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Exactly, first even i typed 6 in the answer box but it came out as wrong in study hub.
This is the question and answer.
What revenue should be recognised in respect of Contract 1 in Campbell Co’s statement of profit or loss for the year ended 31 December 20X8 (to the nearest $ million?$m
The correct answer is $6.3 m.
Similarly, in another question, In addition to this, there is an outstanding court case at 31 December 20X8 relating to faulty goods supplied by Jeffers Co. Legal advice states that there is a small chance that they will have to pay out $6m, but the most likely outcome is believed to be a payout of $5m. Either way, Jeffers Co will have to pay legal fees of $0.2m. All payments are expected to be made on 31 December 20X9. Jeffers Co has a cost of capital of 10% (discount factor 0.909).
Jeffers Co believes the fault lies with the supplier, and is pursuing a counter-claim. Legal advice states that it is possible, but not likely, that this action will succeed.
Question
3. What amount should be recorded as a provision in respect of the outstanding court case against Jeffers Co as at 31 December 20X8 (to the nearest hundred thousand)?$4700
I typed 4700000 while it prompted that it is wrong answer 4700 is the correct answer.
I am sorry that i typed so much information. My only concern is in the exam i do not want to type the wrong answer in the answer box. So please can you give me some advice as to what the correct responses would be?
If it’s nearest $000 then is $000 taken common?
Please can you give me some tips concerning the answer box and how to understand the most commonly tested requirement concerning the format of the number?
Thank you
Sorry tutor, I used the wrong term. I mean for the answer box Section A and Section B questions. How do I understand what type of answer is required. Is it one decimel space or two since in the answer box for one of the questions, it was answer in the nearest million and the correct answer was 6.3 not 6.30.
My second question concerning answer box is regarding answer to the nearest $’000. When such a requirement is present, then all the answers take 3 zeros common. Hence, if the answer is 143000 then 143 is plugged in. This happens for all questions in study hub except one. my question is if the same requirement is made in the exam, then what should be my answer. should i take three zeros common and answer it is as 143. Please help me out
can you give any general tips concerning answering in the answer box type of questions please?