Thread: Accounting & Auditing Paper of 2011
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Old Thursday, March 24, 2011
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CSP Medal: Awarded to those Members of the forum who are serving CSP Officers - Issue reason: CE 2011 - Merit 27
  
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Quote:
Originally Posted by Raz View Post
Sorry, did you attempt CE-2011? If yes, then question # 02 of Part-II is from final accounts. Income statement and Trading and Profit & loss A/C are used interchangeably just with the difference of terminology (American vs British and sometimes with a difference of presentation style). Your objection over absences of trading and profit & Loss account is not valid.

Wish you good luck if you are candidate of CE-2011.
I am actually surprised you think trading & profit & loss account/Income Statement can be used interchangeably. No they can not. While the end result will be the same, the methodology and format all are completely different. This suggestions of yours will actually lead to failure of candidates as you are suggesting if the examiner asks for trading & profit & loss account one can draw an income statement and vice versa. This would be disastrous as the end format is completely different. Please refer to books of Sohail Afzal for detailed format of Income Statement and trading & profit & loss account and hopefully you will understand.

Yes I gave the papers in 2011. Did you?

Quote:
Originally Posted by Raz View Post
Paper-I

Q:3,4, and 5 were Halwa questions:

Q:3 of Section A. Basic concepts, principled, and terms of accounting.

Q:4 of Section A. This question was about the ABC of accounting. Your first lecture of accounting class.

Q: 5 of section A. Basic principle of revenue recognition taught at the time of final accounts (Income statement/P n L A/C and B/S) in light of IAS/IFRS-18

IAS-18 - Revenue | IFRS/IAS Summary | Accountancy


Q:6 was not an easy question but partnership question is always included in paper so we should be fully prepared for this topic. Most expected question.

Q:7 conceptual question based on IAS-1/IFRs/GAAP
International Financial Reporting Standards (IFRS) by IFRSclass.com

http://www.pcfr.org/downloads/09_08_...S1_summary.pdf

What do we mean by Materiality Concept « Accounting Basics,principles & Concepts « College Accounting Coach

Accounting II Concepts


Q:8 Most expected and repeated topic. Easy and expected question.

Q:9 Expected and easy question. Understanding of depreciation of fixed assets in case of addition, and disposal is essential for accounting candidate. This topic is taught in the initial lectures before attempting final accounts question.
With all due respect, people here know your own performance in 2009 paper. Written posts of yours are available saying how good your papers went but when the result came out you hardly scored any marks (less than 60% if I am correct).

The point I am trying to make is that it seems you seem to oversimplify stuff, have over-confidence on your abilities and try to apply your throughts and procedures on everyone.

Don't get me wrong. I respect you and all the help you provide to people here. But you should also simply not discard opinions of others. I have asked you before and I'll ask you again. If you think this was paper was super duper easy, please solve both the papers in alotted time of 6 hours and upload it. If you can not, please respect opinions of those who actually gave the paper in 2011 (I did). I repeat that I am not challenging you or something; I would be grateful to you if you solve these papers and upload it and trust me, nothing would be more helpful for the rest of the aspirants.

I hope you will take this post of mine in positive sense.
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