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Dec2015 examiner report

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › Dec2015 examiner report

  • This topic has 1 reply, 2 voices, and was last updated 6 years ago by Kim Smith.
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  • May 1, 2019 at 11:59 am #514693
    toushiga
    Participant
    • Topics: 424
    • Replies: 172
    • ☆☆☆☆

    Dec2015 examiner report
    extract:
    “many candidates misunderstood the implication of the inventory being counted before the year-end and thought the problem was the lack of staff for the count as opposed to the roll forward adjustments
    which would be necessary.”

    what is roll forward adjustment?

    May 1, 2019 at 1:42 pm #514708
    Kim Smith
    Keymaster
    • Topics: 134
    • Replies: 8304
    • ☆☆☆☆☆

    Let’s say the year end is 31 December and inventory is counted on 27 Dec:

    Product A – 100 units
    Product B – 50 units
    Product C – 130 units
    etc

    Management would then need to roll-forward each of the these quantities to arrive at the year-end quantities – i.e. adding any quantities received and deducting any quantities sold. The adjustments are therefore for goods received and sold.

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