Sir, i am confused with the marking scheme. please help me clear it out.
suppose in a question :
we wrongly calculate cost of sale and as a result our profit figure is wrong. And in calculating retained earning in the statement of financial position we calculated it on the basis of wrong profit figure. Do we get marks for correct retained earning based on incorrect profit figure even though the retained earning is not correct with respect to question ?
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If you were ever to listen to my lectures (I presume that you haven't, even though they are free!) I frequently point out to students that one mistake will cost them one mark. Possibly two. And, if i's an error of principle, possibly three.
But you can't keep being punished for making one mistake
Imagine, that error in cost of sales then affects profits, retained earnings, non-controlling interest, ratios, maybe even a manager's commission calculated on the year's profits
Your statement of income is wrong!
So how many marks do you lose for making just one error? Maybe a careless addition mistake?
Common sense has to tell you that the markers are not idiots. Your entire future existence as a qualified accountant potentially destroyed because you added up two figures in your head rather than use a calculator .... and you added them up wrong!
OK?
Thank you sir for your reply. And yes because of my outdated mobile version the videos are not played in my mobile so i am not able to watch them properly.Yet i have watched fortunately two or three which were really outstanding.
Thank u much .
You're welcome :-)
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