[kishan]

Just rememberd question 1 on ethics. Absolute gift of a question. 6 marks on saying something like “this director believes that accountants do not need to study ethics. Also discuss if the misappropriation of profits is an ethical issue?”

What a gift.

I put down PIPCO ethical guidelines and said not statig correct profits is against

1. Directors fiduciary responsibility
2. His ethical guidelines spelt out by his relative body (PIPCO.)

Hopefully I got full marks on that.

[kishan]

question 1 was a D shaped group.

Trailer had 14% equity share in C. and Park had 70% share in C. Both of these were at june 2011.

then in June 2012 Trailer bought 60% of park. so everything basically happens on june 2012!

Both ended up being subsidiarys i think with the effective interest in C being 14%+(60%x70%)= 56%. Therefore NCI on C was 44%.

i messed up the goodwill working completely and came out with like £1400 goodwill on C or something and just ended up using that figure so you would still get follow through marks even if you have the wrong figures.

Question 2 was multi standard,
– Operating segments
– Provisions
– Revenue Recognition on service contract.

Question 4 was ‘bin the clutter article’.

Definatley passable if you knew the basics becuase this was a gift of a paper compared to previous sittings i have seen! then again this is the first time i am sitting it so i could fail and be chewing my own words so who knows!

overall i found it fair. MEssed up a load of workings but who doesnt under exam pressure?

[Author]

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