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    2007-2003 answers sean555

    Does anyone have the answers for the short questions from 2007-2003?

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      2007 Short Questions answers for you (I made sure they're correct)

      1. Telephone calls - Oral

      Report - Written

      Bar Chart - Visual

      Radio - Oral

      2. PRSI = Pay Related Social Insurance

      PAYE = Pay As You Earn

      VAT = Value Added Tax

      DIRT = Deposit Interest Retention Tax

      3. (i) It shows what product is popular among people nowadays

      (ii) Since it shows what product is popular among people nowadays then the business could attract consumers with their own creation of the product

      4. (A) Date = 8 June 2007

      Details = Petrol Ltd

      Invoice No. = 26

      F = DL1 (the 1 is a little number - I can't type it little here)

      Net = 45,000

      VAT = 9,450

      Total = 54,450

      (B) (i) The product wasn't of merchantable quality

      (ii) The product was damaged in transit

      5. Utmost Good Faith states that you must be truthful and tell all relevant information when filling out an application form for insurance.

      6. (1) - E

      (2) - C

      (3) - D

      (4) - B

      7. A chain of distribution shows how a product or good is distributed. For example, a Sweet's channel of distribution would be

      Producer > Wholesaler > Retailer > Consumer

      8. (i) Gross National Product

      (ii) 954 million divided by 900 million x 100 = 6%

      9. Date = 1 April 2007

      Balance (goes out to the balance column) = 400

      Credit purchases (goes out to the Cr column) = 8,600 (You add this with the Balance)

      New balance (out in the balance column, no new detail - same line as the credit purchases) = 9,000

      Payments to creditors = (goes out to the Dr column) = 6,600 (You take away this from the new balance)

      Final balance (out in the balance column, no new detail - same line as the payments to creditors) - 2,400

      10. A trade union is an organisation set up by employees to improve their interests. The employees elect a shop steward to represent them.

      11. (i) 40,000

      (ii) Retained profit

      (iii) 110,000

      12. A post-dated cheque is a cheque with a written date in the future.

      A stale cheque is a cheque with a written date of six months (or more) past the date it is being presented.

      13. £36 divided by 0.72 = 50 euro

      14. (i) Cost

      (ii) Convenience


      Premises goes into the Dr side with 120,000

      The Dr side total is 13,000 + 120,000 = 133,000

      Creditor goes into the Cr side with 8,000

      Take away 8,000 from 133,000 and you have your Ordinary Share Capital and that goes into the Cr side which is 125,000

      Now both sides are equal

      16. (i) 28,000

      (ii) 140,000

      (iii) 170,000

      (iv) 160,100


      Trade discount = 75

      Total (excluding VAT) = 375

      VAT = 37.50

      Total (including VAT) = 337.50

      18. A firm purchases goods on credit from a creditor and receives a document at the end of the month called a statement.

      19. (A) Sorry this question confuses me. I have gotten a lot of different answers.

      (B) A false economy is an action that saves money at the beginning but which, over a longer period of time, results in more money being spent or wasted than being saved.

      20. (i) Purchases

      (ii) Ann Harte

      (iii) Ann Harte

      (iv) Purchases

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      It was hard work to do these, do you really need the answers that bad?

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      SyranBruen I think you got q17 wrong isn't 300=75% of the total excluding VAT then 300 divided by 75 will give us 4 which is 1% and we want to know what the trade discount(25%) is so we multiply 4 x 25 giving us 100 as trade discount and not 75???

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      and BTW what topics do u think may come up for P1 and P2 ;)

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      Yeah I know I wasn't very sure on that question. I never came across such an Invoice question before and was thinking a Trade discount of 75%? hahaha wish I could have that.

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      P1: Revised household budget, Club accounts {Balance Sheet & Income and Expenditure Account}, National Budget, The Household Consumer, People At Work

      P2: Ledger accounts, Business documents, Analysed Cash Book, Final accounts, Marketing and Delivery Systems, Insurance

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      no ill be alright without them. sound

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      Thank you so much Syran Bruen.

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      You're welcome. Do you think my predictions are okay?

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      yes but do u really k the national budget will come up twice in a row. From the patterns in the exam papers for P1 it came up for a consecutive 6 yrs in a row(2004-2010) and a surprise In 2015 and 2013 do u think it culd come up again??I HONESTLY DONT KNOW THO D PEOPLE DOING THESE EXAMS SEEM TO BE BIPOLAR LOL Wat u think?

      P2 Predictions seem on point, bus docs came up every yr:)

      analysed cash bk..not popular so def likely

      Final accs....yasss ma fav.

      market and delivery systems....9 out of 10

      insurance...sorry doesn't seem likely came up 2015 and not very common

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