• We are pleased to announce that the winner of our Feedback Prize Draw for the Winter 2024-25 session and winning £150 of gift vouchers is Zhao Liang Tay. Congratulations to Zhao Liang. If you fancy winning £150 worth of gift vouchers (from a major UK store) for the Summer 2025 exam sitting for just a few minutes of your time throughout the session, please see our website at https://www.acted.co.uk/further-info.html?pat=feedback#feedback-prize for more information on how you can make sure your name is included in the draw at the end of the session.
  • Please be advised that the SP1, SP5 and SP7 X1 deadline is the 14th July and not the 17th June as first stated. Please accept out apologies for any confusion caused.

QA bank 2.26

E

Elroy

Member
I really think that some of the BS and IS questions for this module are highly ambiguous or plain wrong.

Making something difficult by ambiguity is just silly.

Eg

note (e) in this question.. The answer implies that the provision is for trade receivables outstanding at the end of 2007. The wording, to me, implies it is for 2006. This is really frustrating!!!

note (d) implies that this has already been recognised in the prior balance sheet, but the answer assumes it hasn't.
 
I also found that a lot of the material in the ActEd notes on construction of balance sheets etc. was highly ambiguous, sometimes self-contradictory and sometimes different to the most recent past paper.

However, a lot of that may be because the subject material is inherently ambiguous; I've prepared for the exam by asking a lot of questions of some friends of mine who are auditors and that if there does turn out to be something ambiguous on the paper you shouldn't sweat too much - just note down your interpretation and all that's going to happen is you'll lose a mark or two.
 
Back
Top