Profit testing

I look forward to the day I will get a Profit testing question entirely correct. This is really getting to me because if you ace this question you ace the paper.

However, Looks like a small mistake can be very consequential. Has anyone scored full here, with helpful tips?

What does the examiner's reports mean by saying the candidates who demonstrated how they would go about with the calculations were given credit even if the calculations were not entirely correct?

 

I think it means showing some workings steps so that if you make a mistake they can follow your method and you don't get penalised too much if you type the wrong number in the calculator or something. For example if you wrote 6*5 = 25 and the answer was meant to be 30, they can see you meant to do 6*5 which if you had done your arithmetic right would have given the correct answer of 30. If you just wrote down 25 you wouldn't get any marks.

 

Its not always necessarythatyou get your answer entirely correct . More important is that you show that the way you have treated items in your calculations are correct and logical.

Items to be considered specifically are (in unit linked product setting): All charges in the unit account, then again in non-unit account as income items, and all expenses in non-unit or cash account.Important point to remember is that all revenues must come from unit account.


Special care to be taken for withdrawal charges and nonunit provisions, as these are generally non-statnard cases.

Again , state whatever in your assumption on which you base your cals.