MyCIMA

Marks for P1 & F1

Replies : 3

Hi

Looking at marking schemes for F1 and P1 and does anyone know if I am correct in thinking the following:

That even if overall final figures in financial statements (eg Profit after income tax for statement of income) or other such final or balancing figures are incorrect, that it is still possible to pick up marks for other lines of the statements if you get those figures correct?

In summary I suppose what i'm trying to ask is...even if any statement, reconciliation etc question in F1 or P1 isn't perfect, that you can still pick up marks for the questions if some such parts are correct or if you show some basic understanding of the concepts and treatments being tested?

Thanks for any help and good luck

James

YES

Simple answer is yes, of course.  If fin statements had to balance in order to score full marks not many people would score full marks.

Yes

Also, if you make an error, they will follow it through so you only get penalised for the error once.  For instance, if your profit for the year figure is wrong, then the profit attributable to the parent will be too but if you used the correct calculation to get it, you can still pick up those marks.

 Hope this helps.

marks

thanks very much