Leaving Certificate Exam Review – Accounting
by Mary Kelly
Overall, a fair and balanced paper with a nice choice of questions which students were happy with.
Students were pleased to see the Company Final Accounts appear as Question 1. There were a couple of reasonably challenging adjustments in this question, which required students to think on their feet. There were a good range of short questions including a Tabular Statement, Creditors Control Accounts and Revaluation of Fixed Assets.
This section offered a great choice of questions. Students were delighted with this section of the paper.
As usual Question 5 was Interpretation of Accounts. Students were required to calculate ratios for a renewable energy company and to outline if the ordinary shareholders would be satisfied with the performance, state of affairs and prospects of the company.
Club Accounts appeared as Question 6. Many of the adjustments in this question were similar to adjustments that would normally appear in the Service Firm Accounts, for example, accumulated depreciation. Students who had taken short cuts in their revision may have been caught out here.
Question 7 was a Cash Flow Statement. This was a very straightforward question.
In this section students had to answer either Question 8 or Question 9. Both questions were very manageable. Question 8 was Overhead Apportionment with Job Costing and Question 9 was a Production Budget.