for theory?
My teacher gave me a big handout with it all but Im not sure if ill do it
In the mocks I just used common sense for some and tried making up some elaborate meaning and got a few attempt marks...Wbu? 0 -
TabularIsitthough? wrote: »My teacher gave me a big handout with it all but Im not sure if ill do it In the mocks I just used common sense for some and tried making up some elaborate meaning and got a few attempt marks...Wbu?
I'm looking through the past few years exams and seeing the questions. Nothing is going in though. Think I'll probably wing the theory questions. I got an A1 in my mocks and had no theory right at all in it... hopefully
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CashflowSaskatchewan wrote: »I'm looking through the past few years exams and seeing the questions. Nothing is going in though. Think I'll probably wing the theory questions. I got an A1 in my mocks and had no theory right at all in it... hopefully
Yeah same Hopefully be grand really depends on the exam too. I mean the club theory is fine and there's no theory in suspense or Q1's so should be fine:pac:0 -
TabularIsitthough? wrote: »Yeah same Hopefully be grand really depends on the exam too. I mean the club theory is fine and there's no theory in suspense or Q1's so should be fine:pac:
There's a bit of theory with suspense isn't there? Like what entries impact on he balancing and stuff. I don't think I'm going to do q1. I've only ever balanced 5 of them....
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CashflowSaskatchewan wrote: »There's a bit of theory with suspense isn't there? Like what entries impact on he balancing and stuff. I don't think I'm going to do q1. I've only ever balanced 5 of them....
They dont need to balance
you only get an extra 6 marks I was told you will make less mistakes doing one Q1 rather than 2 short questions but on the other hand I suppose doing Q2-4 gives you good practice for the Q6 and 7's so whatever suits you ...And I didnt know there was thorey in suspense :eek: thanks for telling me. Btw are you doing Q8 And 9's ive done 9's only did you do both? 0 -
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CashflowThe suspense is killing me!
Lol theyre fun arnt they Alot of them repeat themselves so even on the day of the exam there will be at least 3 youve seen before. Even if you get them wrong in part (A) its still possible to get full marks in part (b) thats the only redeeming quality about them:pac: sometimes you think your doing the suspense right and it makes sense in your head but when you go to the marking scheme Ahh well hopefully alot of it we will have seen before figures crossed 0 -
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Isitthough? wrote: »Lol theyre fun arnt they Alot of them repeat themselves so even on the day of the exam there will be at least 3 youve seen before. Even if you get them wrong in part (A) its still possible to get full marks in part (b) thats the only redeeming quality about them:pac: sometimes you think your doing the suspense right and it makes sense in your head but when you go to the marking scheme Ahh well hopefully alot of it we will have seen before figures crossed
No i like suspense really it's the suspense that is killing me especially whether sole trader will come up0 -
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PublishedAccounting Theory
Incomplete Records
Advice- I would advise .............. to keep a detailed cash book and general ledger supported by appropriate subsidiary day books, enabling ................ to prepare an accurate trading profit and loss account and therefore avoid reliance on estimates.
Additional info available from double entry system
-Total Purchases and Sales
-Bank Balance
-Capital and Drawings
-Expenses Due and Prepaid
Suspense
Error of commission – correct amount, correct side, correct class of account, incorrect account
e.g. Entering goods sold on credit to L. O' Brien into D. O' Brien's account
Error of principle – Incorrect class of account e.g. Shop owner entering purchase of a vehicle as purchase of trading stock
Error of omission – Entry completely omitted from the books
Compensating errors - When two errors cancel each other out
Reversal of entry – Debit entry entered on credit side and vice versa
Errors that do affect the trial balance :
-One amount on DR and different amount on CR
-Mathematical/calculation errors
-Posting only one side of the double entry
Club/ Service
Special purpose P+L – used to calculate the profit on things such as raffle or lotto. Profit then goes into the income and expenditure account
Limitations of a Receipts and Payments A/c
-Does not show weather club is raising enough funds to cover costs
-Does not take into account dues and prepaids
-Does not take into account non-cash losses such as depreciation
Cash Flow
Things affecting profit but not cash
-Non cash losses such as depreciation
-Credit purchases or sales
Things affecting cash but not profit
-Capital/Drawings of cash
-Purchase or sale of Fixed asset
Accounting Standards Board
-Issues new accounting standards called financial reporting standards (FRS)
-FRS 1 (issued in 1991 revised in 1999) requires large companies to prepare a cash flow statement for each activity period
-It requires that individual cash flows should be entered under standard headings according to the activity that gives rise to them
Purpose of Cash Flow
-Shows cash inflows and outflows for the year
-Shows that profits do not always equal cash
-Aids financial planning, used to predict future cash flows
Budgeting
Cash Budget – forecast of cash inflow and outflow over a period, highlights weather enough cash will be aailable to cover future costs, gives advance knowledge to arrange an overdraft if needed
Flexible Budget – Prepared to help control and plan product levels, and to compare budgeted costs to actual costs at a certain level of activity
Capital Budget - Deals with planned capital expenditure e.g. Purchase o fixed assets
Master Budget – Summary of all budgets, includes a budgeted Manufacturing account Profit and Loss account and Balance Sheet
Adverse variance – When actual costs exceed budgeted costs
Controllable costs – can be controlled e.g. Direct labour, Administration
Uncontrollable costs – cannot be controlled e.g. Rates to local council
Principle Budgeting Factor – Limits output e.g. Sales demand, availability of labour and materials, capacity of the factory/plant
How to predict sales : take into account
-Last years sales
-Competition
-Market Research
-Trends/ Economy
accounting theory for some topics if anyone needs it, it was formatted all nice but when I copied an pasted it it went all boring sorry 0 -
CashflowAccounting Theory
Incomplete Records
Advice- I would advise .............. to keep a detailed cash book and general ledger supported by appropriate subsidiary day books, enabling ................ to prepare an accurate trading profit and loss account and therefore avoid reliance on estimates.
Additional info available from double entry system
-Total Purchases and Sales
-Bank Balance
-Capital and Drawings
-Expenses Due and Prepaid
Suspense
Error of commission – correct amount, correct side, correct class of account, incorrect account
e.g. Entering goods sold on credit to L. O' Brien into D. O' Brien's account
Error of principle – Incorrect class of account e.g. Shop owner entering purchase of a vehicle as purchase of trading stock
Error of omission – Entry completely omitted from the books
Compensating errors - When two errors cancel each other out
Reversal of entry – Debit entry entered on credit side and vice versa
Errors that do affect the trial balance :
-One amount on DR and different amount on CR
-Mathematical/calculation errors
-Posting only one side of the double entry
Club/ Service
Special purpose P+L – used to calculate the profit on things such as raffle or lotto. Profit then goes into the income and expenditure account
Limitations of a Receipts and Payments A/c
-Does not show weather club is raising enough funds to cover costs
-Does not take into account dues and prepaids
-Does not take into account non-cash losses such as depreciation
Cash Flow
Things affecting profit but not cash
-Non cash losses such as depreciation
-Credit purchases or sales
Things affecting cash but not profit
-Capital/Drawings of cash
-Purchase or sale of Fixed asset
Accounting Standards Board
-Issues new accounting standards called financial reporting standards (FRS)
-FRS 1 (issued in 1991 revised in 1999) requires large companies to prepare a cash flow statement for each activity period
-It requires that individual cash flows should be entered under standard headings according to the activity that gives rise to them
Purpose of Cash Flow
-Shows cash inflows and outflows for the year
-Shows that profits do not always equal cash
-Aids financial planning, used to predict future cash flows
Budgeting
Cash Budget – forecast of cash inflow and outflow over a period, highlights weather enough cash will be aailable to cover future costs, gives advance knowledge to arrange an overdraft if needed
Flexible Budget – Prepared to help control and plan product levels, and to compare budgeted costs to actual costs at a certain level of activity
Capital Budget - Deals with planned capital expenditure e.g. Purchase o fixed assets
Master Budget – Summary of all budgets, includes a budgeted Manufacturing account Profit and Loss account and Balance Sheet
Adverse variance – When actual costs exceed budgeted costs
Controllable costs – can be controlled e.g. Direct labour, Administration
Uncontrollable costs – cannot be controlled e.g. Rates to local council
Principle Budgeting Factor – Limits output e.g. Sales demand, availability of labour and materials, capacity of the factory/plant
How to predict sales : take into account
-Last years sales
-Competition
-Market Research
-Trends/ Economy
accounting theory for some topics if anyone needs it, it was formatted all nice but when I copied an pasted it it went all boring sorry
:eek: Awesome thanks so much! will this cover me for theory?0 -
TabularIsitthough? wrote: »They dont need to balance you only get an extra 6 marks I was told you will make less mistakes doing one Q1 rather than 2 short questions but on the other hand I suppose doing Q2-4 gives you good practice for the Q6 and 7's so whatever suits you ...And I didnt know there was thorey in suspense :eek: thanks for telling me. Btw are you doing Q8 And 9's ive done 9's only did you do both?
I've done both q8 and q9. I've done most from 2002-2013. I like them because you can make up your own way and its pretty repetitive. I think a manufacturing budget will come this year and they're pretty straight forward.0 -
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CashflowSaskatchewan wrote: »I'd say you'd be grand. Just maybe have a look at marginal costing as well.
I'm only going overboard because i actually like accounting!:o
I like it too its just more of a time issue :pac: thanks 0 -
TabularIsitthough? wrote: » I like it too its just more of a time issue :pac: thanks
No problem! Oh, are you bothering with incomplete or published?0 -
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TabularIsitthough? wrote: »incomplete mostly B it came up in 2000 as incomplete A and in 2001 it came up as incomplete B so it has come up twice in a row before so Theres no saying they wont do it again. I didnt do published I dont even think we did them in class either. you?
I'm just doing incomplete B. Not doing published! They're so ridiculously stupid! 0 -
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Isitthough? wrote: »yeah like 2009 thats what I though cause it hasnt been like that since 2009 but apparently the mocks think otherwise
Edit: wait it came up like that last year
oh that's good then just worried there will be a shock somewhere in section 2 or 3 since last year they put up manufacturing in section 1 even though soul trader was due up0 -
Cashflowoh that's good then just worried there will be a shock somewhere in section 2 or 3 since last year they put up manufacturing in section 1 even though soul trader was due up
Lol I dunno why people find this subject predictable there isnt really telling like club,tabular,cash flow, service and suspense are all pretty likely. At least they did that last year rather than this year there is a huge chance of sole trader now :pac: I think Qu 9 and 8 is where they might throw us 0 -
Isitthough? wrote: »Lol I dunno why people find this subject predictable there isnt really telling like club,tabular,cash flow, service and suspense are all pretty likely. At least they did that last year rather than this year there is a huge chance of sole trader now :pac: I think Qu 9 and 8 is where they might throw us[/QUOT
I'd cry with joy if club or service came up but ya true question 8 is very broad its too hard to predict as long as they don't be too mean with question 9 we should be ok0 -
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