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I am aware of the accounting year vs the accounting period. However, sometimes, in the examples that are illustrated in the book, there is no consistency in the periods that the calculate the profits from. For example if a business just started and made up accounts for 12 months but those 12 months fall into 2 tax periods (say June2013-May2014). The taxable profits for 2013/14, would be from June to March 2013 and for 2014/2015 would be April to May. But if it is for many years of trading, they do something different, which is where i get confused.
The paper was ok. Unfortunately, time-management was the issue. They relocated us to a different place to take the exam, this room was much smaller and i could not see the clock from where i was sitting, so i had to leave out parts of some questions in order to attempt all 5.
I wish i had done question 5 last instead of first.
Not sure if i passed.
i had the guy who had to have his supervisor sign off on his work. what he described fit more with competency, i think.
The questions required too much thought (in my opinion), and some were kinda too long and somewhat confusing for multiple choice. Remember we only get 2.5 minutes max on a question. Question 5 (not sure if its 5) was excessively long just for you to figure out who was talking about a competency framework.
The question about the team member who was doing well but had a bad attitude towards his colleagues; I think the answer is for the supervisor to speak to him in private. This is because the question did not say that he was spoken to b4 in regards to his attitude and something like this usually require a verbal warning first.
The other question about the group; I had initially chosen performing but then I changed my answer to norming after I re-read the question.
overall I didn’t like this paper.