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- March 22, 2017 at 8:19 am #378913
Question 2 was also tricky, as the mark allocations among different verbs in the question was not clear.
March 22, 2017 at 8:07 am #378911Question 1 was tricky, It asked for analytical procedures to be performed first and then identify the risk of misstatement, was worth 16 marks, I think around 4,5 marks were for performing aanalytical review, 10-12 marks for risks. Using analytical procedures for risk identification is tricky as you have to analyse the trends. I think 7 to 8 relevant points are enough to score decently here. I think I did ok
Second part of the question asked for additional info regarding detailed performance of analytical procedures, not some general info which include more detailed financial statements as the statements mentioned in the question lacked detail.So, all in all, I believe these 25 marks (including 4 professional marks from part a and b) will make it or lose it for most candidates including me, so if someone who misunderstood and answered generally based on audit risks already identified in the scenario and did not use analytical procedures would score very poorly in these parts.
There is a question in Kaplan kit, named Parker (question 6), I think the 1st exam question was quite similar to that.
December 24, 2013 at 12:00 pm #153418I THINK IT IS THE UTILITY BILL THAT HAS BEEN RECEIVED NOT THE INVOICE OF SOME GOODS ORDERED. SIMPLY DEBIT AS ACCRUED EXPENSE AND CREDIT THE PAYABLES.
October 6, 2013 at 5:46 pm #142166Dude answer to your first question is that temporary differences arises due to a difference in the carrying value of a particular thing and its tax base, in your case which you stated, accrued income gives rise to a temporary difference, as it is recognized in accounts but not taxed as income, as it is not received yet. so a deferred tax liability is recognized on this temporary difference. WHEN THE INTEREST IS FINALLY RECEIVED AND IS IN ARREARS THEN NO TEMPORARY DIFFERENCE IS CREATED AS BOTH ARE RECOGNIZED IN ACCOUNTS AND ALSO IN TAXABLE PROFITS.
THE BASIC PRINCIPLE IS THAT TAX IS PAYABLE ON CASH BASIS,BUT MY FRIEND ACCOUNTS ARE PREPARED ON ACCRUALS BASIS…AND ACCRUED INCOME NEVER ALWAYS MEAN THAT INCOME IS ACTUALLY RECEIVED.
August 8, 2013 at 8:01 am #136116I cant believe it,i attempted F4,F5 AND F9, i was pretty sure to fail f5 and pass the other two easily. i passed f5 and f9 but was so shocked to see that i failed f4 at 45%. still wondering how it happened.
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