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Passed with 66% really pleased with that considering I didn’t notice question 6 until last ten minutes!! 🙂
@acaqub said:
I think the answer is B although I chose C fitst.I was adamant it was C! I wonder if option c was actually written as understated inventory which would mean a gross profit reduction…
@justin1980 said:
OMG…I did not realize that there was a question 6…..I thought 5 was the last question…omg I hope I pass or its a rewrite for me…I am so upset about this..i thought the last page behind was empty..Justin I made the exact same mistake! its so infuriating! I know this has happened to other people on a previous paper I took I think F9. ACCA should ensure all questions are inside the question booklet, I do think its wrong they stick one on the back sheet. rarr!
@helplogon said:
Rather strange question.If closing inventory were overstated then disposal had been at lower cost, otherwise closing balance would have been be lower (not if we assume that additions were overstated, then disposals would have been more expensive). If we have discounts from our suppliers, then again we have lower cost of disposals.
As I remember the question was specificly about decrease in growth margin. So the only option left is sales mix – more products or services with lower margin were sold.
yes after thinking about it i do think youre right i think it is sales mix! damn!
i thought it cant be purchase discount because this would lower purchases increasing profit?
i did wonder about sales mix but it doesnt state wether sales would be higher or lower unless im missing something?!
so i went with closing inventory overstated
engagement letter i got:
– basis of fees
– auditors responsibilities
– management responsbililities
– need for use of entity internal audit team & other staff
– timings (interim & final audit)
– the requirement for representations from managementthe exam went so well for me i had about 45 mins to spare to check and double check answers… then only in the last ten minutes noticed there was a question 6 for 20 marks!!! did anyone else make this foolish mistake?! i think after a week of doing past papers that all only have 5 questions i wasnt expecting a 6! also the fact that the question isnt part of the booklet its on the back sheet! very frustrated with myself!
mcq’s i can remember:
1c
2c
3c
4a
5a
6b
7d
8c
9?
10?
11a
12a