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Cooperative
Reason: To provide a service to members
Decision making : Democratic
Capital : Members fees; subscription fees
No: Of People: 5 =/< no limit
Membership limitations: Limited – on economic grounds
Liability: Limited (to members unpaid shares / members fees)Partnership
Reason: Profit driven
Decision making:Divided between partners
Capital : Own contribution; capital that the business is able to raise
No: Of People: 2 < 20
Membership limitations:Limited in number
Liability: Unlimited;(Exception: Undisclosed partners=no liability to 3rd parties; limited to partnership interest against partners)Cooperative
Reason: To provide a service to members
Decision making : Democratic
Capital : Members fees; subscription fees
No: Of People: 5 =/< no limit
Membership limitations: Limited – on economic grounds
Liability: Limited (to members unpaid shares / members fees)Partnership
Reason: Profit driven
Decision making:Divided between partners
Capital : Own contribution; capital that the business is able to raise
No: Of People: 2 < 20
Membership limitations:Limited in number
Liability: Unlimited;(Exception: Undisclosed partners=no liability to 3rd parties; limited to partnership interest against partners)A functional reporting relationship establishes a connection between positions or organizational units at different management levels based on the specialized nature of the function for which a mutual responsibility is shared. Though it is not always clear, generally the functional reporting relationship is stronger than the administrative one, because the functional body controls the individual’s compensation and evaluations.
According to the IIA’s Practice Advisory 1110-2, report functionally means that the governing authority would:? Approve the overall charter of the internal audit function, the risk assessment, and the
related audit plan;? Receive communications from the results of internal audit activities or other matters that the CAE determines are necessary, including private meetings (executive sessions)
without management present;? Approve all decisions regarding the appointment or removal of the CAE including
approving the annual compensation and salary adjustment of the CAE; and? Make appropriate inquiries of management and the CAE to determine whether there are scope or budgetary limitations that impede the ability of the internal audit function to
execute its responsibilitiesIn contrast, administrative reporting is the reporting relationship within the organization’s
management structure that facilitates the day-to-day operations of the internal audit function.
Administrative reporting typically includes:
? Budgeting and management accounting;
? Human resource administration, including personnel evaluations and compensation of
department staff;
? Internal communications and information flows; and
? Administration of the organization’s internal policies and procedures.Those who cleared the paper, big Congratulations for them..
And those who could not do this time, no need to worry.. Examiner wants some efforts from you..
Those who want to discuss any issue regarding this paper or any specific topic they are welcome..
Failure does not mean that game is over!
It simply mean that examiner wants more from YOU! He knows that you can do it that is why expecting something more effort from you people..
Understanding and grip on concepts..
Sufficient practice
Finally well organised exam preparation
And clear understanding of question requirement..
Thats iit….. Not a Big Game 🙂
When I can do this, then why Not YOU!!!
Never give up..
Per annum amount will be $10,000 or $1000?
@mikelittle said:
If you revalue an asset with a 10 year remaining life, and you revalue by $10,000, the entry is simple: Dr asset and Cr revaluation reserve. From then on, depreciation on that asset is charged to profit or loss / income statement based on the increased value.But why should this year’s profits “suffer” 10,000 additional depreciation just because you have revalued the asset.
So, although not a requirement, it is recommended that an annual transfer be made between revaluation reserve to retained earnings to compensate the retained earnings figure by that excess amount of depreciation.
So Dr revaluation reserve and Cr retained earnings with $10,000 per annum for the next 10 years
Better?
You can change your view, see you can give more time to these 2 Optional papers, before this you were planning to just pass, but now extra time is in your hand so you can top these 2 papers…
Good Luck
Najaf go through the your F3 work and read F3 study text, you can do just relevant chapters..
I would surely say.. you are doing ACCA and forgot the items of SCI and SFP.. Its alarming situation, but still time is not gone.. you can DO it..
You may refer FRANKWOOD for your basics…
Hey Ali
I think this forum is for F1 , as name suggests so.. 🙂
You can get better answers if you post your queries in relevant forums .Hope you understand..
Good Luck
Hi Bee
If your writing skills, P2 knowledge and analytic skills are good then go for P7..
P4 is very interesting paper, but it looks hard to clear this paper.
I did both, but result of papers were not as per my expectations, I cleared p4 in first attempt and P7 in second attempt..
Still I believe P7 is very good and easier than P4.
Regards
Leo
Hello..
If you compare past papers and Revision Kits, around 90% questions of kit are past paper questions..
The benefit of revision kit is, it contains sorted questions by topic.. So the sequence is made..
If you can differentiate the questions topic wise then its better to use past papers..Regards
It wants you to focus on the ratios, which are useful for different users..
Like someone is interested in your assets so calculate, asset turnover, quick ratio.. payout ratio etc..Come on guys, step forward.. decide days and time and start your sessions 🙂
Good Luck