View Single Post
  #14  
Old Saturday, March 26, 2011
mani1's Avatar
mani1 mani1 is offline
40th CTP (DMG)
CSP Medal: Awarded to those Members of the forum who are serving CSP Officers - Issue reason: CE 2011 - Merit 27
 
Join Date: Oct 2008
Location: Lahore
Posts: 393
Thanks: 114
Thanked 358 Times in 138 Posts
mani1 has a spectacular aura aboutmani1 has a spectacular aura aboutmani1 has a spectacular aura about
Default

Quote:
Originally Posted by zulfi215 View Post
DEAR MANI,

The Profit and loss account is also known as a "statement of profit and loss", an "income statement"(in US) or an "income and expense statement".

The difference you are emphasizing is related to type of industry i.e. Manufacturing or Services. Manufacturing Concerns term their income statement as P&L account as they have to show their cost of goods sold separately. In 2011 ACCS paper, the question was about a services business so they termed the statement as Income Statement.

Regards,

Zulfiqar Ali (MBA Finance)
Sir I agree with your point but what I am talking about is Trading & Profit & Loss Account V/S Income Statement. The former has a different format e.g. in Trading Account, Direct costs are all individually listed on LHS to arrive at a Gross Profit which is then included in the Profit & Loss Account where indirect costs are listed on LHS and indirect revenues on RHS to arrive at Net Income. On the other hand, in an income statement, Gross profit is directly arrived at after deducting COGS and a single column format is used unlike the Trading & P/L Account.

I have already said before that end result for both will be same (obviously) but their format and application is different, a fact which can be confirmed from B.Com books where separate chapters and questions are dedicated for both. Plus you can contact any teacher/CA and he will tell you that you can not substitute Trading & P/L Account with Income statement and vice versa, since examiner has explicitly mentioned what he wants

Quote:
Originally Posted by Amir Shafique View Post
@Mani

I second Raz on the income statement issue. Please don't get emotional and pay respect to others. You claim that you respect Raz but your tone was really disrespectful.
I know in my heart that I respect him and I do not need your certification. Secondly, please learn that disagreeing with someone or initiating a debate does not necessarily means disrespecting the other

Quote:
Originally Posted by usman khalid View Post
@mani1

If one performs well in a paper and result does not come out accordingly, it necessarily does not mean lack of knowledge/skills/preparation.
Actually it does. Tests/Exams are specifically formulated to test the ability/aptitude/preparation of a candidate

Quote:
Originally Posted by usman khalid View Post
You should know that FPSC sometimes targets a particular subject and punishes it badly. Same was the case with CSS Accounting and Auditing paper 2009. I personally know candidates scoring below 100 who scored 150+ in their earlier attempts even with less preparation.
Do you have any proof of biasness of FPSC? If yes, please move the court of law so that your grievances may be addressed. If not, lets not debate on presumptions as I can put forward 100s of them too. If anyone scored less, its simply because he did not knew or was over-confident and made some mistake. There is no way examiner would unduly cut marks, especially in a mathematical paper like Accounting where you are either correct or wrong. Had it been a paper like History, I would have inclined towards your point of view but not in case of Accounting. Lets not base our debate on assumptions.

Quote:
Originally Posted by usman khalid View Post
Although, I am not a an accounting expert but have studied this subject in my bachelors and masters. I don't think paper was as much difficult as you are pretending. If paper is lengthy, conceptual and questions are asked in a different way, it does not mean something too difficult or impossible.
You are entitled to your opinion, as is everyone else, and I respect that. Let me clarify here that I am not against anyone's opinion but what I am against is imposing your opinion on someone else, especially when you yourself didn't even give the paper.

I personally felt that paper was hard, and I personally would value opinion of someone who actually gave the paper instead of someone who didn't. That does not however means that I do not respect your or Raz Bhai's opinion. I do; However I am against imposition of opinions. Thats why I said that if anyone feels the paper is easy, kindly solve it and upload it for the benefit of all

Hope everything is clarified
Reply With Quote
The Following 2 Users Say Thank You to mani1 For This Useful Post:
Sajni (Sunday, March 27, 2011), usman khalid (Sunday, March 27, 2011)