View Full Version : F3 Brain Checkers - Season 1 Jan 08
Welcome to the "F3 Brain checker" competition.http://mail.yimg.com/us.yimg.com/i/mesg/tsmileys2/47.gif
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Here you will get a chance to see how well prepared you are in ACCA F3 Financial Accounting.
The best way to check yourself is to test it.
I'll insert "F3 Brain checkers" which will test some important concepts and principles which you need to know for your examinations.
Each correct answer will be worth " 1 IRON "
IRON ?? What's that? Until now you must have heard about points, marks or scores, but this is not about marks! Because you dont mark your brain and you neither score it or get points for it!
Try using a marker and a pointer and mark and point your brain and you would score nothing! So we will use IRON! Which is what is required for the well functioning of the brain. So If you lose 1 IRON then you would need some to stay up to the mark!
The competition will be between all the users who enter the "F3 Brain checker"
If you are interested in knowing how much IRON your brain requires enrol now by writing your name in this thread below!
Get ready for the challenge!
Here I come . Up for It Acid Lets see How many Iron is waiting there..
Welcome to the F3 Brain Checkers !
Till now we have a brave man "PriYo" Ready to check his brain and ready to find out how much Iron he needs!
Let me tell you all a bit about the format of this competition.
Brain checker would put various Questions (Checkers) in many different styles . Yes ! You wont be limited to MCQs and Long essays ( Hell no ! ) but the aim of Brain checker is to see how well you understand those things which are necessary to clear your exam . So yes , dont bother opening your studytexts to copy out an answer!
Till now we have a 1 Knight ( Priyo ) . We would wait till 4 Feb and see if there is anyone who's got enough IRON to challenge Priyo!
So this weeks competition closes on 4 Feb!
PriYo Be ready
And those with IRONS challenge PriYo If you can!
The Brain Checkers - Truly the Checkers .
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vishwas1980
03-02-08, 10:08 AM
I have just started on with F3.. :confused:hmmm.. will give it a try :cool:
Count me in for this
Regards
Vishwas
Welcome to F3 Brain checkers .
This weeks battle is between :
Vishwas1980
vs
PriYo
vs
SUNSET CORNICHE
So get ready to watch this furious battle between for the IRONS tomorrow at 3 PM.
The audience can support thier Knights ( PriYo or Vishwas1980 or Sunset corniche) by Thanking them up in their enrollment posts.
So cheer your knight before the other gets all the iron.
The Aftermath of the battle would be disclosed on 2 days after the Battle!
F3 Brain Checkers - Truly the Checkers.
Lightwarrior
03-02-08, 10:36 AM
Hi,
I am supporting Knight PriYo .
Go PriYo Go! :p
Lightwarrior
Vandana
03-02-08, 10:58 AM
Hello!
Best of luck to both of you. I wish you the best in your forthcoming battle for iron. Let the games commence!
Hello!
Best of luck to both of you. I wish you the best in your forthcoming battle for iron. Let the games commence!
I support both - as both will be winners for taking part:)
vishwas1980
03-02-08, 12:42 PM
Hi Acid
I cannot confirm on the time stated. I will be working at this time and would be difficult to confirm my availability at this time. Would it be possible we get a day to respond?
Await your reply
Regards
Vishwas
Hi,
Vishwas - knock Priyo out - I support you! Good luck to you mate and do us proud!!! :cool:
Sandra
Hi Acid
I cannot confirm on the time stated. I will be working at this time and would be difficult to confirm my availability at this time. Would it be possible we get a day to respond?
Await your reply
Regards
Vishwas
Vishwas , You will have to email me the answers by tomorrow at anytime . In the way as suggested to you in the private message. Its not necessary that you have to write at 3 pm. Just that Checkers would be up by 3 PM and you can answer anytime before the end of the day!
Regards.
Im with priyooooooo
best of luck priyo...
Sao~
Welcome Knights!
There is an increased threat for you ! Yesterday night another Knight entered into and took all the iron crates and bags and equipments. When I tried to stop her from doing so , she told me that either I give her entry to the Brain Checker compeition or she takes all the iron up!
So it's your chance to get as many iron as you can and be the most powerful Knight there can be on the forum!
Sunset Corniche is the new Knight who is ready to face you both!
Okay guys , The Battlefield is all ready and Iron crates are all ready.
See you tomorrow then!
Best of luck!
F3 Brain Checkers - Truly the Checkers.
Welcome to the F3 Brain checkers Battlefield.
Please follow the instructions which were sent to you . You answers should be professional and clearly show which question is it referring to.
The are 10 Checkers listed below which worth 1 IRON. There will be no deduction for wrong answer .
This week Knights are :
PriYo
Sunset corniche
Vishwas1980
If you want to open up a business trading rats and lizards , and do not want to bear the risk of paying for any debt arising in the course of the business with the money in your personal pocket .. Then what kind of business are you most likely open?
If I ask you to tell me about your previous year business activities and you start telling me how wonderful your business went in the last month and the major client you won a day before , which qualities of information are you violating ?
You are the CEO of a Cow in exchange of Goat trading business . You own 2 cows and you report in your financial statements that you sold 3 cows and still have 1 left . Which accounting principle are you violating?
I sell you a case of Pepsi and you pay me for it after 2 weeks , would I record it in my Credit side of the account or on the debit side ? And how would you record the case of Pepsi you purchased from me in your books if thats what you use to feed your employees daily?
Can you tell me the process of accounting ? From where do the entries from the books of prime entry go next?
Would you use your petty cashbook to record a purchase of 2 Dell Inspiron and 4 Toshiba Satellite computers?
Why would you account for the closing inventory of the year?
Would you include the cost of the delivery man and the admin overheads and selling and storage expenses and Abnormal costs while valuing your inventory ? { Dont forget IAS 2 Rules! }
Straight line , Reducing balance , Unit or production ! Tired ? Can you tell me why do we depreciate our non current assets ? { I just bought my Dell Inspirion and would it lose its value after a year?? }
Liabilities = Assets + Capital .... True or false ? Your bet!?Done ! Let's find out how about your Iron deficiencies and the Recommended daily dose of IRON.
Your answers should reach me before 5th Feb and the conditions mentioned to you should be adhered to.
Soon we shall know then IRONY of IRON GUY/GAL of the Forum!
Cheers ,
F3 Brain Checkers - Truly the Checkers...
Great Feel Like I m At the Zoo Doing a business. LOL You will get my answer in the pm soon. But why you bought so many Dells. They are no good :) Joke
Snehal K
04-02-08, 05:04 AM
All the best PriYo, Sunset corniche and Vishwas1980!! :) I support all the three and am sure they will do well,
PRiYO
1. If you want to open up a business for trading rats and lizards , and does not want to bear the risk to pay for any debt arising in the course of the business with the money in your personal pocket .. Then what kind of business is you most likely open?
Answer of the Question No: 1
As there are different business entities and according to ownership we divide them into:
Sole trader: One owner who has unlimited liability.
Partnership: Two or more owners again with unlimited liability.
Companies: Share holders own the company but as the company has separate legal entity from its owner and also have limited liability.
I most likely to open a limited liability company.
2. If I ask you to tell me about your previous year business activities and you start telling me how wonderful your business went in the last month and the major client you won a day before , which qualities of information are you violating ?
Answer of the question no: 2
Relevance: You asked me for last one years business activities I m telling you for last one months. It’s irrelevant to your question.
Neutrality: I m biased and trying to show you progress which occurred last months only and hiding for the whole year.
Completeness: As I have not told you about the whole one year business activity the information is incomplete regarding to your question.
3. You are the CEO of a Cow in exchange of Goat trading business . You own 2 cows and you report in your financial statements that you sold 3 cows and still have 1 left . Which accounting principle are you violating?
Answer of the question no: 3
Fair presentation: I am manipulating the financial statement with wrong figure which is violating “True and Fair View” as prescribed by the ISAB preparation of financial statements. And I am not presenting the actual accounts which is legal requirement and not following all the accounting standard
Faithful Representation: the concept of fair representation requires that the financial statements should represent the transactions and events that are expected from them while by manipulating the figure my company violating this concept.
Neutrality: As a CEO my duty should be free from biased but I have failed to do so and manipulated the figure which is misleading for the investor and share holder.
4. I sell you a pipe of Pepsi and you pay me for it after 2 weeks , would I record it in my Credit side of the account or on the debit side ? And how would you record the pipe of Pepsi you purchased from me in your books if thats what you use to feed your employees daily?
Answer of the qustion no:4
For me:
After purchase: Dr Purchase Cr Payables.
After two week: Dr Payables Cr cash/bank
Basic entry going to be: Dr Purchase CR cash/bank
For you:
After transaction Dr receivable Cr Sale
After two week: Dr Cash/Bank Cr Receivable
Total entry: Dr Cash/Bank Cr Sale
5. Can you tell me the process of accounting? From where does the entries from Book of prime entry goes next?
Answer of the question no: 5
Accounting process:
1. Identifying transactions:
Original source document like Collecting invoices, receipts, vouchers etc
2. Recording transaction:
In Books of prime entry E.g. recording credit purchase in purchases day book.
3. Analyzing transactions:
Posting transaction into ledger account. E.g. posting credit purchase to purchase ledger account
4. Summarizing and reporting transaction to users:
Preparing the trail balance then statement of comprehensive income and statement of financial position. E.g. summarizing all credit purchases on trail balance then in statement of comprehensive income and statement of financial position.
The entries from book of prime entry go to ledger account. E.g. the credit sale in sale day book will go to sales ledger account.
6. Would you use your petty cashbook to record for a purchase of 2 Dell Inspiron and 4 Toshiba Satellite?
Answer to the Question No 6
No I would not. Because either purchases of 2 Dell Inspiron and 4 Toshiba is my capital expenditure or part of my trading activity.
Petty cash book is to record small expenses occur daily basis. So I will not record it on my petty cash book.
7. Why would you account for the closing inventory of the year?
Answer of the question no 7
As we know according to matching principle goods sold in current year should be included in the statement of comprehensive income. So the good which left as closing inventory has not been sold in current year have to be excluded from the statement of comprehensive income. And closing inventory is a current asset they will become opening inventory on next year and will be resource for inflow of economic benefit.
8. Would you include the cost of the delivery man and the admin overheads and selling and storage expenses and abnormal costs while valuing your inventory? {Don’t forget IAS 2 Rules!}
Answer of the question no 8
As IAS 2 Carriage inward is included in inventory valuation so cost of delivery man is included.
Administrative overhead is an expense which is not a part of purchase of the materials. Also is the selling, storage expenses and abnormal cost is my revenue expenditure. This will not be included in inventory valuation as it’s not permitted as IAS 2.
9. Straight line, Reducing balance, Unit or production! Tired? Can you tell me why do we depreciate our non current assets? {I just bought my Dell Inspirion and would It lose its value after a year??}
Answer of the question no 9
We depreciate our non current asset to comply with the accruals concept. Non current asset are acquired at a cost. We can not charge the whole cost in the first year. As we will get economic benefit from the non-current asset over its useful life so its cost should be allocated over the same number of year. So we charge the cost of an non current asset to revenue over the useful life of the asset which is called depreciation.
Your dell inspiron will lose its value after a year because you will be getting economic benefit out it. This is a part the acquiring cost and should be allocated over the useful life of the laptop.
10. Liabilities = Assets + Capital.... True or false? Your bet!
Answer of the question no 10
False
As we know:
ASSET = LIABILITIES+CAPITAL
So, LIABILITIES= ASSET- CAPITAL
vishwas1980
04-02-08, 12:13 PM
1. In this case the most likely option to open a business is with limited partnership. Limited partnerships are usually created by one person or company (the "general partner"), who will solicit investments from others (the "limited partners").The general partner controls the limited partnership's day-to-day operations and is personally liable for business debts (unless the general partner is a corporation or an LLC). Limited partners have minimal control over daily business decisions or operations and, in return, they are not personally liable for business debts or claims.
2. Relevance quality is violated in this case. This implies that, to be useful, accounting information must assist a user to form, confirm or maybe revise a view - usually in the context of making a decision
3. Fair presentation
4. The accounting entry for this will be Refreshments for staff account debit and Vendor account credit
5. The following steps need to be followed
• STEP 1: Each transaction is analyzed to determine the accounts involved
• STEP 2: A journal entry is entered into the general journal for each transaction
• STEP 3: Periodically, the journal entries are posted to the appropriate general ledger pages
• STEP 4: From the Ledger , Trail Balance is drawn up
• STEP 5: Financial Statements are prepared
6. No, Petty cash is kept on hand for the purchase of small items such as coffee, envelopes, or postage and not for high value items
7. Closing inventory is recorded as it a direct impact on the profitability of the company. Overstatements of closing inventory cause overstatements of income, while understatements of closing inventory cause understatements of income.
8. No. Inventory should include all costs that are "ordinary and necessary" to put the goods "in place" and "in condition" for their resale. This means that inventory cost would include the invoice price, freight-in, and similar items relating to the general rule. Conversely, storage costs, abnormal costs should not be included in inventory accounts; instead those costs would be expensed as incurred
9. A variety of approaches can be used to calculate depreciation. They all produce the same "final outcome" over the life of an asset, and that outcome is allocating the depreciable cost of the asset to the asset's service life. If the useful life, which in this case is 1 year, the whole amount should be written off in the Income Statement
10. False. Accounting equation is Assets = Liabilities + Owners' Equity
sunset_corniche
04-02-08, 12:31 PM
1. Limited Company
2. Information should be Complete
3. Accruals
4. a)The entry for sales would be
Recievables A/c DR
Sales A/c CR
In sales account, receivables will be credited and in receivables account
sales will be debited.
The entry for the payment would be
Cash A/c DR
Receivables A/c CR
In receivables account, cash a/c will be credited and in cash a/c
receivables will be debited.
b)It would be recorded as a petty expense in the petty cashbook in my
books of accounts.
5. Nominal Ledger
6. No, petty cashbook is used to record petty expenses like
postage,stationery etc.
7. Closing inventory is valued so that the cost of the goods sold can be
matched with their sales value. The closing inventory is carried forward to
the next period to match its cost with its sales in the next period.
8. Only the cost of the delivery man will be included.
9. Assets are depreciated to account for the wear and tear of the asset.
10. False. Assets = Liabilities + Capital
Done check the answer. Its Up there
Welcome to the F3 Brain Checker Aftermath!
This weeks knights were Sunset Corniche , Vishwas1980 and PRiYo . They bravely fought with each other In the race for IRON!!!
Indeed its getting a precious metal now.
We will now find out who is the winner of the competition and who have the optimum level of IRON and who deserves some Iron tablets.
Watch out for the upcoming post for the Answers.
F3 Brain Checkers - Truly the Checkers.
SCORE SHEET AND IRON RECOMMANDATIONS
Question 1 :
Priyo has rightly understood the question and his answer was upto the mark which showed good understanding of different types of entities and which entity is suitable in different circumstances. { Scores 1 Iron }
Vishwas1980 did show that he understood the requirement of limited partnership which is necessary to separate the owner from the business entity but to open a limited partnership may not be a reasonable answer. As If I want to open a business with limited liability and decide to open the Limited partnership that although my partners would have limited partnership I would have the unlimited liability. You could have talked about Limited Liability Partnership (LLP) where all members have limited liability . You get ½ mark for your understanding of the matter. { Scores ½ Iron }
Sunset cornice choose limited company which is blunt right choice. However choosing between entities we have to keep in mind other factors for example how much about of legislative control are we prepared to accept ? Formalities, required capital etc. {Scores 1 Iron }
Question 2 :
Priyo talked about all the relevant accounting principles which were bring Violated. { Scores 1 Iron }
Vishwas1980 wrote about Relevance. Relevance means that the information should be useful to the users for there economic needs. So that’s a correct answer { Scores 1 Iron }
Sunset cornice unfortunately didn’t grasp the omission of the principle of relevance. Information should be complete that’s right but in this case the person is giving me COMPLETE information which is in no way relevant to me! If I ask you that which laptop do you have and you start telling me all the ps2 games which you have then the information you gave about ps2 games is complete but not relevant to me … I am least interested .. Sorry but this earns no Iron . { Scores 0 Iron }
Question 3 :
PriYos answer is indeed apt and very professional , mentioning all the relevant accounting principles { Scores 1 Iron }
Vishwas1980 did gave the correct answer but usually in exams you have to go to a greater dept , I would prefer Priyos answer for my exams . but your answer is correct . { Scores 1 Iron }
Sunset cornice unfortunately failed to understand what the question was asking. The question presented the facts that the company had 2 cows but in its financial statements were showing 3 . Hence they were showing a false presentation of true financial position of the company. If upon investigation on such an case you say that its actually “accrual” then it means that you are windowdressing the accounts! { Scores 0 }
Question 4 :
Priyo got trapped in the trap which the question set! The question said that the Case of pepsi is actually an expense of the business … You don’t buy pepsi and make it into an asset unless ofcourse you are a retailer.
The correct entry should have been
Debit Pepsi expense a/c
Credit Accounts Payable
It should be taken as expense rather then asset. However your other entires are correct { Scores 1/2 Iron }
Vishwas1980 Got the entry right but he forget to answer the other part of the questions. Half answer deserves half mark . Keep ur eyes open for this type of error in exams!! { Scores ½ Iron }
Sunset cornice follows right track . {Scores 1 Iron }
Question 5:
Priyos answer is comprehensive and professional showing good understanding of all the concepts. {Scores 1 Iron }
Vishwas1980 follows the right track ! . {Scores 1 Iron }
Sunset cornice answer again blunt but correct . {Scores 1 Iron }
Question 6:
All 3 knights got the answer right. . {Scores 1 Iron }
Question 7 :
Again all 3 got them right . {Scores 1 Iron }
Question 8:
Again all ruled according to IAS 2 and got them right . . {Scores 1 Iron }
Question 9 :
All of you got it right but I liked Priyos way of explaination . {Scores 1 Iron }
Question 10 :
Assets = Liabilities + Captial . All of you got them right . {Scores 1 Iron }
THE SCORE CARD :
Priyo stands @ 9 ½
Vishwas1980 stands @ 9
Sunset Corniche stands @ 8
PRIYO IS THE WINNER !! AND THE IRON MAN OF THE FORUM!!
Vishwas1980 stands 2nd and requires 200mg of Iron daily while Sunset cornice requires 500mg of Iron twice a day.
__________________________________________________ ___________________
Congratulations PriYO
You have knocked the 2 other Knights out!
Where is the prize :)
I am Joking, I was so nervous. Now while I saw the result I have surprised.
My moral went up now. And my confidance grow. Thank ACID for this competition. Thanks viswas1980 and sunset corniche for participating with me.Its been a pleasure to be with you people.
See ya soon.
Take care
Regards,
Congratulations Priyo for winning and congrats to vishwas 1980 & sunset corniche for taking part and getting high scores.
I would also like to thank Acid for his time & effort in arranging this and hope next time more contestants will take part!
Congratulations Priyo for winning and congrats to vishwas 1980 & sunset corniche for taking part and getting high scores.
I would also like to thank Acid for his time & effort in arranging this and hope next time more contestants will take part!
Thank you too Jiten. All credit goes to you people. Who is working hard for this forum.
vishwas1980
05-02-08, 03:37 AM
Congrats PriYO!!
sunset_corniche
05-02-08, 09:36 AM
Congratulations to Priyo! Great score by vishwas too! Thanks to Acid for his hardwork involved in F3 Brain Checkers.
Thank you everyone for supporting all of us and for your appreciation.
Congratulations to Priyo! Great score by vishwas too! Thanks to Acid for his hardwork involved in F3 Brain Checkers.
Thank you everyone for supporting all of us and for your appreciation.
Thank you too Sunset... But why sunset why not raise..
Raise like a sun my friend :)
Wish you all the best for your Study. And welldone.
sunset_corniche
05-02-08, 06:44 PM
Thank you too Sunset... But why sunset why not raise..
Raise like a sun my friend :)
Wish you all the best for your Study. And welldone.
I like to watch the sun set by standing at the corniche, that's why it is sunset_corniche. Thanks a lot for your wishes.
All The Best for your future!
Have a good day!
vishwas1980
06-02-08, 05:52 AM
Thanks sunset_corniche... :)
Thats Nice i also love to watch sunset but on sea beach.
Thats Nice i also love to watch sunset but on sea beach.
If you know Sunset Corniche name suggests " Sunset @ Beach " Corniche is actually an Arabic word for Beach.
Regards,
Acid
If you know Sunset Corniche name suggests " Sunset @ Beach " Corniche is actually an Arabic word for Beach.
Regards,
Acid
So sad i dont know arabic :( so u like so see sunset on the beach..
great .. invite me there also acid and others so we will have party.
Like a big bonfire night
:)
accayub
08-03-08, 09:29 PM
Welcome to the "F3 Brain checker" competition.http://mail.yimg.com/us.yimg.com/i/mesg/tsmileys2/47.gif
http://ads.yimg.com/us.yimg.com/a/ya/yahoo_communications/20061213_78290_1_160x600_CSKY_Train3.gif
Here you will get a chance to see how well prepared you are in ACCA F3 Financial Accounting.
The best way to check yourself is to test it.
I'll insert "F3 Brain checkers" which will test some important concepts and principles which you need to know for your examinations.
Each correct answer will be worth " 1 IRON "
IRON ?? What's that? Until now you must have heard about points, marks or scores, but this is not about marks! Because you dont mark your brain and you neither score it or get points for it!
Try using a marker and a pointer and mark and point your brain and you would score nothing! So we will use IRON! Which is what is required for the well functioning of the brain. So If you lose 1 IRON then you would need some to stay up to the mark!
The competition will be between all the users who enter the "F3 Brain checker"
If you are interested in knowing how much IRON your brain requires enrol now by writing your name in this thread below!
Get ready for the challenge!
I am getting ready for the challenge I am sure Its going to be useful
ACCAYub , The Session 2 would be up tomorrow.
Thanks for ur participation.
Acid
Yasir Ali
14-11-08, 02:15 PM
Hey
Yasir here i wanna check those things how can I?
Dagabie
21-05-09, 08:52 AM
OH YES!
I am interested in checking my brain book me on.
Thanks
Dagabie
prasanthi
23-06-09, 08:36 AM
best luck three of you, I am supprting that person getting more iron
They already had too much of my iron and now they are giving some late F level papers :)
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