stevemanu wrote: » We get an already ruled sheet if Tabular comes up right ?
Saskatchewan 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?
Isitthough? 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?
Saskatchewan 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
Isitthough? 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:
Saskatchewan 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....
Gcc ct96 wrote: » The suspense is killing me!
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
Gcc ct96 wrote: » No i like suspense really it's the suspense that is killing me especially whether sole trader will come up
Lara_15 wrote: » Accounting 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
Isitthough? 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?
Saskatchewan wrote: » 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.
Isitthough? wrote: » Is it necessary? Or would I get away with just Q9..I might just look over 8's just incase
Saskatchewan 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
Isitthough? wrote: » I like it too its just more of a time issue :pac: thanks
Saskatchewan wrote: » No problem! Oh, are you bothering with incomplete or published?
Isitthough? 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?
neonmaria wrote: » cash mixed with production for q9 could come up instead of just cash alone
Isitthough? wrote: » :eek: Awesome thanks so much! will this cover me for theory?
Lara_15 wrote: » It depends on what questions youre doing Im doing Q1 and that never has theory, so I just have the theory from what I think will come up in the 100mk questions, and I'm only doing q9 so there might be more for costing. Then theres other stuff like would you advise the treasurer to increase subs, and that all depends on the accounts and weather they have much profit and stuff
Isitthough? wrote: » yeah like 2009 thats what I though cause it hasnt been like that since 2009 but apparently the mocks think otherwiseEdit: wait it came up like that last year
neonmaria wrote: » 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 up
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 ok
