F7 JUNE 2008 QUESTION 2 — OpenTuition Forums

Llilconel14y ago

Please can you help me with F7 June 2008 question 2, I don't really know how to answer the question most of the published account questions I have been doing start with the TB and I am really struggling with the question where you restate from a draft set of accounts. Please can you do a video on how to answer this type of question.
Thanks for your time.

MMikeLittleTutor14y ago#1

Hi - I don't see a major difference between a "trial balance" question and a "draft set of financial statements" question. Surely, the draft set is simply a trial balance in "nearly" final format. Imagine you are the auditor and during the audit you discover a number of matters which need adjustment in the draft fin stats.

Is that any different than putting through adjustments to a trial balance and then preparing a set of fin stats?

If there is a difference, I'm sorry, but it's not obvious to me :(