jellytots95 wrote: » Neither has club but people are predicting that thatll come up again too
sallycoolgal wrote: » oh oks i see its a tough world
Exo wrote: » Am I alone on this;Sole Trader or Company (120m), between Service .. Suspense .. Cash Flow .. (Incomplete B?) (2 x 100m), and something for Costing/Budgeting (I'd be happy with the 80% prediction for now). Would Section 2 cover me from any surprises - given Interpretation as a guaranteed question?!
CiaraRedmond wrote: » Is it too late to drop to Ordinary Level? Would I be okay?
LoveLamps wrote: » Can someone talk me through 2012 b iii??? All im covering is Short- control, cashflow, farm, service, reval Long - q5, service, club, suspense, cashflow All q8
LoveLamps wrote: » Q8 sorry!
Lara_15 wrote: » Posted a big chunk of theory a few pagers back private debt of 600 owed to cooke offset against a businsess debt of 550 Can anyone help with this, I would do it Capital CR 600 Creditor DR 550 Discount DR 50 But the marking scheme has Capital Cr 550 Creditor Cr 550 I dont understand why?
Kat7 wrote: » Thanks a mill!! Yano for the like advice questions like advice you would give to a treasurer are there any particular points you really must include never seem to get the full marks!!? Thanks again!
sallycoolgal wrote: » tabular came up last year? its never come up 2 years in a row before
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
forlifebaby wrote: » God bless your kind soul! Lol I couldn't find my accounting theory notes and was in no mood to look at the book. And voila, I found you and your post. Thanks for saving my life. Lol
Lara_15 wrote: » no problem, theyre just the questions that seemed to come up alot so there could be bits missing! Quick question.... am I right to say interim dividends are dividends you paid during the year, and proposed dividends are ones you plan to pay? Im doing a cash flow and I cant get my head around why you put proposed dividends as well as interim dividends into the cash flow if you didnt pay both of them
Calvin Leong wrote: » Luckily enough, they're gone off the course and we no longer need to know them. They just appear as dividends now.
Lara_15 wrote: » Thank god! I just did a company account there and there was one awkward note that brought me down 15% :eek: Now I feel really disheartened because I NEED the A1 in accounting praying for a nice paper I dont mind what they put on it (as long as its not published or farm) as long as the questions are nice
LoveLamps wrote: » 2012 q8 b iii where are they getting sales??
Nof121 wrote: » What are the types of q9s that can come up?
