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Depreciation/Bad Debt Provision
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Hi,

I'm new here so please be nice to me!!

Am having a bit of a headache with a couple of assigment questions i am trying to do and wondered if anyone could help me?  The information given to me is very limited - a TB and then a list of questions for prepayments/accruals/depreciation etc to make a final set of accounts, then process the year end and calculate appropriation of profit.  It is for partnership accounts.

So, firstly:

Full years depreciation is paid on acquisition and NOT on disposal -  eg an item was bought on last day of the financial year for 12k, but paid for at some point in the new financial year.  Do i calculate a full years depreciation on this as it states that a full years depreciation is to be paid on acquisition, even though it was on the last day of the financial year?

Secondly, an item was sold on the last day of the financial year and again paid for in the new financial year.  I am assuming no depreciation is calculated on this as it states no depreciation on disposal even though it was again the last day of the financial year.  (obviously will post difference in value to  P&L)

Finally - ''Bad Debt provision is to be £6000'' - do i credit NC 1104 and debit NC 8100?? I am assuming this needs to be a journal entry or do i debit P&L????

And if anyone can tell me what NCs to use to write off goodwill that would be much apprecited!!

Thank you all in advance :)

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ICBUK


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I have just been informed this is an ICB actual examination question and should not be answered!

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Anna

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john Boy


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James, has this happened before?

It makes me annoyed other people are getting a qualifiaction without having done the the work. How many members have cheated in exams before?

On a side note what is to stop people getting others to complete their home exams?

Is this why some exams have gone online?

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semsley


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If it is being an exam being done at home, presumably the answers can be found by reading a book. This is why home based exams are neither valid nor reliable IMHO.

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Rhianrach


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semsley wrote:

If it is being an exam being done at home, presumably the answers can be found by reading a book. This is why home based exams are neither valid nor reliable IMHO.



I think I've said this before but I fully agree.

I'm pretty sure I could pass most exams first time with the right literature and time at home.



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Steve
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Hi,

I guess the difference is that if you read from a book, you must have understood the practice and example to be able to carry out that work for another scenario.

However, if you just post the question and someone gives you the answer then you may not have understood anything.

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Tempi


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I am normally a lurker on here but thought i would reply to this - I did a home learning course in the past and am FICB now due to this. I've got to say that my study support i had from my so called ''tutor' was pretty appauling, i wont name the company i did it through but i certainly wouldnt recommend them to a friend!!

Like people have said there is nothing to stop anyone looking up the answers online etc, however to be able to give the correct answer in the exam you need to have understood the whole question anyway, and you also need to understand the concept behind it. There is no real benefit to just asking about one question as it isn't the whole exam paper! There are plenty more questions to answer and all these need to be correct aswell. I believe when i sat these exams the pass percentage is high (as it should be) and any miss typed VAT code/digit etc all means you loose a mark, and if your TB/Balance Sheet/P & L is wrong at the end then you are going to loose all your marks anyway.



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john Boy


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but who checks who actaully has done the exam?


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Tempi


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No exactly - i agree, anyone could do your exam paper for you. I guess the point of the fact is that if whoever is working as a bookkeeper already, or puts that they have the qualifications on their CV and then gets a job based on the qualifications it will soon show up that they have no idea what they are doing.

I've worked and trained as a bookkeeper for 8 years, and did my exams OU alongside my work so i needed to understand what I was doing to be able to complete the exams. I cant see a reason why anyone would get someone else to answer their questions/exam for them as it will be pointless as they wont understand it.

I guess with any exam sat at home, whos to say who actually completed it?  I personnally don't think exams should be allowed to be done at home, however i myself have done this, but i did mine myself as like i said above i don't see the point in someone doing it for you as you wont learn anything!

Having said that the OP will have had to have completed the course and done all the assignments before sitting the exam so should have the knowledge anyway.

-- Edited by Tempi on Friday 26th of November 2010 10:41:16 AM

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john Boy


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I am not sure that i agree with you as you are implying that qualifications that were done at home are worthless.

I do think that if someone does "cheat" and look at their books, they are only doing what they would do in real life and exams are surely only a test that someone is competant in the real world.


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john Boy


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also from now on how do we know that anyone asking for help isnt doing an ICB exam?

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Tempi


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john Boy wrote:

I am not sure that i agree with you as you are implying that qualifications that were done at home are worthless.

I do think that if someone does "cheat" and look at their books, they are only doing what they would do in real life and exams are surely only a test that someone is competant in the real world.


Was that aimed at me? I didnt say qualifications at home are worthless at all, all the qualifications i have done have been at home with regards to bookkeeping and mine certainly aren't worthless!!

I did say that you dont know who would have done the exam if people do that home, as you dont, but like i also stated that if people did get someone else to do their exam then its not going to get them very fair in life as they wont understand the work when they have to do it themselves.

Crossed wires i think, sorry

 



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Tempi


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john Boy wrote:

also from now on how do we know that anyone asking for help isnt doing an ICB exam?



 Thats also very true - but at the end of the day its going to be their problem as like i said above even if they pass the exam then they have to be able to apply it if it is on the CV and they will soon get caught out.  However like i also said they need to have completed all the study material before doing the exam so they should have the knowledge anyway.



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Wella


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Just to stick my two penneth in.

Anyone who has done the (old) ICB manual exams will know that they are three hour long, invigilated exams, taken in an exam room, that require the student to bring in photo ID.

I agree with John Boy that in the real world, when we don't know the answer, we turn to a book, the internet, or a colleague. In the homebased examination, it is more than possible that a scenario is presented that has not been covered in any study material, particularly if using software other than Sage. In instances like that, it may be necessary to refer to the help pages or some other source.

I also agree with Tempi, that any one that used a stand in to take their exam, would soon be found out in the workplace. What worries me about that situation is the reputation of the ICB qualification. Any employer, who took on an ICB qualified bookkeeper, only to find they were useless, would probably not consider any one else with an ICB qualifiaction.

Just my thoughts and not aimed at anyone.

Bill

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