All things being equal
Accounting is a practical subject that helps increase students’ understanding of business and develops their numerical skills, writes Yeats College teacher Nora Dundon
The Accounting course involves the preparation, recording, presentation and analysis of financial information. This subject offers a conscientious student the real possibility of high grades. The exam paper is divided into three sections, and students have 3 hours in which to complete it. Sections 1 and 2 examine Financial Accounting, while Section 3 examines Management Accounting. Students must answer questions from all sections.
Paper structure (Higher and Ordinary Level) Total marks: 400 Section 1 – 120 marks
This section contains four Financial Accounting questions. Students are required to answer Question 1 for 120 marks or two from three other questions (60 marks each). Question 1 can be the Final Accounts of a Company, Manufacturing Company, Departmental Company or a Sole Trader. Previous 60-mark questions include: • Depreciation
• Revaluation of fixed assets
• Debtors and creditors control accounts
• Correction of errors
• Published accounts
• Club accounts
• Service firm accounts
• Farm accounts
• Incomplete records
• Cash flow statements
• Tabular statements
• Sole trader departmental accounts
Section 2 – 200 marks
This section contains three 100-mark Financial Accounting questions. Students are required to answer two of these questions. Question 5 has always been Interpretation of Accounts. Previous topics for questions 6 and 7 include:
• Correction of errors
• Published accounts
• Club accounts
• Service firm accounts •Incomplete records •Cash flow statements • Tabular statements
Section3–80marks
This section contains two Management Accounting questions. Students are required to answer one of these questions. These questions are on Costing and Budgeting.
Exam preparation guidelines
1. Do not try to predict questions. Many students spend a lot of time trying to identify trends in exam questions, and then disregard topics they feel won’t be asked. This is a very risky strategy as questions are repeated, so all areas of the course should be studied in detail to ensure high grades.
2. ‘Practice makes perfect’. Accounting is not a subject that can be learned off. The key to success in Accounting is practice. Frequent practice of previous exam questions is essential to maximise grades in this subject. Students should be doing a complete exam question at least four times a week between now and June. When practising questions, www.examinations.ie is a very useful resource, as it contains the marking schemes to previous exam questions.
3. Do not ignore theory. Some Accounting students tend to ignore theory questions as they don’t carry many marks. This is not a good idea as theory is becoming increasingly important in the exam (worth 10 - 15%).
4. Timing. Students must be familiar with the timing of questions and need to stick rigidly to these times. When practising questions, students should attempt to complete them in the allowed time.
Advice for parents
As accounting is a practical subject there is a limit to the help that parents can provide. The main area where parents can be of assistance is with the timing of questions. Parents can help students practising exam questions by timing them. It is imperative that you strictly abide by the times mentioned previously, so that students learn what is needed to finish a question in the allowed time.