Yes, at level II you are expected to be coming up with your own T accounts.
There's nothing particularly nasty at this level but just watch out for at least one reasonable to spot twist (often but not always with VAT).
Good luck with the mock.
kind regards,
Shaun.
__________________
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.
Sorry, don't know as it's all changed in the last year.
I'm assuming that it has to be but you will be better getting the answer from someone whose actually sat the new level II at one of the centres.
P.S. brush up on your VAT calculations. Espechially in relation to the VAT amount not being the invoice amount * the VAT rate as the invoice amount includes VAT so you would be calculating VAT on VAT.
At 17.5% the calculation against the invoiced amount to calculate the VAT is multiply by amount by 7 and divide by 47 At 20% the calculation against the invoiced amount to calculate the VAT is multiply by 1 and divide by 6
Have a try. The answers that you should get for the above on £100 inclusive of VAT are £14.89 and £16.66 respectively (not £17.50 or £20.00 as many people make the mistake of in their calculations).
-- Edited by Shamus on Sunday 29th of May 2011 02:58:20 PM
__________________
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.
No, you do not need to create your own T accounts in the Level II exam. (Talking about ICB exams here, can't say for other bodies). It is all done online and you basically have to fill in boxes with the correct figures. You do need to know correct debits and credits however and like a lot of people on here I like to draw up T accounts to work out a particularly difficult transaction
Good luck with the exam...definitely do the online mock....when are you taking it?
Thank you Pauline. Well thats just clarified that. I have read people drawing up their own accounts which i assumed you needed for the Exam. But i should get the practice of drawing my own to get used of it.
