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Are the Examiner's answers also wrong?

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › Are the Examiner's answers also wrong?

  • This topic has 4 replies, 2 voices, and was last updated 11 years ago by Usman.
Viewing 5 posts - 1 through 5 (of 5 total)
  • Author
    Posts
  • November 12, 2013 at 12:20 am #145541
    Usman
    Member
    • Topics: 1
    • Replies: 2
    • ☆

    Hi sir,
    Yesterday I had my first revision class and in our class, when I answered the question of Dec. 2010 part (c), my teacher said that these procedures are wrong:
    1) Obtain a listing of payables from the purchase ledger and agree to the general ledger and the financial statements.
    2) Ensure that the payables included in the financial statements as current liabilities.
    3) Select a sample of GRNs before the year-end and follow through to inclusion in the year-end payables balance, to ensure cut-off.
    These are exactly what the examiner has written in her Dec. 2010 part(c) answer!!
    And when, in the break time, I showed him the Examiner’s answer, he said that even examiner has written it wrong and if I write these in the exam, I would be marks wrong 🙁
    IS THIS TRUE?
    Thanks for reading and replying 🙂 I am now confused that if examiner would publish answers with mistakes then who would I rely upon 🙁

    November 12, 2013 at 5:54 am #145549
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10595
    • ☆☆☆☆☆

    I think that the examiner’s answers are correct in principle, though she does say that each procedure explained should state what assertion it addresses.

    So 1 addresses completeness and existence
    2 addresses pesentation
    3 addresses cut-off.

    November 13, 2013 at 5:07 am #145763
    Usman
    Member
    • Topics: 1
    • Replies: 2
    • ☆

    Thanks for the reply sir.
    Therefore, you mean these all are acceptable?
    But can I use the cut-off procedure for Payables, Receivables? I mean for the Account Balance level? Because the examiner uses them but my lecturer says if I write it in the exam, I would be marked wrong :/

    November 13, 2013 at 6:02 am #145765
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10595
    • ☆☆☆☆☆

    Cut-off is complicated. It means that expenses for a period are porpoerly included in the FS, but it also has implications for receivables and payables, and cut-off tests are used there to ensure competeness and existence. Also with inventory. Although cut-off is not entioned as an assertion relating to year-end balances, I would mention it myself.

    November 13, 2013 at 11:20 pm #145909
    Usman
    Member
    • Topics: 1
    • Replies: 2
    • ☆

    Thank you sir.
    So I hope I can use Cut-off for receivables, payables,cash or inventory.

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