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Dole

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › Dole

  • This topic has 5 replies, 2 voices, and was last updated 7 years ago by MikeLittle.
Viewing 6 posts - 1 through 6 (of 6 total)
  • Author
    Posts
  • November 28, 2015 at 12:57 pm #285914
    Miguel
    Member
    • Topics: 38
    • Replies: 30
    • ☆☆

    Hi Mike,

    Just double checking this practice question I think for the project B there is an amendment that should be done in the answer as far as I understand the cost recognized should be 550 (is the 50% of 550 cost @ date + 550 estimated cost to complete the work)instead of 600, is that correct?

    November 28, 2015 at 1:26 pm #285929
    MikeLittle
    Keymaster
    • Topics: 26
    • Replies: 22702
    • ☆☆☆☆☆

    Is there an overall loss forecast for the contract?

    November 28, 2015 at 1:34 pm #285936
    Miguel
    Member
    • Topics: 38
    • Replies: 30
    • ☆☆

    The figures I got are as follows:

    revenue recognized 500 cost recognized (550)= loss recognized (50)
    cost to date 550 attributable profit (50)= 500
    amounts invoiced (475)
    Amounts due from costumers 25

    November 28, 2015 at 3:07 pm #285957
    MikeLittle
    Keymaster
    • Topics: 26
    • Replies: 22702
    • ☆☆☆☆☆

    Costs to date were $550? And costs to complete were $550? And contract value was $1,000?

    Am I right so far?

    So what’s the overall loss?

    If we are to recognise $500 revenue and at the same time acknowledge an overall loss, then how much do we need to recognise as costs?

    Have you watched the lecture dealing with anticipated losses?

    November 28, 2015 at 5:31 pm #285985
    Miguel
    Member
    • Topics: 38
    • Replies: 30
    • ☆☆

    Yeah that’s right I forgot that in case there is a loss recognized in the period it should be stated in the current period, instead of considering the % of the cost!!

    November 29, 2015 at 9:10 am #286080
    MikeLittle
    Keymaster
    • Topics: 26
    • Replies: 22702
    • ☆☆☆☆☆

    What can I say? The point about the course notes and the lectures is that they tell you important things like that so that you will be able to apply them when faced with just such a situation

    Anyway, hopefully you’ll remember in future and won’t make that mistake again

  • Author
    Posts
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