Turn on thread page Beta
    • Thread Starter
    Offline

    0
    ReputationRep:
    Anyone who has done accounting or is currently doing it, could you please tell me what and how to revise for this exam i am sitting in 2 weeks?! I dont have a clue and am starting to panic! ANY HELP WOULD BE APPRECIATED SO MUCH!
    • Thread Starter
    Offline

    0
    ReputationRep:
    Anyone? Loosing days


    This was posted from The Student Room's iPhone/iPad App
    Offline

    0
    ReputationRep:
    I completed this course last year and managed to get a B overall in accounting. Accounting is a subject that takes a lot and I mean a lot of practice to get right and correct understanding. ACCN 1 is an exam where you really need to know Balance sheets and Income statements at a sound level as this is where the bulk of the marks come from. Practice as many as you can until you know where everything goes. Make sure you know your definitions because they are questions that AQA gift candidates. Cash books and bank reconciliations will become a lot clearer once you understand where everything goes, I.e credit or debit side. AQA repeat things quite a lot but just mix them around so try understanding the concept then practice them and test yourself with the mark schemes. I have every past paper and mark scheme up to Jan 12 if you want them. The first time I took this exam I got a D, but then I re-took the exam to get an A, so it's not all over if you don't get the grade you want. In accounting you are continuously learning and getting better at the subject and you will build on this platform in ACCN 2. Lastly Good Luck and as my teacher always said to me PRACTICE PRACTICE PRACTICE.

    Also good on you for being a gooner, Arsenal is the way forward
    • Thread Starter
    Offline

    0
    ReputationRep:
    Omg, thank you so much!!! I will read the text book through out and go through balance sheets and income statements a lot as well as learn all definitions. My teacher has given me all the past papers already and i will hopefully do them all twice before next wednesday now. But thank you so much, this was my first post and i was really starting to get scared! But i know i will be retaking this exam unless i get an A as i've heard unit 2 is disgusting.

    Haha, great to see a fellow gooner out there! I know i can trust you!
    Offline

    0
    ReputationRep:
    Another gooner right here mate! Unfortunate against city . And yeah got the exam on wednesday aswell, i just cant do bank recon statements or sales/purchase ledger accounts. I just don't understand how to work out where to put the weird things in either credit or debit. Stuff like unpresented chqs, outstanding lodgements e.t.c
    • Thread Starter
    Offline

    0
    ReputationRep:
    Haha, gooner all the way! :P But till someone like Hummels comes in to the defense, some magic in the midfield and a world class striker it doesnt look too good Looking at past papers balance sheets and inc statements look to be the biggest targets of revision. Errors, control accounts and bank rec statements are what is putting me off the paper.... I guess practice is the best way of revising them.. Good luck for tomorrow though!
    Offline

    2
    ReputationRep:
    Another gooner here! ahahaha, also. I doubt bank reconciliation will come up, as it's come up the past two years.
    Advice being, KNOW YOUR ERRORS! And know what SLC and PLC Do! And your adjustments!

    Ill right out the SLC For you here

    Dr/////////////////// CR
    Balance B/D ////////////// Payments Recieved
    Sales ////////////// Discount Allowed
    Interest CHARGED /////////Contra Set off
    Returned Cheques //////////Sales Returns
    //////// //////////////////////////BAD DEBTS (I always forget this)

    Subtotal/ Subtotal
    Balance C/D / Balance C/D
    Final Total /////// Final Total
    Balance B/D ////////// Balance B/D
    Goes on the opposite side to the C/D

    Note: Remember that it goes, BALANCE B/D THEN C/D THEN B/D AGAIN (APPLICABLE TO ALL T ACCOUNTS)
    The purchase ledger is exactly the same way, but is opposite to everything, and disregard the Bad Debts,
    The way I remember it (Dead Clic) And the starting points are opposite, so for Sales, they are USUALLY a Credit,
    But the balance B/D starts on the left. Sorry if that last bit is confusing!
    If you have any questions I'd love to help (it helps me revise too :P ) Good luck to all!
    Offline

    0
    ReputationRep:
    (Original post by Arsenal014)
    Anyone who has done accounting or is currently doing it, could you please tell me what and how to revise for this exam i am sitting in 2 weeks?! I dont have a clue and am starting to panic! ANY HELP WOULD BE APPRECIATED SO MUCH!
    Learn suspense accounts too. Goodluck tomorrow!
    Offline

    0
    ReputationRep:
    I'm sitting this exam! Good luck man.

    Don't forget PEA|RLS!
    Offline

    2
    ReputationRep:
    (Original post by FaisalTreShah)
    I'm sitting this exam! Good luck man.

    Don't forget PEA|RLS!
    What is PEA|RLS
    Offline

    1
    ReputationRep:
    How'd you find it?


    This was posted from The Student Room's iPhone/iPad App
    Offline

    2
    ReputationRep:
    (Original post by frandubking)
    How'd you find it?


    This was posted from The Student Room's iPhone/iPad App
    What did you get for the income statement?
    Offline

    0
    ReputationRep:
    (Original post by frandubking)
    How'd you find it?


    This was posted from The Student Room's iPhone/iPad App
    Awful. My balance sheet didn't balance!
    Offline

    0
    ReputationRep:
    (Original post by afzal123)
    What did you get for the income statement?
    29,000?
    Offline

    2
    ReputationRep:
    (Original post by FaisalTreShah)
    Awful. My balance sheet didn't balance!
    I got 37000 for the top section which i know is right. But the bottom section i was off by a couple of thousand
    Offline

    2
    ReputationRep:
    (Original post by superman17)
    29,000?
    Yup
    Offline

    0
    ReputationRep:
    How does it work in terms of marks if your balance sheet doesn't balance at the end? Hope I got a good chunk of the marks, it's out of 27 :/

    Was out by £4000 and I couldn't find what I'd done wrong. Very annoying.
    Offline

    1
    ReputationRep:
    So was I , but praise The Lord I did a draft, they said the bad debt of 4000 was recorded in the sales ledger and not the general ledger. So the figure for debtors was correct, you only had to take 4000 off net profit... Did you get 28000 for net profit ? I hope that's right anyways if not i will be very sad.... But tbh even if you do get it wrong you still get loads of marks for workings


    This was posted from The Student Room's iPhone/iPad App
    Offline

    2
    ReputationRep:
    (Original post by superman17)
    How does it work in terms of marks if your balance sheet doesn't balance at the end? Hope I got a good chunk of the marks, it's out of 27 :/

    Was out by £4000 and I couldn't find what I'd done wrong. Very annoying.
    As long as you put every bit of working down, you will get majority of the marks because OF. you only gain about an extra 2-3 marks for balancing.
    Offline

    1
    ReputationRep:
    I might have got 29000 can't remember


    This was posted from The Student Room's iPhone/iPad App
 
 
 
Reply
Submit reply
Turn on thread page Beta
Updated: May 10, 2013

University open days

  • University of Warwick
    Undergraduate Open Days Undergraduate
    Sat, 20 Oct '18
  • University of Sheffield
    Undergraduate Open Days Undergraduate
    Sat, 20 Oct '18
  • Edge Hill University
    Faculty of Health and Social Care Undergraduate
    Sat, 20 Oct '18
Poll
Who is most responsible for your success at university

The Student Room, Get Revising and Marked by Teachers are trading names of The Student Room Group Ltd.

Register Number: 04666380 (England and Wales), VAT No. 806 8067 22 Registered Office: International House, Queens Road, Brighton, BN1 3XE

Write a reply...
Reply
Hide
Reputation gems: You get these gems as you gain rep from other members for making good contributions and giving helpful advice.