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I failed the first one with 46. I dont know if something was wrong with me today. i was jumping from one question to another without doing any real work. i could not get the grip. that is it 2.nd attempt and i am giving up.
When i saw the questions I was disappointed none of the subjects that i was confident came up.
I spent too much time looking for link between part a and b of question 5 then i realised it was separate question. i have done the variances ok. part b= efficiency i thought for 800 unit one set up budgeted for actual unit it should have been 400 set up.actuall no of set up was less so i said it is Favorable.
Q3 – i was shocked i did not know what to write. i could have wrote lots but i froze.
Q1- i did it but i dont know if labour bit was correct. i was reading and reading i could not understand what was asked. part b- i said items that effect cash flow:)
loads of rubbish i wrote probably.
q2- life cycle i totalled all the cost and devide to no of units and took out from sales.i did the learning curve bit but i have no idea again. this was the topic i did not revise except one or two question.
q4- again i dont know. i had not much time think. first part i took it as it was written. 80K unit at transfer price 120K sales to outside. part c i did not write anything and exam was over. so i dont know whether i will pass or fail.Sorry guys, I saw these mails just now. probably you passed your test by now.. F2 lot of process costing, backward variance analysis which you dont have time to think .lots of costing questions. i picked the hard questions actually. for example hig and low question with some gimmick of VC changes £1 after certain activity etc. in the exam you need to just do it no thinking too much. i finished 20 min early. i skipped lots of question at first. then i went back. capacity ratio – efficiency ratio was asking something i multipled these two and surpsingly found the figure there.i dont know if it is correct.:)
i purchased the whole set and studied by myself and listened the tutor in here.
thank you dear. i am sure you will pass. Just focus on passing these two and moving to the next level. dont bog down in details, learn the logic. Questions were not too long but lot of text questions.
thanks ever so much to both of you. the wordings and sentences are tricky sometimes.
so suppliers account mean is payable. I thought purchases omitted. it is kind of strange wording for payable.
thank very muchthank you guys.
are you saying that you can’t revalue or adjust the inventory once the the SFP is approved ?
i hate the reading bits may be i should go back and read IAS10.A product might be 100 quid now 6 month later 50 quid on sale. how far you can go back to revalue the inventory?
thanks for the explanation. what is this rating for? i give five star. very good
we are trying to find how much we paid suppliers. you have the cost of sales figure of 840 you know openin inventory of 140K and closing 160K. and you find total purchases and from here how much you have paid to suppliers.
cos. is opening inventory+purchases less closing inventory.
840=140+X-160
hope this helps.what do you mean?
It can be your allowance or estimate. eg. specific and general allowance. The meaning of the word changes according to sentence and subject.
leyla
Hi all, IAS is my nightmare. i read and read then i forget. let me test myself .
Assets are valued at the cost that they are purchased. overstates profit understates asset value in times of enflation.
waiting for your comments:))sorry mate, i have noticed i made a mistake just after other mail. it is kind of fiddly to write in here.
Now new rec. allowance should be specific allowance 1950+general all. 1326= 3276
bf balance on allowance credit side 2490 increased to 3276. difference 786 credit allowance, debit bad &doubted expense by 786. IS
Balance sheet
current assetrecivable 90350
less allowance (3276)
net receivable= 87074