Company Accounting
From ZuluNotes - Free Leaving Cert Notes
The company accounting section mainly deals with the biggest topic on the paper: The Trading, Profit and Loss A/C, and Balance Sheet. This is the first question students will encounter in their exam, and must spend only 55 minutes on it, despite the fact it would normally take a great deal longer. This section is worth 30% of the entire exam, making it a vital component in the Accounting Course.
The main problem with this question is the time constraints on it, an average Trading, Profit and Loss A/C, and Balance Sheet takes at least 80 minutes to complete, adjustments included. However, students must complete this question in 55 minutes in order to stay within good time of the exam, as they must allow for the other questions. Worth a total of 120 marks on its own, students attempt to put together a Trading, Profit and Loss A/C, and Balance Sheet, whilst allowing for up to 8 difficult adjustments, which change the figures of the accounts expenses, gains, assets, liabilities, sales, purchases, and so on. Students will know if they have done everything correctly by the end if the Net Assets figure is equal to the Capital Employed figure in the Balance Sheet. Though it sounds simple enough, balancing it is actually extremely difficult, and very few students can manage to do this.
The main advantage of this section, is that it is the only definite section on the exam, allowing students to revise it throughly as they are sure it will come up. Students may practice the questions again and again until they are able to do them within 55 minutes or at least under an hour.
