Phew! ECR done
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Can anyone remember the basics of all the questions and the order? I know its alot to ask but I was going to fill in the exam feedback questionnaire and cannot remember all the questions as it only gives you 1.1, 1.2 etc.
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mark130273 wrote: »so im guessing youve passed then a-vic ?
Nope Section 2 wasnt good i totally messed up process questions and the rest is a blur0 -
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mark130273 wrote: »you be alright...smarter than the average bear !
:001_smile:0 -
Can anybody remember which side of the journal you put O/H control, O/H absorbed and the under-absorption amounts? I think I got it wrong... I put DR O/H abs, DR under abs, CR O/H control. I can never get my head around the entries!0
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Can anybody remember which side of the journal you put O/H control, O/H absorbed and the under-absorption amounts? I think I got it wrong... I put DR O/H abs, DR under abs, CR O/H control. I can never get my head around the entries!
It's the other way round. The expense actually incurred goes on the DR side, then the absorbed overheads and underabsorbed overheads on the CR side. The underabsorbed overheads is then a DR in the P&L account (the other side of the double entry).0 -
Ah. I was thinking that the overhead incurred had already been charged, therefore the entry was to balance O/H control and create a DR entry in the absorbed & under-absorbed accounts, like an expense a/c as shown on the P&L. That's where I always get confused.
Cheers for the reply.0 -
i got 625000 for break even, margin of safty 250 000 and MOS % at 40%. i did have to think about it alot. and i balls up the abnormal and normal loss account for definate. i got fifo as i though it asked you to chose the method that gave a higher stock value so i knew i wasnt lifo as that gives the lower. hope i done enough thou.0
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i know your allowed one fail when you move on during a level. but is that one failed simulation or can it be an exam. im just thinking that if you failed the actual exam i.e ECR then surely you cannot proceed on to level 4 until your competent. Or maybe you can. does anyone know ?0
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whos that girl wrote: »i know your allowed one fail when you move on during a level. but is that one failed simulation or can it be an exam. im just thinking that if you failed the actual exam i.e ECR then surely you cannot proceed on to level 4 until your competent. Or maybe you can. does anyone know ?
Depends on the college or whatever. i'm doing distance learning and you can continue even if you fail.0 -
Can anybody remember which side of the journal you put O/H control, O/H absorbed and the under-absorption amounts? I think I got it wrong... I put DR O/H abs, DR under abs, CR O/H control. I can never get my head around the entries!
That's what I put.. because the underabsorbed overheads would then be debited to p/l as an expense?0 -
That's what I put too - fingers crossed! Why is August so far away......0
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Im pretty sure the Margin of safety % is as follows:
Target profit - Break Even / Target profit x 100 .. Therefore
875000-500000/875000 x 100 = 42.86%
:thumbup:0 -
Hi, is anyone certain that they got the journal question right?
I put
CR - O/h absorbed
CR - Under abs.
DR - Overhead control
I did that because i thought that under absorbed overheads are DR'ed to the P+L, so therefore in its own account it would have to be a CR, right?
Hehe, maybe not then?
Im also kicking myself for just putting the unit amount aswell (62 and 64 £) or something like that as opposed to multiplying it by the amount to get the whole overhead. Oh well :crying: :thumbup:0 -
I put the opposite to you, but the more I think about it the more I think you are right. Trouble is we didn't really cover the overhead control account, only the fact that under absorbed is a debit in the P&L and over absorbed is a credit.0
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Hi, is anyone certain that they got the journal question right?
I put
CR - O/h absorbed
CR - Under abs.
DR - Overhead control
I did that because i thought that under absorbed overheads are DR'ed to the P+L, so therefore in its own account it would have to be a CR, right?
Hehe, maybe not then?
Im also kicking myself for just putting the unit amount aswell (62 and 64 £) or something like that as opposed to multiplying it by the amount to get the whole overhead. Oh well :crying: :thumbup:
You're logic is right. The o/h absorbed and underabsorbed are the CRs. Other sides being absorbed o/h DR to WIP account, and underabsorbed o/h DR to P&L Account.0 -
I did the opposite too, I'm pretty sure it's right (but could be wrong!) Because, if you were debiting the under absorbed, you would then credit that account and debit profit and loss.0
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I did the opposite too, I'm pretty sure it's right (but could be wrong!) Because, if you were debiting the under absorbed, you would then credit that account and debit profit and loss.
Maybe I misunderstood the question altogether!!!! I thought it was a case of entering the figures as if on a T account for overhead...
Can anyone actually remember the wording of the question?0 -
It was something along the lines of "complete the journal entries...."0
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Because thinking about it - there isn't actually an overhead absorbed account or an overhead under-absorbed account..... Surely it was all the entries in one account....0
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I totally balls'd up the process costing question, just could get it to make any sense, I knew the formula i needed to use, but my figures looked so out!0
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argh
I thoughjt i did ok..
I put fifo for first question
for the graphs i put relevant and irelevant in short term so semi variabel first and fixed cost second ?
I got pay back of 1 year 2 months i think
i totally messed up the process costing as we never actually got taught how to do it we were told it wont come up !! so annoying
overall though i think i may scrape a passs..... hopefully0 -
t2000becky wrote: »and does anyone else write it all in pencil and then spend most of the exam rubbing it all out and writing it up in pen...lol just me??
It wasn't just you, I did the same, and promised myself never use pencil again. But I have heard more rubbing noices around me so I think there was more of us
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I pretty much use pencil for all my calculations first! Makes me feel happier that I can easily rub out and do it again if I realise I've made a mistake. Then once happy I go over it in pen and rub out the pencil!0
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Of wht I remember:
FIFO as it increases stock valuation in times of rising costs...
Break even I calculated by using the PV ratio(5/8 = 0.625)...
so break even sales revenue= 312500/.625= £500,000
Margin of safety in terms of sales revenue= 875,000-500,000 = £375,000
Margin of safety as %= (375,000/875,000) x 100 = 42.86%
Graph 1 : semi variable cost
Graph 2: Stepped fixed cost
Normal loss = 12 tonne abnormal loss= 28tonne
expected output = 388 tonnes
Cost of unit output : (73960-240) / 388 = £ 190
In the process account Dr side = 73960
Cr Side
Normal loss = 240
Abnormal loss 28 x 190 = 5320
Finished output 360 x 190 = 68400
Total =73960
Pay back period: 2.125 yr ~2yrs 2 months
NPV IN £000 = 39.72
exactly the same answers 0 -
Laura Cameron wrote: »I thoughjt i did ok..
I put fifo for first question
for the graphs i put relevant and irelevant in short term so semi variabel first and fixed cost second ?
I got pay back of 1 year 2 months i think
i totally messed up the process costing as we never actually got taught how to do it we were told it wont come up !! so annoying
overall though i think i may scrape a passs..... hopefully
A lot of people seem to have not thought about the possibility of a process account being on the exam. On Monday, I was looking through a past paper and came across a 2006 one (December I think), IT HAD A PROCESS COSTING QUESTION ON IT! And since the simulation didn't have one - I suddenly realised it may be on our paper - My friend and I said in the pub at lunchtime prior to the exam and quickly went through, believe it or not, how to calculate an abnormal loss whereby there is normal loss scrap sales..........I still messed it up though 2 hours later! (I can laugh about it now........)
:crying::001_unsure::001_rolleyes: 0 -
I know this is getting on a bit now but im still baffled by one part of the exam :001_tt2:
Section one, the Stock record card, In the working part underneath the SRC i drew up two draft stock record cards and two profit and loss accounts (upto gross profit) so that i could complete both stock cards with Avco and Fifo and then see how resulting closing stock figures affected the profit. And this took me about 20/30 minutes :blushing: But i eventually came to the stock method with the highest profit being Avco. As in that paticular example it had the highest closing stock figure and thus highest profit.
Now, i already know i have it wrong and the answer was infact Fifo as put by virtually everyone else :laugh: But is anyone able to explain why this is?
Many thanks :thumbup1:0 -
thank god for tippex0
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