Hi Mike,
I just watched the revision lecture for Q1 June 2013 and compliments it is really good material.
I notice that in preparing the consolidated financial statement you don't use the complete layout. By this, I mean that you don't write the headings: Assets, NN CA, Current Assets, Equity and Liability, Equity, Current Liability, Non current Liability.
Is this omission because writing these headings is not necessary in exam since it gives no marks at all?
Anything that can save a bit of time and don\t waste maeks would be good to know:)
thanks in advance
Granis
Ask the Tutor ACCA FR
Q1 June 2013
"Is this omission because writing these headings is not necessary in exam since it gives no marks at all?"
It's an accountancy exam, not an English / spelling / beautiful-presentation-ready-to-be-given-out-at-the-AGM exam.
Forget your lovely headings and your "Intangible non-current assets"
"INCA" is enough - the marks are for getting the goodwill figure correct!
Look at a marking scheme!
thanks a mil Mike, so I should assume that I should also avoid writing on the top of the answer:
Statement of financial position for the year ended 31 March 2015?
Absolutely correct! Apart from any other consideration it would be Statement of Financial Position as at 31 December, 2014
"for the year ended" is appropriate for statement of profit or loss and for statement of cash flows
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