- This topic has 3 replies, 2 voices, and was last updated 2 years ago by
.
- Posts
Sir in the revision lectures sep/dec 2020 Question 3 (restructuring provision). You said we must pass fin. Acc in order to pass auditing if not we must go back and learn it. Its been a while since I wrote FA and don’t remember a lot of things. So do you mean to say I will not be able to pass AA even if I listen to the lectures and practice lots of questions and do everything right without remembering some FA things. Sir AA is already overwhelming to add FA to it so let me no if there is any other way.
You shouldn’t have to “relearn” everything you need to know about financial accounting that is sufficient to pass AA. By definition an audit is of historical financial statements…. so it’s not unreasonable that you should know/understand double entry bookkeeping, fundamental principles such as accrual-based accounting and going concern, and how to account for assets, liabilites, revenue, etc at a basic level. Group accounting is NOT examinable in AA.
If you come across accounting issues in AA questions that you’ve forgotten, you should be prepared to look at the FA notes as a reminder if necessary.
- The topic ‘Financial accounting’ is closed to new replies.