Tricks in the exam

[4231]

Did everyone get that the loan increaed by 8000? and to include that in the cash flow statement?

[darcy42]

yeah i got that.

[4231]

[4231]

Also what did some people put for "explain why the accountant requested Sales estimates before strting to prepare the budgets"?
I just said that it is a key factor in both the budgets and also assists in the calculation of other estimates such as cost of sales

[darcy42]

Yeah that is pretty much what I had, just said that sales are the cornerstone of a trading business, and accurate estimates are essential in preparing practically all budgeted reports effectively.

I can't really remember what I said to be honest, but it sounded ok at the time haha

[gem]

I just said they can base their expenses around the estimates sales

[mmmmm]

Did everyone get that the loan increaed by 8000? and to include that in the cash flow statement?

Where was that? :S

[4231]

in the last line of the additional information of the cash flow statement it said the loan was going to be increased so you have to get the end balance of the loan, deduct the orignal balance and add the loan repayments to find out how much the loan was increased by

[schnappy]

Wow, accounting appears to be even more boring than I thought.

[eeps]

in the last line of the additional information of the cash flow statement it said the loan was going to be increased so you have to get the end balance of the loan, deduct the orignal balance and add the loan repayments to find out how much the loan was increased by

There goes another mark. :\

Oh well, I hope it doesn't cost me too much - this year's exam was full of tricks; much harder than last year's.

[4231]

yeh there was a fair amount of tricks...did u add the accrued wages to the wages paid in the P&L statement?

[mmmmm]

Wow, accounting appears to be even more boring than I thought.

You're more boring than i thought.


Yeah D:
There goes another mark..

[mojomojo]

Also what did some people put for "explain why the accountant requested Sales estimates before strting to prepare the budgets"?
I just said that it is a key factor in both the budgets and also assists in the calculation of other estimates such as cost of sales

I refered it to the definition of profitability where sales is a base that we need to compare when we measure the ability of a firm to earn profit.

[mojomojo]

Wow, accounting appears to be even more boring than I thought.

It's actually pretty interesting.

[eeps]

yeh there was a fair amount of tricks...did u add the accrued wages to the wages paid in the P&L statement?

Yeah, I did.