FS Exam

niccham79

Hi all,
I took the FS exam for the 4th time today and yet again I had a really random question for the written section so i'm pretty sure i've not passed.
I can't quite remember all of it but the first part was
a) define the word revenue
and then it asked me 2 odd questions, one of which was something to do with "what criteria would need to be met to value revenue in the FS" and the last one was something so random I can't even remember.
Now I'm not a genius (i'm fully aware of this) but i've read the Kaplan book cover to cover quite a few times now and done quite a lot of study over the last few months and I can't reemember seeing anything relating to this in the book?
Has anyone else had this question or can anyone help with an answer please? I'm at a loss as to how many more times I need to take this exam... :crying:
Any help would really be appreciated!
Nic

crispy

Hello,

I believe the question asked was in relation to the accounting standard for revenue - IAS18

http://www.iasplus.com/standard/ias18.htm

I wouldn't think you would need to be able to reproduce all of this in the exam, just the main points (eg what is revenue, and how is it recognised). Same for all the accounting standards, you don't need chapter and verse, just the main outline and how it should be applied.

This may seem boring but it may be also useful to learn by rote the definitions of asset, liabilty,equity, expense, income as from memory this seems to come up a fair amount ?

niccham79

Thanks Crispy. That really does help, i've not seen IAS 18 written down that clear and understandable before so definitely helps!
The annoying thing is, Revenue is one of the only ones I wasn't 100& confident on, I could have done asset, liabilitym equity etc.
Oh well.. onwards and upwards! Thanks a million for this, really does help. :001_smile:

Daz1865

I wish I saw this thread earlier!

I had my exam this morning for FS and the same question came up. I'm not feeling confident on the written questions at all. I just tried to write as much as I could and hope some of it will get me some marks. I've just been through the Kaplan book and maybe I've got a few marks.

The definition of 'relevant' was another question I had, another one I waffled on about and ironically probably wrote a lot of irrelevant information.

I think I have done fine on 5 of the 8 questions. Hopfully I've got enough marks on the others to pass!

mon1982

hello, i took my FS exam in december and studied at home from the kaplan text book too. as far as I can remember, the revenue thing was explained quite well in it. the "what criteria ..." question was asking you about what criteria need to be met for the revenue to be recognised, I think.