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Hi eibhlinmc
To be honest I did not change my approach at all. I tried to better manage my time but as always time was never enough when you were pressured and the questions were not straightforward at the first glance.
Here is how I would sum up about APM: it is about knowing the models and theories well, so that you can apply to scenarios. When the theories are applied, draw from your work experience, social knowledge, common sense will help(as mentioned by Ken in his lecture!). Every scenario is different but try to give it your best analysis of it.
At the end, I felt that I have given all I could so no regret. And forget about it once the exam time is up and move on.
Last time I got 49 and I was gutted. This time I got 64 and I could not believe it! I am finally qualified! Thank you OT as I would not be here without you.
Passed and I am over the moon! Thank you John and have donated to show my gratitude. Thanks OT team.
To be fair the exam is not too bad but as usual I spent too long on question 1 …anyway the discount rates used was 9%. I used APV to valuate phase one and the NPV was negative. I then used 5% as suggested in the scenario by the CFO to discount phase two and add the two together as the answer for Q1 (1).
Too late to discuss about it, what will be will be!
Passed with 59, thanks very much OT 🙂 have made a donation to show my gratitude.
many thanks for your quick reply 🙂
If a business decides to go with throughput accounting, by ignoring the opening material balance, would it not mean that the COS is not calculating correctly? I understand that in the JIT world there will be no opening and closing material balance, but in reality, this is hardly possible?
thanks for your time again.
First attempt fail at 49! Gutted! No one to blame for I only studied one week. Crying in the corner…
Hi Ken
What you have suggested was perfect.
What I meant was that Salvatore’s included occurrence and cut off in the substantive tests for balance account such as payable (creditors control account). These two assertion are actually related to transactions and events i.e.the P &L accounts?
I think I am a little bit confused with the term “test of purchase” from the thread. Are we trying to audit the creditors control account/Payables or are we trying to audit the purchase ledger?
Hi
It seems to me the assertions you are testing for payable is not quite relevant to the assertions for the balance sheet balances. I was taught that the relevant assertion tests for balance sheet balance should be rights and obligations,existence, completeness, allocation and valuation.
