Could anyone who has recently passed the accounting and auditing exam guide as to whether a specific format for P&L is to be followed. I am accustomed with the vertical format, but have heard from a few people that horizontal T-Account format is to be followed. Otherwise marks are not given. Does it matter?

you have rightly heard that horizontal format was required but keeping in view dramatic changes in pattern of paper of 2011, no body can confirm the format. it would only be sure after declaration of the result...

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as pointed by respected fellow member the css-2011 completely changed the paper pattern for accounting and auditing...............it is advised you accustom yourself to all latest formats in practice as well classic/old formats

But then how am I supposed to know that which format I have to follow. From how far I have seen the past papers, the question doesn't mention anything. Although paper 2011 was way different than previous papers but like all other papers it didn't mention the particular format in the final accounts question. Even if I prepare various formats, the question would just require the preparation of a b.s, p&l or st of changes in equity. format won't be specified.confused.

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you are suppposed to follow the requirement of the question........irelevant of the fact that its a css paper or any other level the requirements of the question determine the way u format you accounts or balance sheet

profit and loss a/c is the classic t a/c presentation of profit and losses for the year
while income statement provides the same info in a vertical format in a summary form

both profit and loss a/c nd balance sheet though are still in practice at teaching levels .......at professional stages these are considered obsolete
balance sheet is now known as statement of financial position
and profit nd loss a/c is statement of financial performance (another name may be statement of comprehensive income )
(all this may sound quite much after looking at past papers up to 2010 but after 2011 one should have a basic knowledge of all formats and current practices )

The question never specifies the format;before CE-2011 it was generally understood that T-format had been required. However in CE-2011,some candidates have used T-form while others have used vertical format. After the result,these both types of candidates would confirm the format. Until then just wait and relax.

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We can trust the man of troubles but not on the man of pleasures.

brother with utmost of respect and in my little knowledge of accounting i gained over the years the requirement specifies the style of format
if question says profit and loss account its is clear that follow the t a/c format
but income statement can never be prepared on such format as the name specifies its a statement not an account
the marking scheme of css for acc and audit is still a mystery so lets hope 4 best

(typing error in bold) correct statement is while income statement provides the same info in a summary(statement form)

Bro i agree with you that there may be technical difference between profit and loss account and income statement but i want to ask whether the examiner would penalize if one follows a format in contrast with the requirement of he question?in other words,if the question requires to prepare income statement but one prepares profit and loss account,would the examiner penalize him?

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We can trust the man of troubles but not on the man of pleasures.