[23.56]

@Kim Smith

1. If you could tell us, what mark will be eligible for a second marker? 40-49?
However, if it’s CBE exam with multiple choice, the marker didn’t mark the multiple choice, how do they suppose to know if we are on the marginal fail?

2. If we submit a cbe centre complaint, how do we know whether it is consider successful? The computer crashed during my CBE attempt, but the invigilators leaving me to the last to resolve. Since I was the last candidate attempting the exam, candidates started leaving room in noise and one of the invigilator spoke over the phone in front of me. It was totally distracting and miserable! Do you know how likely this situation will be considered?

3. Usually, for a centre complaint or mitigating circumstances, how many mark will be granted, if successful? If ACCA decided not to consider the centre complaint, will we be notified?

Thanks.

[23.56]

Hi,

For this question, I could not understand why there is a reduction of $4m in Equity, what is the equity item? Shouldn’t it be

Share of profits of associate $4m – relevant to NPBT
Investment in associate $4m – relevant to asset

Thank you.

[23.56]

I think it is a deferred revenue as well, cause
Dr Bank $4m
Cr Revenue $520,000
Cr Deferred revenue $3,480,000

Used interchangeably, I would assume! Thank you.

[23.56]

I was wondered why the net asset’s impairment is attributable to the NCI as well? Thank you!

[23.56]

Adopted from article ‘Revising for the September 2020 exam session’

On 1 September 20X9, Burnett Co decided to undertake a crowdfunding campaign to finance the production of a new racing bike, the Cracken. They made a short film with famous cyclists which set out the qualities of the Cracken bike and posted it on the PeddleStarter crowdfunding platform. The campaign raised $4 million on which PeddleStarter charged 7% commission. The contributors to the crowdfunding campaign were promised a reward of 1 Cracken bike for every $4,000 dollars contributed. At the financial year end of 31 December 20X9, Burnett Co had manufactured only 50 Cracken bikes at a total cost of $240,000 but none had been delivered to contributors. There was some doubt as to the capability of the company to develop, manufacture, and deliver the bikes promised but Burnett Co is sure that the funding will cover any costs incurred.

At 31 December 20X9,
Revenue = $520,000 ($240,000 + commission $280,000)
Accrued revenue = $3,480,000

How do we determine in this case, it is accrued revenue, but not deferred revenue as we might fail to deliver to bikes to contributors.

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Is accrued income a receivable?

[Author]

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