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Hi
I am really struggling with getting the correct answers in the end of chapter tests for the accounting equation I understand the basic equation and have done several examples now to make sure. I am getting so mixed up and confusing myself when it then becomes the second equation
Increase in net assets = capital introduced + profit-drawings
I understand it and can balance the examples in the lecture notes. The test equation questions then flings me off completely and now Im in such a flap!
There are two things you need to remember. One is the formula that you have stated in your post, and the other is that at any point in time the total capital is equal to the net assets (so the capital at the start (or end) of the year is equal to the net assets at the start (or end) of the year).
If you are happy with both of these statements then I can only imagine that your problem is misreading the question. If you say which question(s) is causing difficulty then I will explain.
While I am replying, I do hope that you are not using the lecture notes on their own but that you are also watching the free lectures that go with them. It is because in the lectures I explain and expand on the notes. If you are not watching the lectures then you must buy a Study Text from one of the ACCA approved publishers and study from there.
Also, appreciate that the short tests we provide are just there to give a few examples of the sorts of questions you might have to deal with in the exam. However it is essential that you
also have a Revision Kit from one of the ACCA approved publishers, because they are full of exam-standard questions for practice and practice is vital to passing the exam.Thanks for the quick response John
I am using the Lecture notes along with the lectures. I also have a Revision Kit from Kaplan along with the flashcards.
I just seem to get different figures on the mock test, equation questions , when answering. Everything else I am fine with and understand fully.
The 2 examples on the lecture notes I practised a few times and now finally get the correct answers. I think I may just have to keep practising examples till it becomes clear in my head. I don’t want to move on to the next chapter till I am fully confident.
Do check the pop-up answers on the test, and do ask if you are still unsure about any of the questions in the test and I will explain.
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