Query on Financial Statements Preparation

Hi,

I seem to recall that the preparation of financial statements isn't required for the CT2 exams (e.g. we won't be asked to prepare an income statement from a trial balance). Can anyone kindly verify whether this is true? I'm asking because this used to appear in past exam papers, but I'm not sure if it's still required.

I'm currently rather frantic now as I'll be writing CT2 in the exams next week. Thanks!

 

Hey Inspiration7 we are required to prepare the financial statements(income statement, statement of financial position and statement of changes in equity) The only thing that you are not required to prepare(but understand)is the Cashflow Statement. May I ask where you got this info from?
It's pretty easy.It's not too late to start.It should take you no longer than a day to understand and solve a few questions. It's the adjustments you should be worried about. Like I said it's not too late. Make sure you are thorough with the other chapters.
Kind Regards
Sanjay

 

Hi Sanjay thanks for your quick reply. I'm not sure where the information came from; it was only a vague impression and as it turned out, a wrong one.

I also went to look up the syllabus objectives, but statement of changes in equity doesn't seem to be mentioned anywhere? But it's inside the Core Reading, so I'm not sure what this means. Also, yes I'm worried about the adjustments aspect as well as the other chapters (particularly the later ones). Feeling woefully unprepared a week before the exams - sigh.

 

I hear you. It's more like Brutus stabbing you in the back and all you can say is 'Et tu Brute." Have you tried solving the past papers? They hardly ask Equity Statement but that doesn't mean we should skip it. Just take a day off from other chapters and focus on the accounts part. But I really don't think that they are going to ask the accounts this time coz they already asked it in April. Please don't hesitate to ask any questions or send a private message should you have any doubts. I will try my best to help you out. Worrying is not going to get you anywhere, all you need to do is clear your mind. Trust me. Go thru the past papers, it really helps.