TOP 20 QnAs of the month – May 2011

So we approached the end of May 2011 with many exciting and good questions answered. We are thankful to students and visitors who asked nice and thought provoking questions which are sure will be of great help to other students as well. Here are the TOP 20 QnAs for the month May 2011

  1. What are TT5 TT6 and TT7 subjects under FIA?
  2. What is the difference between Internal Audit Function and Internal Control System?
  3. What is Performance materiality?
  4. Why do we add back depreciation and interest income / expense in cash flow statements?
  5. How can we change the Depreciation method?
  6. What is the difference between soft capital rationing and hard capital rationing
  7. Where to find free books for ACCA subjects?
  8. Can I use ACCA F2 June/December 2010 edition books in June 2011 exam?
  9. What is the difference between modified and unmodified audit report?
  10. What is the difference between Exceptional item and Extraordinary item?
  11. What is Inherent risk?
  12. What are the Fundamental accounting Assumptions underlying Financial Statements?
  13. Which auditing standards are part of ACCA F8 syllabus in 2011?
  14. What are Subsequent Events as per Accounting and Auditing?
  15. What is Notional cost?
  16. What is the difference between Authorised capital, Issued capital, Subscribed capital, Called-up capital and Paid-up capital?
  17. What is the difference between Cost and Expense?
  18. Is change in inventory valuation method is a change in accounting estimate or an accounting policy?
  19. What is Substantive audit approach / Vouching approach?
  20. What are the FIVE Elements of an assurance engagement?


  1. I have a question!? When calculating consolidated retained earnings in the consolidated statement of financial position, do I use the post acq reserves or the net assets of the sub at reporting date less at acq date then give the parent their share after adjustments


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