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@emo777 said:
Remember any of mcqs to discuss?@ Gvtftf, my assumption was that the customer had only paid 16m, that’s why I increased AR with the 2.5m… and then, if the customers are yet to pay, there won’t be any deferred revenue… we would only recognise an asset (AR) in subsequent periods as we earn them… I ain’t too certain if my assumption is right tho’
Earnestly, I can’t clearly remember any of them MCQs… trying hard to recollect buh they all seem to be lost in foreverland…lol
Yea, Billy, you’re right on the contract asset note… total cost was 24 while revenue was 30
@ gavin23, I have also wondered how people remember their MCQ selections… they probably look through & memorise towards the end of d exam & write out thereafter or as u said, they probably scribble it on the exam docket… #justpondering
I also added 2.5 to revenue and increased AR by same amount… additionally, I added the profit from the contract and put a note that I have included the profit in the Revenue since there was no clear direction on where to add it (I mean, we could have added the whole contract revenue to Revenue and then add the whole contract cost to Cost of Sales- to still arrive at the same effect of the profit from the contract…) My statement of financial position was balanced as well, tho’ that does not mean I treated all the notes as expected.
Got a positive goodwill of 1.4m or so in Q1… the revaluation loss in the asset reduced the net assets by 2.5m (I have heard quite a good number of students saying they increased the net assets with this value).
Q2… used current ratio, net profit margin and expenses/revenue ratio. I think I did not use gross profit margin as I couldn’t link it to the discontinued operations…
And yea the MCQs, kinda came easy (at least, way easier than F8)… buh there was that question of computing NCI or so, which I don’t understand where the options came from…lol
Well, I thank God for seeing me through this paper.
Scored 78%… Very grateful to God… Faith + work + God’s mercy = Positive result *smiles*… Thank you OpenTuition as I watched your videos for the first two chapters… The understanding obtained served as a very good platform for the classes I later attended. More power to your elbow!