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Hi
This is a general question really.
Can you please give me some advice on best practice to tackle the questions that ask for the sopl and sofp to be put together. Often these will give a trial balance and then some adjustments to make. The crazy thing is that I find my workings are mostly correct but I keep putting in the wrong figures into the statements. This is because I annotate the trial balance on the paper exam sheet for some calculations and other times I produce a completely separate working for others. And by the time that I put it all together I have things jumbled up.
This is really frustrating as mentioned above – I get the more difficult stuff right but get muddled when I put it all together. Would it be better do you think to write everything out fresh – but this would take up so much time in reality?
I hope the above makes sense. I want to get this right from the outset because in future more advanced reporting papers I will struggle even more
Thank you
You cannot be asked this type of question in the exam – the exam is computer based and so questions asking you to prepare a complete SOFP and SOPL from a trial balance is just not possible.
Obviously you can be tested on all the individual bits separately, but not on the whole thing in one question.
I assume that you have watched my free lectures (they are a complete free course for Paper F3 and cover everything needed to be able to pass the exam well.
You must buy a Revision Kit from one of the ACCA approved publishers. They are full of exam-standard questions of the same type that you will be asked in the exam, and it is vital that you practice that type of question.
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