[jackchitan]

I guess this will help me as well

[jackchitan]

I’m in too

[jackchitan]

I am here jackchitan@gmail.com

[jackchitan]

Mates I have seen alot of such request I wonder if one ever shared the mock exams I would advise you check one from bpp rev kit mock are always there page 263

[jackchitan]

Scope of work is the parameters for work to be done or the area to cover and work done is simply the results on the job if I can put it in my own understanding.

[jackchitan]

mmothudi you need to improve on your writing skills you might may be good but failing to write material misstatement means you might write a lot of mistakes in the exam and that might cost you marks, pay much attention to what you are writing

[jackchitan]

the below answer my might also help from the Tutor in understanding the assertions see below

gromit7p said 3 weeks, 1 day ago:

Think of assertion level as ensuring each of the individual figures on the financial statements are ok. FS level is ensuring the FS as a whole are true and fair.

There is lots of material on this site covering what the assertions are. See https://opentuition.com/acca/f8/f8-financial-statement-assertions-and-audit-evidence/

[jackchitan]

Test of controls
These are tests carried out by the auditor to confirm their operating effectiveness in an organisation. The auditor may want to rely on the controls when carrying out the audit. The auditor will evaluate the design, implementation and operating effectiveness in the year.

Substantive Test.
These are tests performed by the auditor to detect material misstatement in the financial statement.

Two types of substantive tests.
1. Analytical procedures.
2. Test of detail.

[jackchitan]

Just to add on what Sid is saying the internal audit department is a means of control for the whole company operations and one of the co- operate governance requirements for listed companies. Third parties may chose not to rely on the report from the internal auditors because of lack of independence and objectivity as they are employees of the company.

[jackchitan]

Hi Buddy I didn’t do well as well but the books are still okay there hasn’t been a significant change in the syllabus what makes most of us students to fail the exams is we don’t study much that is my observation good luck hope you will start early the revision

[jackchitan]

You have been helpful thanks a lot

[jackchitan]

Hi Tutor I figured where the confusion was coming from I agree its 12.5 but I this there was a typo in the book because it read 121/2% when it should have been 12 1/2% for one to see the half unlike seeing the 121

[jackchitan]

thnaks it makes sense could you show me how to arrive at 12.5%

[jackchitan]

Hi Salman am for F7 jack.chitanika@fqml.com

[jackchitan]

if we were to prepare the financial statement for the year Poonum what period are u looking at? may be that is what is missing – nothing is going to the Rev reserve before 30.09.04 at that stage the double entry is as below
DR Depreciation 400 (income statement)
Cr Acc depreciation 400 (Balance sheet)
revaluation took effect after 01.10.04

[jackchitan]

U guys are great I didnt see things at ur angle I look for more but I don’t know whats happening with the F7 calender may be Warty knows

[jackchitan]

I see the sense we are adding the 2000 to the 4000 to bring the cost to 6000 the Dr of 2000 to the acc dep’n is to write off the balance so that in yr 6 the balance is 1200 is that the logic.

[jackchitan]

I like the explanation by mrionbain good job and the working by Furgan but am jst doubting the double entry to me the double is as below

DR Assets 4000
Cr Rev Reserve 4000
Before revaluation there was a double entry already
Dr Acc dep’n 2000
Cr Assets 2000
this gives the effect of the NBV of 2000 passing another Dr of 2000 to be is a duplication lets argue it

[Author]

Posts