Exam Focus Webinar Series - Second Year
| Week Commencing | Monday | Tuesday | Wednesday | Thursday | Friday | Saturday | Sunday |
| April 17 |
April 22 Adv. Financial Accounting - 10am Adv. Taxation ROI/NI- 2pm |
April 23 Management Accounting - 10am |
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| April 24 |
April 29 Adv. Financial Accounting - 10am Adv. Taxation ROI/NI- 2pm |
April 30 Management Accounting - 10am |
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| May 1 | xxxxxxxxxxxxxxxxxm |
May 6 Adv. Financial Accounting - 10am Adv. Taxation ROI/NI- 2pm |
May 7 Management Accounting - 10am |
Advanced Taxation Republic of Ireland with Stephanie Walshe
Webinar 1
Subjects covered:
Income tax and Capital Gains Tax
Learning outcomes:
Income tax – covering the rules regarding calculation of assessable profit for the first three years of assessment when a sole trader commences to trade. Covering the rules regarding to the calculation of a sole traders assessable profit for the final two years of assessment. Calculation of wear and tear allowances, balancing allowances or charges arising on disposal for a sole trader.
Capital Gains Tax – covering the various workings relating to disposal of Shares (FIFO), part disposal, Principal private residence relief. Review of the three specific rules regarding the disposal of non-wasting chattels
Webinar 2
Subjects covered:
Corporation tax and Value Added Tax
Learning outcomes:
Corporation tax – covering the calculation of adjusted profit computation of a company, taking the information – Case 1 income and other Taxable incomes (Case V, Chargeable Gains) to Corporation Tax computation. Calculation of wear and tear allowances, balancing allowances or charges arising on disposal.
Value Added Tax – Calculation of VAT on Sales for a business accounting for VAT on the Cash Receipts or the Invoice basis, reviewing other rules affecting VAT charge on supply (Multiple, Composite and 2/3rd rule) reviewing various allowable and disallowable VAT expenses.
Webinar 3
Subjects covered:
Income tax, Corporation Tax, and Value Added Tax
Learning outcomes:
Income tax – reviewing the taxation of married couples in particular the rules regarding the taxation in the year a couple separate or a spouse dies, reviewing various scenarios to cover the rules depending on the tax status of couple before the “event”
Corporation Tax – calculation of the Loss relief applicable when a company has a Case 1 loss, the ability to offset it against Case 1 and other income. Close company rules – identify the close company and reviewing the rules regarding the associated tax implications
Value Added Tax – calculation of VAT depending on the place of supply, this is determined where the supply takes place and therefore where VAT will be charged, review of the cross border trading – transactions within the EU and transactions with non-EU countries
Advanced Taxation Northern Ireland with Michael Thompson
Webinar 1
Subjects covered:
Losses - income tax and corporation tax,
Webinar 2
Subjects covered:
Capital allowances - income tax and corporation tax
Webinar 3
Subjects covered:
Gains - individual and corporate
Advanced Financial Accounting with Fola O'Grady
Webinar 1
Subjects covered:
Property, Plant and Equipment
A solid understating of PPE is required in mandatory Question 1 (financial statements), in dedicated 18-mark questions, and in cash flow questions. This session will look at the journal adjustments, narrative theory and an exam approach to all aspects of PPE including the preparation of a non-current asset note.
Learning Outcomes:
Learners will have a thorough understanding of accounting for depreciation, disposals and revaluations. They will understand, and be able to prepare, the SOFP disclosure note for Property, Plant and Equipment. They will understand the cash flow implications of PPE, namely identifying the charge for depreciation and calculating ‘payments to acquire’ PPE.
Webinar 2
Subjects covered:
Period End Journal Adjustments
This session will consider the potential adjustments required in mandatory question 1; it will focus on the workings for each requirement, rather than focusing on the extraction of the financial statements. It will cover the following topics: Inventory (including mark-up and margin), Prior period errors, Share Capital and Dividends, Bad Debts and the Allowance for Receivables, Government Grants, and Contingent Liabilities.
Learning Outcomes:
Learners will be prepared to present journals using Dr/Cr adjustments with journal narratives. They will understand how period end adjustments impact the financial statements (SOCI/SOCE/SOFP) and will be equipped to take a confident approach to Exam question 1.
Webinar 3
Subjects covered:
‘Other’ Financial Statements
Webinar 3 will provide a quick recap on other financial statements that may be required in the optional exam questions. We will look at a detailed presentation of the Statement of Changes of Equity, work through a manufacturing account, and will look at the presentation, and calculations involved in, Partnership accounts.
Learning Outcomes:
Learners will gain confidence with the layout and objectives of the above noted statements, and will have refreshed their knowledge of some of the potential optional exam topics.
Management Accounting with Leonie Power
Webinar 1
Subjects covered:
- Overview of the syllabus and structure of the exam
- Cost classification and treatment of overheads
This session will concentrate on understanding how costs are classified and will include cost prediction and the treatment of overheads in both traditional and activity- based costing systems.
At the end of the session students should be able to describe and classify the nature of costs in business, understand the traditional overhead allocation, apportionment and absorption process and how this compares to the Activity Based Costing (ABC) approach.
Webinar 2
Subjects covered:
- Absorption v Marginal costing
- Cost volume profit (CVP) analysis
- Introduction to relevant costing for decision making
This session will introduce the concept of “contribution” and explain circumstances in which profit will be calculated using both absorption and marginal costing. It will examine the use of marginal costing for decision making and introduce the concept of relevant costs for that purpose.
At the end of the session students will be able to reconcile net profit calculated using both absorption and marginal costing techniques. Students will be able to apply CVP techniques to both single and multi-product businesses. They will be able to understand and identify only the specific type of information is relevant in the context of business decision making.
Webinar 3
Subjects covered:
- Relevant costing for non-routine decision making
- Standard costing for planning and control purposes
- Examination technique and preparation focus (including approach to narrative questions)
This session will concentrate on the application of relevant costing techniques to special pricing decisions. We will explain the concept of standard costing and calculate the key standard costs and standard cost variances for sales, materials, labour and overheads.
At the end of the session students will be able to calculate the relevant costs for non-routine special pricing decisions such as cessation of product lines, closure of departments, make or buy or special pricing decisions. They will be able to calculate individual variances from standards for sales, materials, labour and overheads.
The session will end will an exam “game plan” and a focus on success.