Economics, Accounting & Business: Post your doubts here!

[Esme]

wajiman thanks a lot dude . you helped me out with the goodwill mcq and it turned up in the ppr.i owe you.

 

[Anusuya]

Accounts ans for mcqs, only one incorrect soo far !

I am pretty sure the answer for stepped cost is 85000 nt 82500. and I don't think its marginal marginal costing in both cases.

 

[youzair]

lets promise not to do this for P4 coz if we screw up P4 too(which im kinda guessing i will.......but i'll stay positive for the time being) we will have to wave good-bye to chances for even B i feel!
coz P4 will need a hell lot of thinking to do!

hahaha the same i was discussing with my mate with whom i went back to home after paper :|
yeah we should work hard hard hard and hardeR!!
yu are rite we shuld not screw up our A2 papers!

Yeah i promise do you???

 

[wajiman]

Accounts ans for mcqs, only one incorrect soo far !
1) Return Outwards
2) 114000 D
4) Substance over form D
6) A ( Accruals Concept )
Cash discount 5% and stock previewed system ( D )

20 ) C

Partnership capital 60 000 drawings 30 000 ( C )

undervalued closing stock and overvalued opening inventory both to be added in net profit

subscription accounts can have bad debts and may have trading account ( A)

gross profit increased, return on capital employed decreased

partnership
goodwill x 15000 y 15000 ( C )

Liquidity difficulties to pay to creditors factoring trade debtor ( A )

Cumulative shares dividend carried to next year ( C )

Stepped cost net
profit of 15000 unites = 82500

value of stock issued 380 ( B )
Debentures issued for 300 000 Current Assets increased and net profit decreased in short term


Manufacturing overheads depreciation of assembly line and supervisors salary

breakeven sales 600 000 ( C )

Ans for B.R.S was ( B ) ( un presented add uncredited minus, minus credited charges for standing order

fixed costs remain constant for a range of activity ( A ) ( D was not the ans )

28) D Marginal Costing, Marginal Costing
29) D 6.5
30) D Price for the quotation
these are the corrects ans soo far

dude, your fist answer itself is wrong. its repeat from may 01 p1 q2.
6 again wrong, as paper is not to be discussed, will tell you later
Debentures one again is wrong according to me, will try to explain later
B.R.S was wrong, repeated from year nov 04 p1 q8
28 again wrong will try to explain later as rules dont allow

 

[WaleedUQ]

but we havent done cash budgets in AS. its part of A2 portion.
and according to me one of your answers is wrong though lets not argue.
Q6 has to be consistency cuz they asked what will make it possible to compare. consistency means same methods and principles used in all the years which allows acurate comparision between years.
accrual means correct profit for the year is calculated. does not affect comparisions. and im confident of my answer too.

I'll argue, why don't you google accruals vs matching.
both of them are same.
it means that All debits have credit? ohkay
so the question said that we can match it with next year financial statements right ?
closing debtors are next year opening debtors
closing bank cash creditors o/d n.b.v are next year opening bialances.
that was the question asking it didnt ask for consistency i agree with you first i shaded consistency but i read it again it wasnt asking about the methods it was matching last year statement with present year it was matching the balances ! MATCHING
MATCHING AND ACCRUALS are the same concept my friend

Secondly do me a favor open 2012 syllabus Partnership admission and retirement
limiting factors and cash budgets are now in A.S

 

[Esme]

I'll argue, why don't you google accruals vs matching.
both of them are same.
it means that All debits have credit? ohkay
so the question said that we can match it with next year financial statements right ?
closing debtors are next year opening debtors
closing bank cash creditors o/d n.b.v are next year opening bialances.
that was the question asking it didnt ask for consistency i agree with you first i shaded consistency but i read it again it wasnt asking about the methods it was matching last year statement with present year it was matching the balances ! MATCHING
MATCHING AND ACCRUALS are the same concept my friend

Secondly do me a favor open 2012 syllabus Partnership admission and retirement
limiting factors and cash budgets are now in A.S

i dint say the ans is matching i said its consistency.

 

[mimiswift]

hahaha the same i was discussing with my mate with whom i went back to home after paper :|
yeah we should work hard hard hard and hardeR!!
yu are rite we shuld not screw up our A2 papers!

Yeah i promise do you???

promise sealed

 

[WaleedUQ]

dude, your fist answer itself is wrong. its repeat from may 01 p1 q2.
6 again wrong, as paper is not to be discussed, will tell you later
Debentures one again is wrong according to me, will try to explain later
B.R.S was wrong, repeated from year nov 04 p1 q8
28 again wrong will try to explain later as rules dont allow

explain me lol !
b.r.s values were changed dude and one thing credited lodgement were added twice those are unrepresented cheques so we have to minus them.
secondly 28 is right it is repeated !
third debentures will result in cash but then u have to pay interest to them in the short run that will reduce ur profit.
GET IT ?

 

[WaleedUQ]

i dint say the ans is matching i said its consistency.

:S i know you said consistency
accrual is another name for matching :s accrual was their i choose accruals!
consistency was not making sense for me

 

[Anusuya]

I'll argue, why don't you google accruals vs matching.
both of them are same.

It is consistency..not acruals or matching.

 

[WaleedUQ]

1st ans is not wrong!
dont go for repeats
their are even wrong ans in Mark scheme i think you may not know this.
secondly search google for purchase returns and sales return nature
CARRIAGES are expenses, expenses are always debit!

 

[Anusuya]

T

:S i know you said consistency
accrual is another name for matching :s accrual was their i choose accruals!
consistency was not making sense for me

The answers are not as per wat made sense to you. Anyways u be happy with your answer...nd we r happy abt ours.

 

[Esme]

I'll argue, why don't you google accruals vs matching.
both of them are same.
it means that All debits have credit? ohkay
so the question said that we can match it with next year financial statements right ?
closing debtors are next year opening debtors
closing bank cash creditors o/d n.b.v are next year opening bialances.
that was the question asking it didnt ask for consistency i agree with you first i shaded consistency but i read it again it wasnt asking about the methods it was matching last year statement with present year it was matching the balances ! MATCHING
MATCHING AND ACCRUALS are the same concept my friend

Secondly do me a favor open 2012 syllabus Partnership admission and retirement
limiting factors and cash budgets are now in A.S

sorry maybe we are discussing different variants.mine was 2.
if urs is the same then the question said that what allows the profits to be compared from one year to another.
anyways i havent time to argue about whats done. left it in the hands of Allah.Best of luck for your othe pprs.
though i wish you werent so arrogant.

 

[WaleedUQ]

It is consistency..not acruals or matching.

LOGIC ?

 

[youzair]

:S i know you said consistency
accrual is another name for matching :s accrual was their i choose accruals!
consistency was not making sense for me

Economics kis se parhi thi??
private hai ya school se?

 

[WaleedUQ]

sorry maybe we are discussing different variants.mine was 2.
if urs is the same then the question said that what allows the profits to be compared from one year to another.
anyways i havent time to argue about whats done. left it in the hands of Allah.Best of luck for your othe pprs.
though i wish you werent so arrogant.

Im not arrogant nor im not a teacher, just a student like you! i might get wrong too Allah knows better, but i was just defending my point!

 

[WaleedUQ]

Economics kis se parhi thi??
private hai ya school se?

Im in Nixor College
studied As Economics from Ambreen Shah and Zeenat farookee !

 

[Esme]

dude, your fist answer itself is wrong. its repeat from may 01 p1 q2.
6 again wrong, as paper is not to be discussed, will tell you later
Debentures one again is wrong according to me, will try to explain later
B.R.S was wrong, repeated from year nov 04 p1 q8
28 again wrong will try to explain later as rules dont allow

im afraid his 1 ans is correct and also the debentures ans is correct,i agree with you abt the 6 ans though.

 

[youzair]

promise sealed

​

Wish you and me Good Luck in our MISSION IMPOSSIBLE ​

 

[youzair]

Im in Nixor College
studied As Economics from Ambreen Shah and Zeenat farookee !

abhi A2 mei hai??
Sulaiman Jaliawala ko janta hai?