[eller]

Hello Hfzail,

Does OBU tell you why you failed the last two times?

[eller]

I used Kaplan to get the working format.

First I got the total profit for the whole project:

Revenue:20M
Less:Total Costs: (16M)
Profit: 4M

Then I got the attributable profit for the period:

As per the question the stage of completion basis is progress billing as proportion of contract price.( I took that as 7/20=35%). This is correct.

35% of 4M=1.4M

So from here I proceeded to prepare the income statement:

Sales(Bal. figure):5.4M
Costs for the period:(4M)
Profit for the period: 1.4M(as above)

Then to get the SFP figures:

Costs incurred to date: 4M
Profit for the period: 1.4
Progress payment: (7M)
Due to Customer: (1.6)-Liability

[eller]

I just did the MCQ Test and this question too.

[eller]

Hi Tina,

Don’t focus on the past but focus on your next papers, it gets harder but also gets better. In other matters, however, it is not the invigilator’s responsibility to tell you the format of the exam, you need to know them as you prepare for your exams. You’ll find them here on open tuition, on the student accountant and also on your study texts. Just familiarize yourself with that for your next papers and the syllabus can help you know what you expect to be tested.

All the best in your next papers and future endeavours.

[eller]

Hahahahaa! You have just made my day. We seem to have a LOT in common. I am planning to do a masters in forensic accounting too and hope to do a PHD in a related subject matter.

Anyway, thank you so much for this. Was thinking of saving the banks for my masters project but seems I can get them out of my pocket for good use even now.*evil grin*

Corporate Governance seems a tad boring from first sight and reminds me of my law class lectures in a way. Though its a major issue in companies in my country currently so that can be a good seller. I am also looking at topic 16 and liking it so very much. The good thing is, these topics are great for this parastatal. Yes we have a national audit report team and even reports from the highest body that govern this sector of the parastatal. Information is available on request. Since I have worked with media houses, I can get a lot of “independent” information from these people too. One of my lecturers in school is a certified fraud examiner and he has a lot of information too in corporate governance and he’s always willing to share what can be shared.

I have till Monday to look at all three and then will present my findings to my mentor so that we can choose one . I will look at all your forums to even get more ideas in planning and learn more.

I will keep you posted.

[eller]

Thanks for the useful info you always provide @trephena

[eller]

Darn it!Page 6? And here I was thinking I had read the guide keenly. How does this work? Do I get my mentor approved or do I have to choose one of the listed mentors?

[eller]

@Trephena thank you very much for your candid and quick response.

My mentor is from the said organization and they are willing to give me all information I need internally. It being a government institution, almost everything is published/ accessible to the public.(Although this point might be debatable)

I really want to pass and pass highly and I understand your point there. In your opinion, what other topics would you advise someone like me(I have done budgeting before while working in a small company in a non-accounting position, I love reading and I can do lots of research) to take? Generally, someone who is passionate about budgeting, variances, controls, communication and fraud but has only worked in a non-accounting role. That is apart from topic 8. (It’s too common for my liking)Or am I at the best chance of passing highly with this topic 8?

[eller]

I was ill prepared so foreseeing less than average.

[eller]

Question 2…shouldn’t have been there.

[Author]

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