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Dear tutor,
I have several questions when I practice.
1. By attempting questions with mark like AIR 6/06, I found out that if a question worths 10 mark requiring us to list audit procedures, the answer would list 10 procedures. If that happens in 2014 Dec exam, do we need to list 10 procedures? Really difficult for me.2. One question says that the major class of asset is vehicles, stated at 6 million in SOFP while total shareholders’ funds stated at 15 million. Isn’t that weird which major asset is far less than equity? By considering accounting equation: asset=liability+equity, how can this be reasonable? Thanks.
All we can go by is the marking scheme which almost always says “One mark per well described procedure/weakness/benefit etc. So the implication is that if there are 10 marks you should aim to say 10 things.
If the question says something like describe control deficiencies, the likely effect and how to fix those then there would be 3 marks for each 3-part set.
It could be something like
Vehicles 6, Machinery 5, Equipment 4, current assets 5 = 20
Equity 15, current liabilities 5 = 20
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