I am just about ready for the first level 3 exam (been studying a whole 2ish weeks, but its pretty much the same as ICB...) I've have just done they greenlight test and got a bit stuck on some terminology I think. What do you define "other receivables" and "other payables" are these another word for assets and liabilities? I initially looked at it from a receivable/SLCA payable/PLCA point of view, which I think is wrong. The questions were about deferred income - so we've received the money, but not provided the full service, I put down as other receivable, but now I am thinking it may be a "payable" as deferred income is a liability.
Anyone else come across this terminology? I may be being dense on a Sunday night! I will email First Inutition if noone knows. This was the only sticking point from my otherwise "green" for go light!
Example of a non trade receivables would be interest receivable, tax refunds, etc.
Example of non trade payable would be tax payable, utilities, etc.
Considering AAT as being the same as ICB is very much along the same lines as saying ACCA is the same as AAT. You will see the difference the further that you get into it.
HTH,
Shaun.
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Shaun
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Thanks Shaun, I mean the first exam being the same as ICB! Not all of the qualification
Thanks I think that makes sense now, so a prepayment would be a recievable as you are due to recieve services. Deferred income a payable as you are due to provide services etc.
