F3 Brain Checkers - Season 1 Jan 08

[Acid]

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.

[Acid]

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 }

[Acid]

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!

[PRiYO]

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,

[Jiten]

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!

[PRiYO]

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]

Congrats PriYO!!

[PRiYO]

Thank you viswas.

[sunset_corniche]

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.

[PRiYO]

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.