-
We need your support!
We are currently struggling to cover the operational costs of Xtremepapers, as a result we might have to shut this website down. Please donate if we have helped you and help make a difference in other students' lives!
Click here to Donate Now (View Announcement)
ACCOUNTS
- Thread starter hamza87
- Start date
- Messages
- 80
- Reaction score
- 7
- Points
- 18
Wait till 24 hrs after the paper for discussion
- Messages
- 20
- Reaction score
- 0
- Points
- 0
wat was the answer for question 1 which was on accounting concept.
- Messages
- 278
- Reaction score
- 30
- Points
- 38
ARE WE ALLOWED TO DISCUSS??????
- Messages
- 278
- Reaction score
- 30
- Points
- 38
OKAY
- Messages
- 87
- Reaction score
- 0
- Points
- 0
HEY MODERATORS IT HAS BEEN 20 HOURS NOW SO PLEASE I THINK WE CAN DISCUSS THIS NOW!!!
THE ANSWER TO THE FIRST QUESTION IS D SUBSTANCE OVER FORM BECAUSE THE COMMERCIAL REALITY OF THE TRANSACTION IS MORE IMPORTANT THAN ITS LEGAL FORM.
FOR QUESTION 2 IT WAS GOING CONCERN. BUSINESS WAS UNCERTAIN ABOUT ITS FUTURE.
THE COMPUTERIZED AGE ANALYSIS OF DEBTORS IS DONE SO THAT THE BUSINESS COULD DECIDE THE PAYBACK PROCEDURE. THIS QUESTION WAS SIMILAR TO THE PROVISION FOR DOUBTFUL DEBTS. WHY WOULD A BUSINESS CHARGE PROVISION FOR DOUBTFUL DEBTS?. TO ESTIMATE ABOUT THE DEBTORS THAT ARE LIKELY TO BECOME BAD. HOW CAN A BUSINESS CHARGE PROVISION? TO SEE THE HISTORY OF THE DEBTORS.
YOU SEE HISTORY IS LINKED TO AGE. THATS WHY THIS QUESTION SAID { COMPUTERIZED AGE ANALYSIS}. TO DECIDE ON THE PAYBACK PROCEDURE. OPTION A
PURCHASED GOOD WILL SHOULD BE RECORDED IN THE BALANCED SHEET AND WRITTEN OFF OVER ITS USEFUL LIFE.
FRS 10 STATES THAT ONLY PURCHASED GOOD WILL SHOULD BE RECORDED IN THE BALANCE SHEET UNDER THE HEADING INTANGIBLE FIXED ASSETS. AND ALSO IT SHOULD BE DEPRECIATED OVER THE STRAIGHT LINE METHOD IN THE PROFIT AND LOSS ACCOUNT. I THINK THE ANSWER TO THIS WAS OPTION C. I DON'T REALLY REMEMBER.
THE PAPER WAS VERY VERY VERY EASY. I ONLY DID 3 MCQS WRONG. OF THE 3, 2 INVOLVED SEVERE MATHEMATICAL WORK WHICH TOOK TIME THATS WHY I HAD TO LEAVE THEM. 1 MCQ WAS DIFFICULT BECAUSE I COULD NOT GET THE ANSWER. IT WAS RELATED TO COMPANY'S ACCOUNT.
HOW DID YOU GUYS FIND THE DIFFICULTY OF THE PAPER? EASY,MODERATE OR DIFFICULT??
THE ANSWER TO THE FIRST QUESTION IS D SUBSTANCE OVER FORM BECAUSE THE COMMERCIAL REALITY OF THE TRANSACTION IS MORE IMPORTANT THAN ITS LEGAL FORM.
FOR QUESTION 2 IT WAS GOING CONCERN. BUSINESS WAS UNCERTAIN ABOUT ITS FUTURE.
THE COMPUTERIZED AGE ANALYSIS OF DEBTORS IS DONE SO THAT THE BUSINESS COULD DECIDE THE PAYBACK PROCEDURE. THIS QUESTION WAS SIMILAR TO THE PROVISION FOR DOUBTFUL DEBTS. WHY WOULD A BUSINESS CHARGE PROVISION FOR DOUBTFUL DEBTS?. TO ESTIMATE ABOUT THE DEBTORS THAT ARE LIKELY TO BECOME BAD. HOW CAN A BUSINESS CHARGE PROVISION? TO SEE THE HISTORY OF THE DEBTORS.
YOU SEE HISTORY IS LINKED TO AGE. THATS WHY THIS QUESTION SAID { COMPUTERIZED AGE ANALYSIS}. TO DECIDE ON THE PAYBACK PROCEDURE. OPTION A
PURCHASED GOOD WILL SHOULD BE RECORDED IN THE BALANCED SHEET AND WRITTEN OFF OVER ITS USEFUL LIFE.
FRS 10 STATES THAT ONLY PURCHASED GOOD WILL SHOULD BE RECORDED IN THE BALANCE SHEET UNDER THE HEADING INTANGIBLE FIXED ASSETS. AND ALSO IT SHOULD BE DEPRECIATED OVER THE STRAIGHT LINE METHOD IN THE PROFIT AND LOSS ACCOUNT. I THINK THE ANSWER TO THIS WAS OPTION C. I DON'T REALLY REMEMBER.
THE PAPER WAS VERY VERY VERY EASY. I ONLY DID 3 MCQS WRONG. OF THE 3, 2 INVOLVED SEVERE MATHEMATICAL WORK WHICH TOOK TIME THATS WHY I HAD TO LEAVE THEM. 1 MCQ WAS DIFFICULT BECAUSE I COULD NOT GET THE ANSWER. IT WAS RELATED TO COMPANY'S ACCOUNT.
HOW DID YOU GUYS FIND THE DIFFICULTY OF THE PAPER? EASY,MODERATE OR DIFFICULT??
- Messages
- 87
- Reaction score
- 0
- Points
- 0
i included net profit before interest. and i first added fixed assets and net current assets but my answer was included in the options then i thought i should add the long term liabilities as well then it came some thing i guess 21.6%.i thought that was the right answer. what u did??
i know i have done something wrong in that question as well.!!!
i know i have done something wrong in that question as well.!!!
see the denominator of dat formula is equity+l.t liabilities....
when we deduct l.t liabilities from fixed assets and net current assets....we get d equity...
if we add back d l.t liabilites 2 it...it wud be same as fixed assets + net current assets,,, so C was d answer
when we deduct l.t liabilities from fixed assets and net current assets....we get d equity...
if we add back d l.t liabilites 2 it...it wud be same as fixed assets + net current assets,,, so C was d answer
- Messages
- 87
- Reaction score
- 0
- Points
- 0
you are right!!
i just confirmed it. that question was included in oct/nov 2006.
so!!! my total incorrect answers i guess are now 3 or 4. but they will not deduct 4 marks. they are going to take average of it.
inshallah it will be still and a*.
what about the computirzed debtors and the good will one.??
i just confirmed it. that question was included in oct/nov 2006.
so!!! my total incorrect answers i guess are now 3 or 4. but they will not deduct 4 marks. they are going to take average of it.
inshallah it will be still and a*.
what about the computirzed debtors and the good will one.??
- Messages
- 87
- Reaction score
- 0
- Points
- 0
what d you think? how many incorrect answers have you attempted.!!!
- Messages
- 87
- Reaction score
- 0
- Points
- 0
I only have physics mcq paper left!!! on 8 june
after that iam free
this year i took business,maths,accounts,physics.
best of luck to all you hard workers on this forum. may u all get good A grades. ameen!!!!
after that iam free
this year i took business,maths,accounts,physics.
best of luck to all you hard workers on this forum. may u all get good A grades. ameen!!!!
- Messages
- 87
- Reaction score
- 0
- Points
- 0
wow!!!
that means double pressure!!!
any how good luck!!! honestly you had an option to appear separately than why you opted for complete a levels?
that means double pressure!!!
any how good luck!!! honestly you had an option to appear separately than why you opted for complete a levels?