Accounting AQA Unit 2 - 20th May 2016

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Reply 20

zaryabahs

ohhh man im scared😭😭

Reply 21

zaryabahs

Original post by dionshan

can you put examples?, and maybe a link to statemnt of changes in equity table like a question???

yh im thinking statement of changes in equity will come up aswell.

Reply 22

viddiii

Original post by Gsingh1238765

I think cash budget and their benifits/ limitations..

Balance sheet is likely..

Types of business an their advantages/limitations..

Ratios are possible..

Do you any of you think, rights issue, bonus issue, retained earnings will come up?

Budgets came up 2014

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Reply 23

Seveers

I hate statement of changes in equity so much...

Reply 24

SamMufc

I think there will be either a full income statement or balance sheet and a statement of changes in equity in that table format. Wouldn't surprise me if there was a ratio analysis question either. Would like a cash budget to come up but can't see it happening personally.

Reply 25

AlonsoX

If I had to predict what will come up, I'd guess a statement of changes to equity, a big balance sheet, ratio analysis (like every year) and one of disposal accounts or Budgetory control systems. BCS hasn't come up since 2013, much like the unit 1 exam where Bank Reconciliation had only come up in 2013. Good luck everyone.

Reply 26

kashkash16

What's the T accounts look like for accruals and prepayments of income?

Reply 27

Air_Chandler

Original post by kashkash16

What's the T accounts look like for accruals and prepayments of income?

simple: accrual of income you cr the income and dr accrual of income and cr accrual next year/month as balance b/d on dr side for accrual and its the opposite for prepaid income.

Reply 28

kashkash16

Original post by Nl_Chandler

simple: accrual of income you cr the income and dr accrual of income and cr accrual next year/month as balance b/d on dr side for accrual and its the opposite for prepaid income.

Thank you!!

Reply 29

Seveers

Original post by AlonsoX

What do u mean by budgetory control systems? Cash budget?

Reply 30

Seveers

And Im betting a written question on concepts will come up

Reply 31

Air_Chandler

Original post by Seveers

What do u mean by budgetory control systems? Cash budget?

He means just the benefits/limitations and why we use them.

eg. Benefitsof introducing a system of budgetary control.

· Planning/Forecasting to prepare a budget business needs to forecastsales, and expenditure etc. this enables them to plan for the future and reactto changes. · Coordination/communication. The preparation of the cash budget would requirethe coordination of other budgets and communication between different departments– this should result in the business achieving its objectives.· Control - setting targets/ceilings for expenditure. Controlof resources to reduce any unnecessary costs, which should lead to better liquidityand profitability. Monitoring by comparing budget with actual spendingidentifying variances· Decision making preparingthe budget enables decisions to be made such as changing spending Limitationsof introducing a system of budgetary control. · May be basedon inaccurate figures, which may distort the budget.· May not beachievable, which can demotivate the workforce.· May create departmentalrivalry.· May be tooeasily achieved therefore giving a false sense of security.· May restrictactivities. Benefitsof drawing up this cash budget. · Can plan foran overdraft requirement, so bank charges can be avoided/reduced· Control cashresources to avoid an overdraft. E.g. the business can control costs andrevenues to ensure that an overdraft is not incurred with unnecessary costs· Plan longerterm finance needs eg financing the purchase of a new machine or equipment where a loan can be arranged in advance· Co-ordination. the different divisions of a business can co-ordinate expenditure, e.g. thepurchase of stock for the production department when needed by the salesdepartment, but also at a time when there is available cash. Assessthe liquidity position as shown by the cash budget. · Identifyclosing position/balance e.g. overdrawn/in credit · Describechange from opening to closing balance e.g. over the period the balance hasincreased/decreased: · Discussingnet cash flows e.g. net cash flows are positive/negative· Identifyingsignificant receipts/payments · Discussionof receivables (debtors) credit period e.g. compare how long credit customerstake to pay compared with payables (creditor) credit period

Reply 32

Seveers

That was honestly one of the easiest papers I've done.

Reply 33

Air_Chandler

Original post by Seveers

That was honestly one of the easiest papers I've done.

Really? I found that pretty difficult especially that question where you had to edit inventory levels. Also did anyone get 66% for gearing?

(edited 7 years ago)

Reply 34

Nicolethackerayy

I thought it was a mix, the cash budget income statement was a bit weird, I didn't know whether to split the yearly membership or not so I just left it... Think I probably should have split it? But other than that and the inventory turnover narrative, I thought it was decent, I am a second year though so I've had a years more practice haha. The cash budget was slightly weird because we normally see sales for each month set out in a nice table, whereas it was a little bit confusing this time I thought... I got 66% for gearing and 5 times/73 days for inventory turnover?

(edited 7 years ago)

Reply 35

alhrona

Average , some stuff was easy some stuff was just pure annoying to do

Reply 36

alhrona

Original post by Nicolethackerayy

I thought it was a mix, the cash budget income statement was a bit weird, I didn't know whether to plot the yearly membership or not so I just left it... Think I probably should have split it? But other than that and the inventory turnover narrative, I thought it was decent, I am a second year though so I've had a years more practice haha. The cash budget was slightly weird because we normally see sales for each month set out in a nice table, whereas it was a little bit confusing this time I thought...

You had to put full amount it said it was fully paid in june

Reply 37

maneetahujaa

What did everyone get for cash budget closing balance?

Reply 38

Nicolethackerayy

Original post by alhrona

You had to put full amount it said it was fully paid in june

Yeah that's what I thought, but the maintenance or whatever was £2400 for the year I split even though it was fully paid in June?.. This is for the income statement part