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When you have the likes of this guy who cannot even be bothered to make sure that his own sales pitch (and lets face it, it is nothing else but a sales pitch) – one is led to believe that the system that OBU has implemented has done an excellent job at achieving completely the opposite of is required.
For example, my current ACCA mentor at my workplace, a brilliant accountant and an excellent all round person would have been very likely to have agreed to have guided me through the RAP had it not been for the ridiculous idea of him having to ‘complete a mentor course and part from £80 of his hard-earned cash for the privilege’…and let us take a moment to reflect on this: the man in question keeps up with the required CPD, produces a variety of reports for senior level management and has to at all times be aware of the financial decisions and implications of those decisions that his staff take. Oh, coincidentally, he has been preparing and developing accountants for two generations…but no, he is definitely not an appropriate person, because as my friend above Mr Qureshi, he is not an OBU Registered Mentor (which is nice, because of all his achievements that he could brag about, this is probably his most notable – and I congratulate him for having been able to afford the £80.00 fee, which in turn will enable him to leverage that £80.00 to turn it into at least £300.00 by signing up people such as myself who have no choice but to go and use his services.
Oh, and as the learning luminarium (catchy name btw) mentioned, reading your work, is not necessarily something they provide (if the price is not to their liking) – so how exactly these lovely people exploiting this deeply flawed system are able to confirm that my work produced is my own work and I have not plagiarized – is beyond my comprehension.
That brings me to my last point. I have received sales pitches from the OBU mentors site with ‘suggestions’ of other services that ‘friends’ of mentors can provide for me. So if I decided that doing my own work is just too much of a chore and ‘uncool’ I could always use the services of a ‘registered mentor’ – which hopefully will stimulate the freelance sector of providing work not completed by the intended student, to become more competitive.
The above does not even address the English language aspect of the whole experience – which for a professional and academic research project a naive person like me would think it to be quiet a ‘biggie’.
Welcome to the wild wild west!
That said, anyone keen on being my mentor? All you need to do is, sign at the end that I have met the requirements set by OBU. You do not need to guide me or provide even the most minimal of service. The only demand that I place is that you take care when counting my money while you are laughing all the way to the bank!
in essence, it means that there is only so much depth that the auditor can get to (only so much work/checking/testing that an auditor can do on the entity) – this is why the end result is always an opinion “i.e. we BELIEVE that the accounts are a true and fair reflection……
it does say sales tax and not VAT, and 2 was meant to be a cash sale sorry, hence bank. And I think I actually get it now, but just to be extra sure, I’m off to watch your lecture 🙂 thank you so much John.
Prepare journal entries to show how the following transactions in July Year 8 should be recorded in the main ledger accounts of entity DZ. VAT is charged at the rate of 15%.
1) Credit Sale of $250,000 EXCLUDING VAT.
2) Credit Sales of $10,000 EXCLUDING VAT.
3) Purchases of $108,100 INCLUDING VAT.The answers given:
1) Trade Rec DR 287,500 1) Sales CR 250,000 1) VAT CR 37,500
2) Bank DR 11,500 2) Sales CR 10,000 2) VAT CR 1,500
3) Purchas. DR 94,000 3) VAT DR 14,100 3) Trade Pay CR 108,100My answers:
1) Trade Rec. DR 294,117.65 1) Sales CR 250,000 1) VAT CR 44,117.65
2) Bank DR 11,764.71 2) Sales CR 10,000 2) VAT CR 1,764.71
3) Purchas. DR 91,885 3) VAT DR 16,215 3) Trade Pay CR 108,100
