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  1. Avatar of uzo2011 says

    Dear sir,
    I’m finding it difficult to watch F7 lectures on my tablet, it is displaying Error loading skin: Error loading file for the past 2 days. I’ve watched open tuition lectures from my tablet in the past. So I don’t know what’s happen now. Can you please help me out

    Thanks,
    Uzo

    • Avatar of MikeLittle says

      Hi Tarek – I’m sure that this is explained in the lecture! However ……. “amount invoiced” is the amount which the builder has received together with those amounts which the builder has invoiced but has not yet received (ie still included in “receivables””

      “Amounts due from customers” in W2 is another way of saying “Unbilled work in progress” whereas “Amounts due from customers” in W3 is another way of describing “Accounts receivable”

      The two amounts described as “Amounts due from customers” are therefore different in nature – the first is work-in-progress / stock / inventory whilst the second is receivables

      OK?

      • avatar says

        yes ok thanks mr mikle

        please mr mikle i want you advise me what i use in my rivision kit in f7 that meet our method in opentuition kaplan or bpp ?

    • Avatar of MikeLittle says

      In any of those … and why have you missed off questions 4 and 5?

      Any of those topics could be involved in any of the five questions

      Sorry, but there’s no short cut to passing these exams – just ask some of the students who finished their exam session last Wednesday

  2. avatar says

    hi,
    I have a school exam on the day of the ACCA exam, if i decide not to write the exam, would ACCA keep a spot for the june 2014 due to the fact that i paid for a sit in this december exam?

  3. avatar says

    Hi, this is relating to the example 1 Tomas and Iveta.
    In it 300k is earned if 60% of the work is completed by the end of year 2.
    In part (a) one outcome is 63%. So Tomas can get the 300k extra in the first year. But in the second year ( part b) the stage of completion is 68%. But in the solution 300k is again added. Isn’t the 300k an oneoff payment? Isn’t recognising 300k again, is exagerating revenue?

    • Avatar of MikeLittle says

      @dimuthu1234, Hi

      I seem to remember that the revenue figure is intended to be the cumulative amount to be recognised. To arrive at the figure for revenue for the second year, you need to take the accumulated figure for the end of year two and deduct from that the figure as at the end of year one.

      In that way, you’ll see that the 300,000 is included in only one Statement of Income

      • Avatar of MikeLittle says

        @MikeLittle, Is this the question involving Tomas and Ivets? The $300,000 on that question is the agreed element of the contract in the situation that the contract was at least 60% complete by the end of year two. In that part of the answer, it starts with the assumption that the contract was 65% complete.

        However, it must be remembered that both revenue and costs at the end of year two are cumulative and, for the purposes of the Statement of Income, both those line items need to be reduced by the amount recognised in year 1. Thus, if the revenue to be recognised by the end of year 2 were ( 65% * 1,000,000 ) + 100% * $300,000 bonus … so $950,000, and suppose the revenue recognised in year 1 Statement of Income had been $270,000, the revenue to be recognised in year 2 is $950,000 – $270,000 = $680,000

  4. Avatar of acuteacca says

    lectures are not working why you are using a video hosting server simply host file in root directory of server we are facing problems in lectures please do something admin……………………….

      • Avatar of MikeLittle says

        @MikeLittle, ok, “to straddle” has a number of dictionary definitions included amongst which are these two:-

        a) to stand, walk or sit with the legs apart

        b) to spread the legs apart

        Right – hold that image in your mind. In the context of a contract which “straddles” two or more accounting periods, the verb suggests that some part ( may be, or may be not, a half ) lies within one accounting period and the rest ( or part of the rest ) lies within subsequent accounting periods.

        Does that answer your straddle query?

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