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Hello,
I wanted to understand if we are required to know the journal entries for transactions? I’m really bad at journal entries so if I learn how something should be recognised eg. As a remeasurement gain/loss in OCI, would that be enough?
Would it be possible for you to clarify whether it is the journal entries with which you have problems, or the more general system of double entry?
I understand the system of double entry. Just can’t seem to remember journal entries since there are soooo many scenarios this can apply to. I meant to ask for example for pension, could we be added what the journal entries for current service cost be?
The answer is Dr current service cost (p&l) and cr PV obligation.
Are we supposed to remember such sort of things?
I don’t want to say that it could never be asked. However, I think exam questions at this level would ask for extracts from financial statements or some other form of report. Hope this helps.
Yes, very helpful, thank you so much! Lets hope I know the other parts well so I can make up for these
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