after all, ma prayers paid off... im ssooo happy for such a paper... i wos afraid like bcom type papers were in vogue for css exams bt when i saw this paper, all ma worries fled like nthng.... i read comments of sm ppl tagging this paper as difficult, those ppl would have crammed accounting in their degrees and sm ppl were cramming it in the exam hall, literally a girl sitting right behind me wos full on cramming it ... im expecting about 170 marks in this paper... best of luck fr ya ppl too

vickiestic-you appear professionally qualified because only a professional,like an acma or a ca,can fully solve these papers and claim to secure 170 plus. are you an acma or a ca?if you are to secure 170 plus, then you must have done all mcqs correct which was an impossible task. kindly therefore share answers of the mcqs. Also plz share answers of the other questions.

the point is that if u are asked to prepare an income statement then you shuld behave accordingly as income statement shows us information like cost of goods sold,Total of operaing & non operating expenses, income from operations (OPBIT),income before intrest n tax (EBIT) and income before tax (EBT)etc. not depicted by profit n loss A/C which is useded in ratio analysis n cost accounting records in industries.
i remember appearing in a paper in my institute whn i was asked to prepare cash flow statement by direct method.i tried hard to solve it by direct method but i was not able to reconcile my answr with closing cash balance n then i solved it by indirect method but i was awarded no marks for that cz that was not required by the examinar although both methods give the same results.

i m a student of icmap and from the pattern of papers of 2011, it seems that an acma has set the papers because it is a habit of icma to give tough time to students and set difficult papers. they also concede a few marks to big questions-you must have noticed that preparation of financial statements was given 25 marks but this it has been allowed 20 with increase in no of requirements.another i ve also learnt at the institute is that they are not much concerned about the format.they give full marks if concept is clear. so i think the discussion on the format is useless.

One question is about IAS 18. I have some material about IAS 18 that I copied from a website.

We heard some years a go about great dispute between Price Waterhouse Coopers and a big listed entity whose main business activity was selling calling cards. PWC (World’s no.1 Audit Company) being the auditors of the company did not agree with the revenue recognition policy of the listed entity. As you know calling cards are not used for a long period after they are sold by the company. There was a question whether the revenue should be recognized at the time of sale of cards or at the time when they are utilized. At the end PWC was the winner of the dispute and that listed entity had to change its revenue recognition policy. Due to that dispute its share price came down from 65CU to 2CU.

From this scenario you can understand the importance of revenue recognition policy. IAS 18 deals with rules regarding revenue recognition. It’s damn important for every auditor to remain up to date with the alterations of IAS 18 and have a complete grip on the matters specified in it. It is also important for auditors to grasp all the knowledge of IAS 18. A summary of IAS 18 is available for your review. This summary contains all the concepts of IAS 18 with necessary explanations in a very concise way. It is also important for students for revision purpose and for those professionals who does not get time to upgrade their knowledge. You can read it on the following link.

IAS 18 (Revenue) | IAS – Plus

Which question is about IAS-18?

@faraz... yaar actually ive done ACMA of UK, u must be familiar to CIMA, rite??? and u r doing icma then i think u wud b used to such questions.... and ea i cudnt do all the mcqs frm paper 1 bt i attempted 17-18 mcqs and they r all correct.... and definitely i'll upload answers, i dnt have ma question paper on which i'd marked all the answers and these days im busy withan assignment.... give me a few days... is it okay???

and bro IAS 18 is revenuie recognition

If Accounting 2011 paper were a compulsory paper then it would have been my favorite one. I attempted it well but as a matter of fact you don't have to pass or get good marks in optional papers but in fact, you have to push your score in the net of 150's or above. So thumps down for accounting paper and hopes shattered at least for next two attempts.
Furthermore, your paper will be marked by Hailey college lecturers. Not by the Chartered Accountants of ICAP or Management Accountants of ICMAP who have sufficient time and get adequate remuneration for paper marking based on conceptual answers. Here, marks will be awarded according to correct answers. No step-wise marks will be given in any mathematical question, I guess.
And MCQS will be another battle to fight with.
Being a Chartered Accountant I am a die-hard lover of Accountancy but in my opinion swimming against the current is a futile thing. May Allah Bless all of us and may Shower His blessings upon those who work hard.

i being an experienced financial personnel, can say with guarantee that this Accounting Paper was way way tricky than all the previous years and it is just might be the glimpse which FPSC show that trend of this paper is now changing. It will be almost impossible to score 150 in this paper even for accounts expert. Apart I am CA finalist.

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biggest impediment in accomplishment of your dreams is "YOU"

can some one please be kind enough to post the answers of paper one question. 2 ? i would greatly appreciate it and im sure the 2012 aspirants who have opted accounting will too