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    (Original post by lifeadd1ct)
    The repair was 1500 and at cost was 4000 therefore 2000<2500 therefore must be valued at cost hence no effect on profit

    Btw are you doing accn 3? Are you prepared for it?
    I am quite prepared for this one.
    Just need to learn the written stuff.
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    (Original post by JohnT92)
    Doesn't it rise by 500?
    as the stock would have been added to closing stock?
    Big closing stock = smaller cost of sales = higher profit?
    Nope, decrease it. Always valued at the lower of cost and NRV, and the original profit was calculated with it valued at cost, but it should've been NRV (i.e. stock was originally overvalued by 500).
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    (Original post by matt2k8)
    Nope, decrease it. Always valued at the lower of cost and NRV, and the original profit was calculated with it valued at cost, but it should've been NRV (i.e. stock was originally overvalued by 500).
    Yes but on the profit/loss account It would have gone in closing stock. Which is - away from Cost of sales.
    I think the grade boundaries for this paper will be really low.
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    (Original post by matt2k8)
    I remember it saying something that implied the NRV was 1500 and cost 2000, but I'll check the paper tommorow as I have accounting first lesson.

    Yep doing ACCN3 next week. I'm pretty good at the incomplete records/stock valuation/partnerships stuff but the written bits about accounting standards, auditors directors etc need some work.
    So is this going to be the first accn3 paper ever for the new spec? Do you reckon they will give a hard or an easy paper?
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    (Original post by lifeadd1ct)
    So is this going to be the first accn3 paper ever for the new spec? Do you reckon they will give a hard or an easy paper?
    Yep it is - wouldn't surprise me if they do what they did with accn1 and make it too easy with really high grade boundaries, but it also wouldn't suprise me if it's a really hard one with really low boundaries.
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    (Original post by JohnT92)
    Yes but on the profit/loss account It would have gone in closing stock. Which is - away from Cost of sales.
    I think the grade boundaries for this paper will be really low.
    Lower closing stock will mean higher cost of sales, hence lower profit
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    (Original post by matt2k8)
    Yep it is - wouldn't surprise me if they do what they did with accn1 and make it too easy with really high grade boundaries, but it also wouldn't suprise me if it's a really hard one with really low boundaries.
    Which case do you reckon will be better in terms of individuals

    Btw what time does the exam start on the 27th?
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    (Original post by lifeadd1ct)
    Which case do you reckon will be better in terms of individuals

    Btw what time does the exam start on the 27th?
    I dunno really, I'd prefer slightly harder with slightly lower boundaries. It's a morning exam. BTW have you noticed the mistakes in the ACCN3 specimen markscheme lol?
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    (Original post by matt2k8)
    I dunno really, I'd prefer slightly harder with slightly lower boundaries. It's a morning exam. BTW have you noticed the mistakes in the ACCN3 specimen markscheme lol?
    I haven't looked at any of the markschemes. Btw did you see the mistake in yesterday's exam paper? They made a mistake when adding up the cash budget so I told the invigilator and he phoned up AQA and they confirmed that a mistake has occured lol

    Ye I prefer a harder exam as well
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    (Original post by lifeadd1ct)
    I haven't looked at any of the markschemes. Btw did you see the mistake in yesterday's exam paper? They made a mistake when adding up the cash budget so I told the invigilator and he phoned up AQA and they confirmed that a mistake has occured lol

    Ye I prefer a harder exam as well
    Yeah they don't proof read the stuff properly, apparently a couple of years back there was an ACC5 exam with an impossible question.
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    (Original post by matt2k8)
    Yeah they don't proof read the stuff properly, apparently a couple of years back there was an ACC5 exam with an impossible question.
    I realised it wasn't a deliberate mistake but at the end of the question I said that the guy needs to get professional accountants to prepare the cash budget because it's a complex proccess and if a mistake occurs it can give an incorrect view of the business. Then at the end I spoke to the invigilator and he signed the paper saying that there has been a mistake and I wrote I thought the mistake was deliberate -.-
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    (Original post by matt2k8)
    Lower closing stock will mean higher cost of sales, hence lower profit
    Yes, sorry I was getting myself confused

    Accn3 I think will be quite hard, the specimen paper was anyway.
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    Teacher went over some of the paper today.
    Deprieciation was £10000
    The golf sticks was about the historical cost concept.
    I misread the golf sticks question, I thought it was them selling on sale or return..but they purchased this way.
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    (Original post by lifeadd1ct)
    I realised it wasn't a deliberate mistake but at the end of the question I said that the guy needs to get professional accountants to prepare the cash budget because it's a complex proccess and if a mistake occurs it can give an incorrect view of the business. Then at the end I spoke to the invigilator and he signed the paper saying that there has been a mistake and I wrote I thought the mistake was deliberate -.-
    They'll accept comments about the mistake as a legit answer I assume.
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    If anyon has the question paper than I would be grateful if you can PM it to me. Or if anyone can still remember the questions that came up
    How long does it take for AQA to upload recent exam papers onto their website?
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    (Original post by Futuro)
    If anyon has the question paper than I would be grateful if you can PM it to me. Or if anyone can still remember the questions that came up
    How long does it take for AQA to upload recent exam papers onto their website?
    Its at least after the exam results are published put it that way.
    Sorry its not very good but any help is better than no help.
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    anyone doing this exam- 'ACCN2', in june 2010?
    i'm doing it and the change is that instead of 'profit and loss appropiation account', we hve to do state of changes in equity.
    And the name 'capital and reserves', it will be equity.
    I hate this, why does aqa have to change it during the course.
    But one thing is for sure that this q's will come up in the exam, otherwise why would they inform us now.
    I got 81/100 - 'ACCN1'
    need to get atleast 79/100 to get A.
    BUT ACCN2 IS VERY WORDY
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    (Original post by jit987)
    anyone doing this exam- 'ACCN2', in june 2010?
    i'm doing it and the change is that instead of 'profit and loss appropiation account', we hve to do state of changes in equity.
    And the name 'capital and reserves', it will be equity.
    I hate this, why does aqa have to change it during the course.
    But one thing is for sure that this q's will come up in the exam, otherwise why would they inform us now.
    I got 81/100 - 'ACCN1'
    need to get atleast 79/100 to get A.
    BUT ACCN2 IS VERY WORDY

    I'm retaking ACCN2 (did it last summer). SO we DEFINATELY won't get profit and loss appropriation then?

    AND is the state of changes in equity the Balance sheet for limited companies ????
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    (Original post by mr*writer)
    I'm retaking ACCN2 (did it last summer). SO we definitely won't get profit and loss appropriation then?

    AND is the state of changes in equity the Balance sheet for limited companies ????

    YEH, we wont get profit or loss appropriation accounts and the statement of changes in equity is in the balance sheet for the limited companies.

    Check the specification again from aqa.co.uk--to double check
    How you revising it?
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    (Original post by jit987)
    YEH, we wont get profit or loss appropriation accounts and the statement of changes in equity is in the balance sheet for the limited companies.

    Check the specification again from aqa.co.uk--to double check
    How you revising it?

    basically just refreshing what I know already by using the text books and doing questions from them.

    then I am going to move onto past papers (jan 2009 and june 2009) and the 2 specimen papers on aqa website.

    how about you?

    I'm really hoping cash budget turns up!
 
 
 
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