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Oh okay, the next ACCA paper I will be attempting is F9. Can you post the websites I can go to for the lectures and course materials? That would be greatly appreciated.
I will definitely be using the material on this website, however, I was also looking for live online classes as well. Thank you.
Also, have there been any changes to the standard benefit for P11D employees with use of a company van($3,090 a year) and the additional charge for private fuel for company vans ($581)?
But what about promissory estoppel? Isn’t this what it prevents? But I’m assuming X would need proof of this promise?
The BPP text vaguely says “When an auction is stated ‘without reserve’ the auctioneer is offering the goods for sale and the bid is the acceptance.’ However, it does not explain why.
I researched it and saw this:
“Where an auction takes place with reserve, each bid is an offer which is then accepted by the auctioneer. Where the auction takes place without reserve, the auctioneer makes a unilateral offer which is accepted by the placing of the highest bid”
This is showing that the narrative was correct however your research shows it was incorrect. Which do you think is the final right answer?
Yes it does, thank you. I’d also like to understand what took place in the Mareva Compania v International Bulkcarriers case.
Acceptance may be defined as ‘A positive act by a person to whom an offer has been made which, if unconditional, brings a binding contract into effect.’
In this case acceptance would be of A’s offer (finding and returning lost property in return for a reward).
Thank you. I understand now that there was a contract by conduct, but would that mean that the claimants were entitled to fair remuneration, when the parties were not in agreement on the value at the time of the delivery? Or does the contract by conduct imply the goods were accepted on the claimants’ terms?
And yes the text is for exams in December 2014 and June 2015. Is an updated text necessary for F4?
Ok. What if the client is the one to record goods in transit? How would an auditor test goods in transit which is rightfully recorded in inventory, since it is to be recorded as inventory upon shipping, but it is not physically seen in inventory.
I have a second question on the calculation of materiality. I have noticed that the way ACCA calculates materiality is by dividing the misstatement (for e.g irrecoverable debts) by the benchmark item (for e.g profit before tax) and then finding it’s percentage. Is this percentage then compared to the benchmark percentage? (for e.g if it exceeds 5%)?
The way I calculate materiality is by finding planning materiality (5% of profit before tax), then calculating perfomance materiality (50% or 75% of planning materiality) then comparing this figure to the misstatement.
ACCA’s method appears to be easier, I just don’t know what they’re comparing the percentage to.
Also based on the recent posting on audit risk, would the fact that a client is new be an audit risk (detection risk) in a scenario based question?
Ok Thanks. For the first question the examiner stated profits would be understated. However, I think it would be overstated.
