[Adrienne]

Then on the part of the example for costs at output
25,000 & 35,000 they have used $1.20 instead of $12

Answer should be
25,000: 100,000 + $12 x 25,000 = 400,000
35,000: 150,000 + $12 x 35,000 = 570,000

Can any one else agree that this is correct?

[Adrienne]

Hi
I noticed that too $12 is the correct cost per unit.
They typed the wrong cost per unit but used the rest of the figures as if they had put in the correct cost of $12 per unit

There were a few problems with FA2 as well and I highlighted them and the notes were reissued.

If we all highlight the errors, the correct ones will be reissued for those coming after us but it does make the studying a little bit more difficult as you question yourself when you get a different answer & spend longer on it than you need to trying to figure out if it’s you or the notes.

[Adrienne]

Hi

That’s great it’s making more sense to me now.

Thanks very much

Adrienne

[Adrienne]

Hi

The question states that it was paid in October for year end 30/11 so the question needs to be changed to paid in nov and year end is 31/12 for the one month prepayment to apply.
Or keep the year end to 30/11 and one month prepayment still applies.

Does that sound right to you ?

[Adrienne]

Hi

Thanks for that but I don’t get why you add the expense & accrue for it?

I thought the idea of accruals was because you didn’t have the expense and that is why the accrual is put in and then it is reversed put when the invoice comes in. If you add the expense and accrual, is it not doubling the cost ?

[Adrienne]

The answer is incorrect in the course notes, you are correct it should be paid to the government.
I have sent an email to the open tuition team about these incorrect answers and you should note that the following are incorrect answers also:-
Chapter 4 – Question 3, they did not ask us what was the opening balance, they asked what was the balance at 31/3/13, they also put dates in that were not referred to in the question.
Chapter 4 – Question 6 – answer A = 45 which is the incorrect answer, the answer is B
Chapter 6 – Questions 1 & 2 – see my question on this in the forum, I’m waiting on an answer but the answer given in the notes is incorrect or else they put the incorrect dates !
Chapter 10 – Question 6 – wrong bal written as b/forward – so you’re not incorrect when you get your answer ignore the bal b/fwd
Chapter 10 – Example 2 – markup in question is 30% – they used 50% in the answer – change your mark up in the example to get the answer they use
Chapter 10 – Question 7 – the question uses mark up of 40% but the answer uses 50%, change your mark up to 50% to get their answer. And at the very bottom they use closing stock = 7,500 + 37,000 – 30,000 (this is wrong it should be 14,500 = 30,000 cost of sales (not 14,500 which is closing stock)
Chapter 10 – Question 8 – the amount paid to suppliers is in the answer as 85,393, use this as your figure and you will get one of the answers they gave, otherwise their answer for drawings is out by 3…..

Adrienne

[Adrienne]

Hi Ivica
I’m only new to this site but I find you can do both exams but not at the same time. I studied for 1.5weeks for FA1 and then did the exam and the same for MA1.
It was easy for me because I have done bookkeeping for over 20 years but if you can do 2 chapters a night and then revise within the 1.5 weeks then I don’t see a problem.
How did you get on ?

[Adrienne]

I see no-one has replied to this query.

Can we get a system in place whereby a question is replied to within a certain amount of time?
These forums would be very beneficial then if this were to happen.
Apologies if we are pointing out errors but I believe it is the users feedback that makes all systems work better and can help you to improve and make the experience better for all involved.
These notes are fantastic in other ways but there seem to be quite a few incorrect ones in the FA2 notes from 2014 and 2015.

I would presume that we are correct in our replies but having incorrect answers or questions in the notes does not help with the studying.

Adrienne

[Adrienne]

Thank you
At least I know I was doing it correctly

Regards
Adrienne

[Adrienne]

Hi

Thanks for that but I’ve just downloaded the FA notes for June 2015 as they still have 30% markup in the question so what notes are you referring to that have 50% in both question & answer so I can download & work on the correct ones?

Regards

Adrienne

[Adrienne]

Yes I found that as well but no one has answered my query that I posted 2 days ago.

[Adrienne]

This is Example 2 on Incomplete records that I posted the query on, it wasn’t a question just an example but the answer was wrong (I think!)

[Adrienne]

ok another query on this chapter.

Example 3

Question in chapter gives additional assets as 10k, so obviously I work out the example before I look at the answer.
In the answer it has 20k as the additional assets which completely changes the answer.
Can you please note this error as this changes the answer and obviously I will not be the only one wondering why I got a different answer.

[Adrienne]

Hi Mansoor,

Are they?
well this is my first time posting and hoping to see that I’m not losing my marbles.
There also seems to be a few other incorrect answers in this module, have you found any more yourself ?
I’m up to Incomplete records and have just posted another question in Example 2 because I’ve been trying to figure out where I went wrong on the answer and either I’ve missed something or the answer given is incorrect.
Have you got this far yet ?

[Adrienne]

yes, I noticed that too.
Or is it 1 month on from the year end of 30/11 or is the year end 31/12 and not 30/11 as posed in the opening statement of the question and not the question itself,
OR
was this a trick question and are we to assume that the details given are incorrect and use 31/12 as year end not 30/11 – even so then it’s 2 months prepaid not 1 month ?
so then the answer is incorrect anyway.
Perhaps someone could clarify this please as it’s very difficult to know if I’m approaching the question incorrectly or the answer is incorrect.

[Author]

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