I didn't join but did visit and it did seem that at least with the threads that I was reading they were doing a lot of winging but very little by way of being constructive or helpful to each other.
It could just be that I picked a few poor examples of threads but what I did see just made me realise how lucky we are on this site to have such a supportive little community.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Next time that your friend tries to give you advice about going straight for ACCA just put your fingers in your ears and repeats "la la la la" until they've gone away!
I think that if you had followed their advice you would have spent a lot of money but got to being an accountant slower than the route that you have chosen.
Sometimes, just sometimes the tortoise really does beat the hare!
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
For ACCA I self teach and buy both the BPP and Kaplan text books for every paper.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Just to let you know, I have got the trial balance figures to balance £25,007.28. Hip Hip Horray!
I had spent hours going over it and if it was not for you kind people, I may have spent many hours in future trying to balance the TB.
However, I have one last question for ATTLIABENKO -
In your explanation on 9th June (above), you state that for task 3, I need to post the transaction to phone,vat,bank a/c. My question is - why do I need to make an entry in the VAT a/c since the transaction only involves payment of the phone bill. I assumed the vat entry would have already been made when the phone bill invoice would have been generated? Am I correct?
Well,in a real life situation the invoice probably would have been entered already but here you are processing it as you go so you should be posting £76.37 to bank, £11.37 to VAT a/c and £65 to phone a/c. That is the right answer but these exams can be confusing, that's where people can loose marks. I believe there is more points lost on not understanding the question than on the actual knowledge, especially with ICB. Further to your question you cannot just make the payment you need the corresponding other side (ie phone+VAT). I know with level 1 if you start thinking you will just get confused, I did as well. I agree the invoice should have been entered before in some way as an accrual or something (the year end was end of may) but I suppose they just wanted to keep it simple. (that's where the problems start)
The ICB has always always tried not to have ambiguous questions. We get very few people asking for clarification.
Is it an actual ICB paper, not one your college has given you?
If you do have a question you are not sure about on the actual exam, always ring the ICB as you may be the first to take that paper, and the ICB will then take into consideration your points.
I do know that. The problem is when the candidates are ambiguous and it is only a level 1 mock. The old one what you used to be able to purchase from the online shop we are talking about. You see, the questions are simple in level 1 but some people have kind of prior knowledge of bookkeeping and they start to think a bit more in real life situations and this is only confusing them answering the test - that is not ICB's fault...personally I can clearly see you are trying to keep it simple and test the basic double entry knowledge. I do know I can ring you for clarification but you must admit I cannot do that in the middle of the exam ;) After that if I passed the exam I would not ring you and if I did not pass I have to take it again anyway so I would not ring you in this case either, this is just human nature. And finally my opinion about level 1 - everybody should be able to pass this on the first go and with high marks. Level 1 is the very basics if you do not know basics inside out, there is no point to progress any further!
I am doing another assignment - Ceri Steele Photography - Has anybody done that assignment?
Anyway, I think I can get the TB to balance, after some help with the following queries that I am not sure of -
There is a balance on the general ledger from the previous period to bring down into this period. How do I record that in the trial balance for this period? Where would I put it? Do I need to open another account for this purpose?
There are some balances to bring forward from the previous period for some of the accounts. Obviously, I need to record these in the corresponding accounts, and this is where I am having problems. You see, in the assignment, I have been given the balancing figures for the individual accounts in the TB. If I do not include the brought down figures from the previous period, then my figures agree with what I have been given in the TB. So, where do I include the previous period's figures? Do I need to have a seperate account for them in the TB?
Finally, there is also a figure to bring down from the previous period for the purchase ledger. Where would I need to record this?
