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FA Chapter 2 Questions The Statement of Financial Position and Statement of Profit or Loss
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Guys how is everyone saying they are getting 80%?? i cant even go past 20% Idk whats wrong. I saw different formulars in the book and now here the formulars are completely different ahh. its so annoying.
The only formulae relevant for this test are those covered in Chapter 2 of our free lecture notes and the free lectures working through the chapter. Have you watched the free lectures?
(Other formulae relevant for Paper FA are covered in later chapters).
I did well
Excellent practice question, I am ready to take the exam now.
Great 馃檪
I got 100%
Who needs a tutor when you have open tuition.
I am embarking on ACCA next year for sure. God hear my prayers by providing finances.
got 100% good qst all are
I want to write F3 end of January
thanks i got 80% , i failed question of purpose of statement of financial position
I used the formula( closing net assets -drawing +capital introduced -opening net assets) to calculate profit in the final question and got it rights but question1 says the formulae is wrong can someone explain
The formula you have typed is not correct and does not give the right answer.
that one is:
Profit=Closing net asset-Opening NA-Additional Capital+Drawings
Hi, please explain question 3 to me. Am new. Thank you
If you click on ‘review quiz’ after submitting your answers then you will see the workings to arrive at the correct answer. It is using the accounting equation as explained in my free lectures.
the last question i got the answer but the format was wrong
Same here. My increase in net assets total was $11,000. I did not subtract the liabilities.
I just figured out where I went wrong with the formula. I did not consider the equation for net assets (assets – liabilities).
How to treat net assets
Which question are you referring to?
Can someone explain the final question please. im lost
If you choose ‘review quiz’ after submitting your answers you will see the workings for the correct answer.
The question is testing on the accounting equation as explained in the free lecture. If after reviewing the workings you are unclear where any of the figures come from then state which figures you are unsure about and I will then explain.
pg. 15 from the notes, do each one by one of the last formulae Use P instead of profit, it’s easy to get confused, that what he mentioned.
it is easy to solve in t format
liabilities amount assets amount
capital
(23000+2000) 25000
drawings 6000
(500.12)
liabilities 8000
profit 7000
(balancing figure)
total 34000 total 34000
simple way to solve this question is first arrange thing given in question in proper postion and the blancing figure is answer
I got 80%
100%.
Got 80% 馃檪
I also gt 80%
Very good practice.
Thank you so much for these lectures,notes and quiz. I got 80 percent
insightfull….thanks a lot
Thank you for your comment 馃檪
I got 60% which I didn’t expect and I learned a lot from my mistakes. This is helpful since I’m learning most of the things myself outside of class. Thank you so much for these notes, lectures, and quizzes.
Hello! Why we added withdrawals?
we use to subtract opening assets with closing. here in order to find opening assets, it will be in negative so we multiply by minus (-) on both side to get positive results.
increase in N.A = capital introduced + profit – drawing
closing assets – opening assets = capital introduced + profit – drawing
– opening assets = capital introduced + profit – drawing – closing assets
opening assets = closing assets + drawing – profit – capital introduced ( multiplying both side by minus)
Hope you understand
I got 80%. These notes and the lectures are great and useful. Concise and straight to the point. Love from Afghanistan. I promise I will donate half of my first salary to Open Tuition. You are doing an excellent job Mr. John Moffat. Wholeheartedly thank you.
Thank you for your comment 馃檪