View Full Version : IAC Exam
LondonMatt
04-12-07, 23:25
So come on then, how did you all do?
I think I done pretty well myself :blushing:, quite sure I answered all the calculation questions correctly, but probably slipped up on the written answers. I took my time and still finished after an hour and a half - not sure if thats a good thing :confused1: - so I went over all the questions again
The only question I can remember not being so sure about is the one about when the BACS payment would be available - I said on the date that they gave, 1st december I think - although when I reread the exam, I'm sure they'll be others :001_smile:
Hi,
I thought it went well. I too gave the 1st December as my answer but I remember thinking that may not be right! Never mind!
Quietly confident here :001_smile: . I too gave the 1st December as the answer, and I'm pretty sure on reflection that I had put the bank payments in the "Motor Expense" question on the wrong side.
LondonMatt
05-12-07, 10:50
Yeah, those questions about correctling errors did confuse me a little as well. I wasn't sure weather to credit the BANK account or the CASH BOOK? The exam said the cash book was part of the double entry so I thought there wasn't a bank account on the main ledger(?), but it didn't feel right to credit the CASH BOOK so I entered BANK?? Not sure I'll get marked down for that though?
Also, the next question were the bank payment to the miscellaneous expense account had been reversed, I only used one line as a credit and one as the debit (£1600 each I think), even though there was 4 lines - but again I don't think I'll get marked down for that
Allisondre
05-12-07, 11:24
What was that one? That was the only one I didnt get.... It was like add a bank payment and a journal debit. Really confused me.
As for the one above, I think you can write cash book or bank really, should both be the same thing.
Was the reason why the subsid and main wouldnt balance becasue the 2 debit entries in the subsidiary ledgers should have been credits?
Allisondre
05-12-07, 11:25
Does anyone know what percent you have to get to pass it? Curious...
Thats what I put, that the debit entries should have been credit entries ( its the only way I could get it to balance ).
I put the 1st of December too, the way I thought was when I get my salary paid and it goes in on the last working day of the month I can access that money that day so if the funds cleared the companys bank on the 1st they should be able to access the money that day.
LondonMatt I think it normally says you may not need to use all the lines, and I did the same as you for that question as well
Allisondre
05-12-07, 12:42
Yes I put 1st december too, and same for other question. I think they were trying to trick people by saying what day is it accessible.
Still want to know what sides the entries went in on that motor expenses (I think it was motor expenses, or miscellaneous)T account. It said add the balance brought forward (debit) to the account - so that was the left, then it said Bank Payment of £300 (or something similar) and journal debit of £50. I just put them all on the left hand side before balancing it, as I didn't know which sides to put the last 2 on. Any one got any idea? Or if they went in it at all?? It made no sense to me as i havent seen any examples like that before.
Hi,
I put all the answers on the debit balance side as well. While I was doing the trial balance I noticed that the debit balance for the motor expenses was the same as my brought down figure on that particular question so may be a clue that it was correct?:ohmy:
I put them on the debit side too, the bank payment would have credited the bank so must have debited motor expenses ( at least thats the way I saw it ). I cant really see why you would have any credit entries in a motor expenses account to be honest, unless there was a posting error maybe?
Yeah, those questions about correctling errors did confuse me a little as well. I wasn't sure weather to credit the BANK account or the CASH BOOK? The exam said the cash book was part of the double entry so I thought there wasn't a bank account on the main ledger(?), but it didn't feel right to credit the CASH BOOK so I entered BANK?? Not sure I'll get marked down for that though?
Also, the next question were the bank payment to the miscellaneous expense account had been reversed, I only used one line as a credit and one as the debit (£1600 each I think), even though there was 4 lines - but again I don't think I'll get marked down for that
You won't gain or lose any marks for that! I too have done what you have:thumbup:
Allisondre - I put the same as you for the subsid and main ledger that didnt balance - actually at first i added them all together and it DID balance (didnt read the Q properly!!!) - i thought, no it must NOT balance as they've asked why! I put they should have been credits - error of reversal?!! Dunno if thats right!!!
We were told you have to get 60-70% right to pass.:001_unsure:
LondonMatt - i did same as you on the journals - the £1600 on the reveresed question.
And the BACS I too put 1st December :thumbup1:
And as for that Motor expenses... :confused1: I was REALLY confused and didn't understand why a bank payment would be going into the motor expenses account - so I assumed it was a debit (payment) and as for the Debit Journal entry - i put that on the credit side (even though it said debit) as assumed one of them must be on the other side - then balanced it!! Hmmmm!
LondonMatt
05-12-07, 14:11
I did actually put all the entries to the debit side of the motor account, I didn't make sense crediting the account unless it was a journal entry - and the journal they gave said debit.
I can't wait to Tuesday though, when they post the exam online, then I'll be able to check my answers better - that is of course if I can remember what I answers I gave :001_smile:
Allisondre
05-12-07, 17:23
I did actually put all the entries to the debit side of the motor account, I didn't make sense crediting the account unless it was a journal entry - and the journal they gave said debit.
I can't wait to Tuesday though, when they post the exam online, then I'll be able to check my answers better - that is of course if I can remember what I answers I gave :001_smile:
So they are up on Tuesday? Shame we have to wait so long for the results in February. A lot of people left my exam really early, like within the first hour... what about the refund from HM Rev question.... I think my answers were asset, liability and I cant remember the last one.
Allisondre
05-12-07, 17:25
No it was an od question. I was beginning to think that only the balance brought forward one should go in, but figured they wouldn#t have made such a question unless they did go in.
l_lovell@hotmail.co.uk
05-12-07, 20:10
The HM revenue question I think I put That it would be on the asset side when the refund is received would be posted to the credit side of the VAT account and Debit the bank account , what did other people have for that question
Allisondre
05-12-07, 20:22
Yeah that is what I put too for the HM rev one. I just remember I circled left then right then left :001_smile:
I think it went really well. My trial banlance, balanced my bank rec matched my cash book. I also put 1st December hope it's right. Thought it was a little too easy which could mean I may have made silly mistakes but I did go check!!:thumbup:
Yeah that is what I put too for the HM rev one. I just remember I circled left then right then left :001_smile:
:thumbup1:
This is what I put
Usually I get one of these questions wrong when it comes to repairs or redecorating or a new item for a business replacing an old one, but I thought the exam question was pretty well diefined in to categories this year...well I am hoping - I put the paint machine and the van (or other obvious fixed asset) down as capital and the rest eg envelopes as revenue. Was this correct or am I deluding myself!??
LondonMatt
06-12-07, 12:01
Jamie, yeah I done that too, so I hope you're right :thumbup1:
You did just remind me of another question I wasn't sure about, but - and this will make me sound very stupid - I can't remember if it was in Tuesday's exam, or a past exam I studied? :blushing: It was a question about an analysed petty cash book, where you had the totals I think, and had too put the amounts into separate columns for stationary, postage and travel. The amount for stamps went to postage, fuel went to travel and pens to stationary. But I wasn't sure about the last item, envelopes - was that classed as postage or stationary??
I think I put stationary??? :001_unsure:
yeah I put stationary for that question :001_smile:
yes I put stationery too, but I didnt total any of the columns are there wasnt enough rooms. But then I got confused on that question. We didnt have to find the amount to restore the imprest did we.... I think just the balance?
Hi all,
with the motor vechicle question, i put the bank payment as a debit on the account as it would be a credit to the bank account, but for the Journal Debit i put it as a credit because i thought it meant that an entry to the journal account was a debit therefore would be a credit in the motor account? was this wrong? :(
But the one that really got me was the PLCA and PL reconciliation as i couldnt figure out why it wasnt balancing.... now that i read your posts it makes sense that some of the figures in the PL should have been a debit entry. I didnt answer that question.
I put the BACS payment as 1st dec too :)
but can any one tell me why it is an advantage to get paid in this way?
in my answer i put that it was an advantage because the funds clear quicker than if being paid by cheque, would this be correct?
Will they post the answers to the exam on tuesday?
many thanks to those that reply :)
oh btw LONDONMATT i was told by my tutor that Bank and Cash Book were the same...
Layla, yes that would be marked as a correct answer.... the cheque would take longer to clear. Wish I had thought of putting that at the time! I said it was less hassle for the staff, less banking...hahahahaa. Thinking of how it could make my life less stressful rather than the obvious answer!
LondonMatt
06-12-07, 15:30
oh btw LONDONMATT i was told by my tutor that Bank and Cash Book were the same...
:thumbup: I thought it would be but its one of those things you don't think of when you're studying and then when it appears on the exam - and you're treble checking everything - you think "Hang on, is that right?!? No one told me that, but I always assumed it? Didn't I?!?!"
Layla - I thought that bacs had to go through a clearing process like cheques, the difference being the amounts are recorded electronically on tapes reducing the amount of paper?
Jamiec - I put a similar answer to you, something along the lines of since the money was already paid into the account they wouldn't have the hassle of going to the bank to pay the cash/cheques in... I think I started rambling at that point lol
I put a similar answer too - said something like it was a safer way of transferring the money! :001_unsure:
Layla - i put the journal as a credit too, but most people seem to have put it as a debit. Guess we'll have to wati and see!!!!!
Lets hope the answers are available on Tuesday too!!
Layla - I thought that bacs had to go through a clearing process like cheques, the difference being the amounts are recorded electronically on tapes reducing the amount of paper?
Jamiec - I put a similar answer to you, something along the lines of since the money was already paid into the account they wouldn't have the hassle of going to the bank to pay the cash/cheques in... I think I started rambling at that point lol
BACs is quicker because you send the BACs instruction on day 1, the bank processes it on day 2, and it is paid on day 3.
Cheques have to be posted, received, deposited, and only then do they enter the clearing system - which can take up to 5 days. Then there's the issues with cheques bouncing, getting lost in the post, etc.
I put a similar answer too - said something like it was a safer way of transferring the money! :001_unsure:
Layla - i put the journal as a credit too, but most people seem to have put it as a debit. Guess we'll have to wati and see!!!!!
Lets hope the answers are available on Tuesday too!!
I put all of the entries on the debit side for the motor expenses question and when I got to the trial balance question (1.10) my Balance B/D from the motor expenses matched that on the trial balance for motor expenses, was this just a coincidence?
It's the only reason I stuck with that answer. I too was pondering on the journal debit entry and think it was a bit sneeky of the AAT to word it in a way that could be perceived in two different ways?:001_unsure:
I hope the answers become available and then we will know what way they meant the question to be read.
GOOD LUCK EVERYONE!!!
:thumbup1:
i found the exam quite easy but just hoping that i dont say this now and fail!:001_smile:
I see the questions have been posted on the past exams page on the website. Does anyone know when the answers will be posted? Also does anyone know when we get our results?:001_smile:
Allisondre
11-12-07, 08:50
I see the questions have been posted on the past exams page on the website. Does anyone know when the answers will be posted? Also does anyone know when we get our results?:001_smile:
Apparently results aren't until 20th Feb (or 19th if they are emailed I think). Not sure when answers go up here though.
sorry, what does IAC exam stands for? is it in the foundation level?:001_unsure:
sorry, what does IAC exam stands for? is it in the foundation level?:001_unsure:
Hi,
I think it stands for "Introductory Accounting"!:001_unsure: and it is in the foundation / certificate level.
Devilishbird
11-12-07, 17:45
The IAC is the Diploma pathway exam :001_smile:
:001_smile: Hi guys! I want to know if someone did find those answers...I want them!! :drool:
Yes please, would love the answers just to gauge how well/ how badly i have done !
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