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Accounting Paper 1 and 2

Meg

Meg

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My dad is a CA :p
So with his help..I can answer ANY doubts you guys have :)
Post if you need help yeah? :)
Frankly speaking..NOTES in accounts WONT help!
you need to practise ATLEAST "20" papers!
that's a minimum!
It's like maths right!
theory would hardly be like 20%!
Focus on the main practise sums!
Theory would come by just reading the textbook once!
bing me if you need help :D
*peaceout*
 
ThatReallyReallyWeirdDude

ThatReallyReallyWeirdDude

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Meg said:
My dad is a CA :p
So with his help..I can answer ANY doubts you guys have :)
Post if you need help yeah? :)
Frankly speaking..NOTES in accounts WONT help!
you need to practise ATLEAST "20" papers!
that's a minimum!
It's like maths right!
theory would hardly be like 20%!
Focus on the main practise sums!
Theory would come by just reading the textbook once!
bing me if you need help :D
*peaceout*
Click to expand...
Now that's decent advice.
You can most likely score a solid 90 if you know your stuff. I mean at max they'll bring 10 marks worth of HARD theory questions, and even then if you do past papers you'll get used to them ( a lot are repeated)
 
Meg

Meg

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ThatReallyReallyWeirdDude said:
Now that's decent advice.
You can most likely score a solid 90 if you know your stuff. I mean at max they'll bring 10 marks worth of HARD theory questions, and even then if you do past papers you'll get used to them ( a lot are repeated)
Click to expand...

True. Im done with almost all past papers by now!
Listen dude..what are the main theory topics I should focus on before the exam? o_O
 
ThatReallyReallyWeirdDude

ThatReallyReallyWeirdDude

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Meg said:
True. Im done with almost all past papers by now!
Listen dude..what are the main theory topics I should focus on before the exam? o_O
Click to expand...
Well, there's all the reasons; that is, why do we prepare:
Ledger Accounts, Final Accounts, Control Accounts, etc.
Definitely the accounting concepts and policies - check accounting syllabus to see which concepts/policies are with us. You should in general be able to explain things like how prudence is applied when you provide for depreciation, how matching is applied in adjusting for accruals/providing for depreciation etc. There was one question about how Going Concern concept is applied by doing Work in Progress in manufacturing accounts.
For partnership accounts you should be able to explain things like why one partner gets a salary, or why interest on drawings is included, or why they create a partership agreement . Erm, definition of goodwill aswell.
Last of all (and perhaps most important) is the account analysis chapter ; that is, the ratios etc. You should be able to explain reasons for decrease or increase in ratios and be able to give ways to increase ratios e.g. if they ask how to increase the ROCE or gross profit as percentage of sales ;)
As I'm doing past papers, I'll copy any theory questions which I believe are tricky and/or may come in the exam and hopefully send them to you. I did that for ICT and most of the exam asked about the notes I made ;D
 
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Meg

Meg

Messages
95
Reaction score
178
Points
33
ThatReallyReallyWeirdDude said:
Well, there's all the reasons; that is, why do we prepare:
Ledger Accounts, Final Accounts, Control Accounts, etc.
Definitely the accounting concepts and policies - check accounting syllabus to see which concepts/policies are with us. You should in general be able to explain things like how prudence is applied when you provide for depreciation, how matching is applied in adjusting for accruals/providing for depreciation etc. There was one question about how Going Concern concept is applied by doing Work in Progress in manufacturing accounts.
For partnership accounts you should be able to explain things like why one partner gets a salary, or why interest on drawings is included, or why they create a partership agreement . Erm, definition of goodwill aswell.
Last of all (and perhaps most important) is the account analysis chapter ; that is, the ratios etc. You should be able to explain reasons for decrease or increase in ratios and be able to give ways to increase ratios e.g. if they ask how to increase the ROCE or gross profit as percentage of sales ;)
As I'm doing past papers, I'll copy any theory questions which I believe are tricky and/or may come in the exam and hopefully send them to you. I did that for ICT and most of the exam asked about the notes I made ;D
Click to expand...

You missed out Errors which cant be detected in the trial balance! They always ask that! And also the collection and payment period of Debtors and Creditors!

Aww! Thanks a tonne love :)
Send me any important questions yeah? :D
#appreciated

Ps. Any doubts with the sums..Bing me :)

How much are you expecting you'd score anyway? :p
And how are you preparing for the papers?
you seem pretty well versed :D
 
ThatReallyReallyWeirdDude

ThatReallyReallyWeirdDude

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327
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Meg said:
You missed out Errors which cant be detected in the trial balance! They always ask that! And also the collection and payment period of Debtors and Creditors!

Aww! Thanks a tonne love :)
Send me any important questions yeah? :D
#appreciated

Ps. Any doubts with the sums..Bing me :)

How much are you expecting you'd score anyway? :p
And how are you preparing for the papers?
you seem pretty well versed :D
Click to expand...
XD I'm so goddamned used to those questions that I just forget them P:
And yeah I'm fine, I've been studying for accounting most out of my other subjects.
I think I'll get an A* inshallah ;) Grade threshold tends to be around 85% so I think I can get it.
I can't think of any more really important theory things atm but when I do I will tell you.
 
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