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Someones post early on this thread said that a person who fails multple times will not be a good accountant. But what if they dont want to be – they maybe want to specialise in tax so they fly through P6 and then what? P4? P5? P7? How is any one of those going to make them a bettertax consultant or adviser?Lets face it – somepeople are good at taking exams and others arent. One of the problems is that sometimes you can know too much – see a question and staert answering it and before you know it, your two hours into the exam with only 20% answered. Is the really bright student who has written books on strategy and leads presentations for the local acca society any worse as a professional because she keeps failing P7? She has a full life with partner and children, full time employment, extra presentations to do for the firms inhouse training courses. Shes the mentor for the new intake and presents the firm on the annual visits round the universities but she cant pass P7
Just because a person has to take an exam multiple times does not make them any worse an accountant than the first time passers.
It might be an interesting exercise if we all found out whether all the partners in our firms past all there exams first time. I can happily believe that 50%+ of them didntVery difficult to do for those of us that are relgious people. It’s comforting to know that as well as earthly matters there is a higher entity looking out for us. Politics, yes keep them out of it. But dont deprive us of our religiouus beliefs
Hi Hassan
Thanks for posting this and Im glad that Mike was equally misled as I was. I didnt mention unwinding the discount – sorry. Tricky question from start to finish!Ive just noticed that Mikelittle is on line so he might see this and correct me if im wrong! i dont think you have to do anything – its just in the normal course of business so at the end of the year its just deducted from this years sales
Have you read Mikes exam technique article on opentuition specificaly written for F4? Its all explained there for you in easy-to-understand language!
your welcome – let me know please if your teacher agrees. where are your courses coz your teacher sounds really good
Is an unprecedented cheque different from an unpresented cheque or are they the same thing?
The question asks for accounting adjustments ON 31 December 2008. I misread that as FOR as in, now we are in 2011, what adjustments will you make to the figures from 3 years ago. My bad, sorry.
For 2008, 500,000 will be capitalised and depreciation charged on 1.5m over 20 years so by the time 31.12. 11 comes along we have deprecated 4 years already so cv is now 1.2m Now you say estimated life is revised to 18 so there is only 14 more years to go.
Now you revalue upwards by 400,000 so 1.2m increases to 1.6m, weve got the figure to be deprecated over the remaining 14 years.
Finally we need to recalculate the amount of the decommissioning but i dont know wether the 450,000 is a straight replacement of the original 500,000. Are you saying that the 50,0000 estimate from 4 years ago should have been only 450,000 or are you saying that 4 years after starting the decommissioning costs are estimated to be at TODAYS prices 450,000. If thats what your saying we should discount 450,000 for 14 years at the cost of capital, compare that with the amount of the existing provision and make the necessary adjustment to the provision account, up or down, with the double entry going through this years income statement.
Thats what i think – but i could so easily be wrong. but what a great question -wheres it from?
With Mr Mike not appearing often i thought i would try to answer this – but if he sees it he may say its not right!
the change in the estimated decommissioning costs is surely a change in accunting estimate and is effective only going forwards – so no retrospective adjustment. Similally the change in estimated useful life is a change in accoujnting estimate and again no retrospective adjustment
Not sure what you mean by “the company had recorded a surplus of $400,000.” is that profit for the year? Before or after depreciation charge for the year? depreciation should be charged on the revised carrying value over the revised useful life
your question askes for adjustments as at 31 December 2008 – i dont think there are any – all the adjustments are revisions of accounting estimates and so no backwards adjustments
If Mike sees this I hope he says its correct 🙂
Biggles is correct – you can do the papers from F4 to f9 in any sequense. It is even possible to pass the 5 P level papers and still have 1 (or even 2 or 3) f level papers to get through. It’s expensive, but it IS possiible
:-))))))
That’s BRILLIANT!!!!!
Are you sure that you have replicated the question correctly?
What does it say on the front of the text (or on the spine) – probably says something like “valid for exams in 2012”
If it says something like that, then thats a clue! Now apply the brain of a rocket scientist and youll realise that the book is valid for exams in 2012 and by implication its not valid for exams in 2010, 2011, 2013, 2014, 2015 and so on.
But it IS valid for exams in 2012. Does taht help?
Hi Motlaw
That’s a really interesting question! How do you expect someone to measure “best” for a single paper? If Ive done the paper 5 times and passed on the 5th attempt, is it the fifth lecturer who is the best? What about all the input of the previous 4 and the fifth just added onto all that previous input?
If I pass on the fifth, why would I say that for example number 3 was the best (I failed with that one) or number 1 could be “best” because number one taught me enough to score 35% whereas all the others combined only taught me an aditional 15%
And dont forget that noone can please 100% of the people 100% of the time so I may say that number 4 was the “best” where the rest of the room thought he was aweful – its such a personal matter. Maybe I liked number 2 because he had a tight little butt and I couldnt concentrate but i enjoyed the week – still failed the exam, but enjoyed the week 🙂
In fact, its all so down to personalities, both yours and the teachers, that its an impossible question to answer as a definitive
When you see 4 or 5 marks for one figure, it’s because there are 4 or 5 element involved in arriving at that figure. If you get four of those elements but miss the fith you should get four out of the five available..thats what my tutor tells us – am just repeating what my tutor keeps telling us. Of curse, she may be wrong but i have to believe what she says.
Wrt the associate, that should only cost you one mark, according to mt tutors thinking. Don’t worry anyway. There’s nothing you can do about it now! Be happy at least till February 🙂
Helpful input from Hussain!
Look in the back pages of accounting magazines – they will give you an idea of salary levels for first year intakes. Or go down to your local careers office or recruitment agency. In fact, look at the recruitment agency websites.
Of course, a lot depends on where in the world you are located.
As an educator by profession, I would have thought that you could aim for three exams per session.
Good luck
When posting entries from the bank statement to the general ledger, the bank will already have taken the interest from the company’s bank account.
But the first the company knows about that is when the company receives the bank statement. On that occasion the company will record the double entry Dr either the interest account or the qualifying asset account and credit the bank account
I get it to $275,000 but your copying of the answer appears incorrect – both answers “C” and “D” according to you are $75,000
Unless John Moffat can say different, I think the answer is $275,000 net positive flow
That’s like asking for their names! There’s no answer to a question “Who are the main three users?” That’s a stupid question and there cannot be a single “correct” answer
Anyway, here’s the definitive answer!
Squire Trelawny
Captain Smollett and
Admiral BenbowThere, I hope that helps!
if not capitalised, debit interest T account and credit bank account
if it is capitalised, debit qualifying asset T account and credit bank account
Farooq – you are SO wrong!
Abbas – I don’t think that I have ever come across a “Goods in Transit” account. If the goods have not yet been received, I think I would expect to just file the invoice until receeipt of the goods and then Debit Purchases and Credit Payables
If that’s not right maybe Johnmoffat will put me right