Integrated Accounting System TASBooks Republic of Ireland. Exam Paper 2011/12

Transcription

1 Integrated Accounting System TASBooks Republic of Ireland Exam Paper 2011/12

2 2 nd Year Examination: Exam Paper 2011/12 Paper: IAS TASBooks (Republic of Ireland) INSTRUCTIONS TO CANDIDATES PLEASE READ CAREFULLY For candidates answering in accordance with the law and practice of the Republic of Ireland. Candidates should answer the paper in accordance with the appropriate provisions up to and including the Finance Act The provisions of the Finance Act 2012 should be ignored. All names and addresses mentioned are entirely fictitious. This exam paper is copyright and may not be reproduced. Candidates should allocate their time carefully. The following inserts are enclosed with this paper: P30 P45 1

3 Integrated Accounting Systems - TASBooks (ROI) 2nd Year Paper Company Information Business Name: Address: Hard Music Shop Ltd. 12 High Street Carrick on Shannon Co. Leitrim Telephone: Fax: VAT Reg. No.: Employer Reg. No.: Directors: Business: Type of Business Entity: info@musicshop.ie IE J IE J Mr. Neil Martin Mr. Shane Doyle Suppliers of music equipment and related ancillary products. Private Limited Company Business Profile Hard Music Shop Ltd. was incorporated as a Private Limited Company in Neil Martin and Shane Doyle are the directors and shareholders of the company. The majority of Hard Music Shop Ltd. s sales are on credit with some cash sales. The company is registered for VAT. VAT is charged on sales at the standard rate of 21%. The company accounts for VAT on a Sales Invoice basis. The accounting year of Hard Music Shop Ltd. is September to August. Assume that today is the 5 th of December 2011 and you have recently been employed as the company s accounting technician. As part of your duties you will be responsible for the administration of the payroll system and the preparation of the monthly management accounts. There are currently five employees paid on a monthly basis. A draft set of accounts up to 30 th November 2011 were produced by your predecessor using TASBooks. You are aware that there are some additional entries still to be posted and there are a few changes suggested by the directors before finalising the management accounts. 2

4 Integrated Accounting Systems - TASBooks (ROI) 2nd Year Paper Section A - Payroll: You are required to: 1. Restore the setup Sage Quickpay files from the location indicated by the invigilator. (Create a new company or restore over an existing company if necessary). (1 Mark) 2. Prepare and calculate the November 2011 payroll based on the information below. (Ensure that you set the period to November before you begin.) (2 Marks) 3. Set yourself up as a new employee, identified by your examination number only (e.g. 2XXXXX). Insert your examination number in the surname field and leave the forename blank. You commenced employment on Thursday the 24 th November You have been contracted on a full time basis and will be paid an annual salary of 29,000. It has also been agreed the company will pay you for overtime hours worked at a rate of 20p/hr. You are to be paid for 5 days worked in November, plus 10 hours overtime and you are to receive 1 PRSI week. A copy of your P45 from your previous employer is attached on page 11. (4 Marks) 4. In November 2011 the company purchased a car for Fiona O Connor costing 27,000 which had an original market value of 35,000. Fiona has agreed to contribute 1,000 per annum towards the running costs of the car. She travels 33,000 business km per annum. Calculate the value of the BIK over a period of 12 months (using the table below) and update the payroll package for this change. (2 Marks) Kilometres RATE of BIK Up to 24,135 30% 21,136 to 32,180 24% 32,181 to 40,225 18% 40,226 to 48,270 12% 48,271 & Over 6% 5. Shane Doyle received an increase in his annual salary of 8% per annum effective from the 1 st September This salary increase took some time to finalise with the board of directors. Update the payroll package for this change and calculate and pay any back dated payments that are owed. (2 Marks) 6. Neil Martin started a private pension effective from the 1 st November It has been agreed he will contribute 5% of his annual gross salary. Update the payroll package for this change. It has also been agreed the company will pay for golf membership on Neil s behalf of 850 per annum. Update the payroll package to calculate this BIK over a period of 10 months. (2 Marks) 7. David McCormack is to receive an annual car allowance of 8,000, payable monthly, commencing the 1 st November He is also to receive a one off bonus payment of 2,000 in his November wages. Update the payroll package for these changes. (2 Marks) 3

5 Integrated Accounting Systems - TASBooks (ROI) 2nd Year Paper 8. Print the gross to net report, a payslip for the new employee only and the company cost report for November 2011 to the print facility indicated by the invigilator. (2 Marks) 9. Complete the P30 return on page 12 for November 2011 and ensure that it is submitted to the invigilator at the end of the exam. (2 Marks) 10. Backup the Sage Quickpay dataset for Hard Music Shop Ltd. to the location indicated by the invigilator. (1 Mark) Total: (20 Marks) NB: Assume all other employees NOT mentioned above are calculated as normal. All employees are entitled to 1.67 days holidays per month worked. On average an employee will work 260 days in a year. 4

6 Integrated Accounting Systems - TASBooks (ROI) 2nd Year Paper Section B - Integrated Accounts and Double Entry: You are required to: 1. Restore the TASBooks dataset for Music Shop Ltd. from the data location as indicated (creating a new company if necessary). Please note that both the username and password is spv. (1 Mark) 2. Change the company name so it reads: Hard Music Shop Ltd. your examination number (e.g. 2XXXXX) (1 Mark) 3. Post the salary journal for the month of November 2011 using the information produced in section A. (You should set up any new nominal codes required.) (5 Marks) 4. Set up the following new product. The details are as follows: Description: Top s Hits-Album Code: T00 Cost Price: 8.33 Retail Price (Ex VAT): Trade Price Wholesale (1 Mark) 5. Generate a quotation, for Music Central, from TASBooks similar to that on page 8. Print the quotation to the print facility indicated by the invigilator, and ensure that it is submitted to the invigilator at the end of the exam. (2 Marks) 6. On the 15 th of November 2011, Music Central contacted you to make the following amendments to the quotation produced in question 5. Product New Order Quantity Top 50 80's Hits- Album 8 Top 50 90's Hits- Album 10 Top 50 00's Hits- Album 20 Amend the quotation and convert to a sales order from TASBooks dated 15 th November Ensure that the sales order is posted/updated. Print the sales order to the print facility indicated by the invigilator, and ensure that it is submitted to the invigilator at the end of the exam. (2 Marks) 5

7 Integrated Accounting Systems - TASBooks (ROI) 2nd Year Paper 7. Set up a new supplier account for Thomas & Co. Accountants. The supplier details are as follows: Supplier Code: THO01 Supplier Name: Thomas & Co. Accountants Address: Unit 4A Low Lane Carrick on Shannon Co. Leitrim Telephone: Contact name: David Davis info@thomasandcoaccountants.ie VAT no: IE L (1 Mark) 8. Enter the purchase invoice on page 9. (2 Marks) 9. On the 24 th of November 2011 the directors paid the full amount outstanding on Music Madness Ltd. s supplier account by personal credit card. Enter and allocate an appropriate journal on the creditor s ledger to reflect that the supplier invoice has now been paid by the directors. (3 Marks) 10. On the 24th of November 2011 the directors sent a sterling draft for 3, to Media Mad Ltd. costing 4, for payment of invoice number A bank charge of is included in this figure and the difference is the currency gain/loss. Enter all of the above through the purchase ledger and allocate this payment against the invoice and related charges. (3 Marks) 11. The company entered into a new lease on 1 st November 2011 in order to purchase new computer equipment at a cost of 9,360. Interest of 1,440 in total will be charged over 3 years. Ignoring VAT implications, you are required to: (i) Capitalise the new asset and show the lease liability at the date of acquisition i.e. 1 st November (4 Marks) (ii) Calculate, set up and post a recurring cash payment for the monthly lease repayment starting on 1 st November 2011 and to be processed monthly.(3 Marks) (iii) Calculate, set up and post the recurring monthly journal to charge lease interest to the Profit and Loss Account on the same date as (ii) above. (3 Marks) Students should also note the following before attempting this question: - Students should put their examination number as the transaction reference when creating the recurring transaction, - Students should set up any new nominal codes required. 6

8 Integrated Accounting Systems - TASBooks (ROI) 2nd Year Paper 12. Enter the following petty cash vouchers for the month ended 30 th November 2011: Date Details Receipt Net Amount VAT Total No. 03/11/2011 Ink Cartridges (Printing and Stationery) 21/11/2011 Taxis (Other travel costs & fares) 13. Before attempting to reconcile the bank account you notice the following: (2 Marks) (i) On 30 th November 2011, the directors cashed a petty cash cheque for 150 using cheque number Enter this cheque in TASBooks on 30 th November (2 Marks) (ii) Enter any amounts from the attached bank statement on page 10 that may not have been recorded, then reconcile the cashbook balance to the bank statement for November (6 Marks) 14. Provide for depreciation for the month of November based on the following fixed assets depreciation policies: Land and Buildings 2% p.a. straight line Plant and Machinery 10% p.a. straight line Fixtures and Fittings 20% p.a. straight line Computer Equipment 33 1/3 % p.a. straight line Office Equipment 20% p.a. straight line Motor Vehicles 20% p.a. straight line Leased Assets over the life of the lease It is also the company s policy to charge a full year s depreciation in the year of acquisition and no deprecation in the year of disposal. (6 Marks) 15. Reverse the accountancy accrual at 30 th November 2011 as the invoice has now been received. (Please note that the accrual for accountancy was previously entered net of VAT) (2 Marks) 16. Backup the TASBooks dataset for Hard Music Shop Ltd. to the location indicated by the invigilator. (1 Mark) Total: (50 Marks) 7

9 Integrated Accounting Systems - TASBooks (ROI) 2nd Year Paper QUOTATION DATE: 10 TH NOVEMBER 2011 Hard Music Shop Limited 12 High Street Carrick on Shannon Co. Leitrim To Music Central 19 Ballymahon Road Athlone Co. Westmeath CODE DESCRIPTION QTY UNIT PRICE VAT AMOUNT T80 Top 50 80's Hits-Album T90 Top 50 90's Hits-Album T00 Top 50 00's Hits-Album SUBTOTAL RATE NET VAT VAT % TOTAL VAT Number: IE J THANK YOU FOR YOUR BUSINESS! 8

10 Integrated Accounting Systems - TASBooks (ROI) 2nd Year Paper Thomas & Co. Accountants Unit 4A Low Lane Carrick on Shannon Co. Leitrim Tel: VAT No. IE L 26 th November 2011 Invoice No.: Invoice To: Hard Music Shop Limited 12 High Street Carrick on Shannon Co. Leitrim Details Total Preparation of financial statements for the year ended 31 st August , Outlay to included printing and post Payment due upon receipt of invoice. Rate Net Vat NET 2, % 2, VAT Total 2,

11 Integrated Accounting Systems - TASBooks (ROI) 2nd Year Paper First Bank Plc Main Street, Carrick on Shannon, Co. Leitrim. STATEMENT OF ACCOUNT Hard Music Shop Ltd 12 High Street, Carrick on Shannon, Co. Leitrim. Statement No: 173 Account No Nov-11 DATE PARTICULARS DEBIT ( ) CREDIT ( ) BALANCE ( ) Denotes Debit Nov 11 1 Balance b/fwd 62, Lease - DD Lodgement , , Govt Duty , Lodgement , , Lodgement , , Lodgement , , Eircom - DD , EFT Charges , S/O VAT 3 - DD 11, , ESB DD 1, , Oct P30 DD 5, , STG Bank Draft 4, , Bank Charges , Cheque Net Salaries 15, ,

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13 Integrated Accounting Systems - TASBooks (ROI) 2nd Year Paper In all correspondence please quote: Registration No: Notice No: Collector-General Sarsfield House Francis Street Limerick Enquiries: MUSIC SHOP LTD P30 Monthly PAYE/PRSI return Period: 1 st November 30 th November 2011 Payment due not later than: 14 th December 2011 Please do not photocopy this form or payslip or use it for any other period or customer. Always return the payslip even for nil returns. BANK GIRO CREDIT TRANSFER Payslip P30 To: BANK OF IRELAND COLLEGE GREEN DUBLIN For: COLLECTOR-GENERAL PAYE/PRSI A/C No Name: I declare that the amounts shown below are the amounts I am liable to remit to the Collector-General for the above period(s). Signed: Date: Registration No: Notice No: Period: Date Rec d: PAYE,,.00 CHEQUES Receiving PRSI TOTAL,,,, Brand & TOTAL Initials Please do do not fold this payslip or write or mark below this line P30 A 12

14 Integrated Accounting Systems - TASBooks (ROI) 2nd Year Paper Section C - MS Excel: You are required to prepare a month by month budget for the 3 months from 1 st December 2011 to 29 th February 2012 based on the actual figures for September Export the Profit and Loss account for September 2011, with no account numbers shown, from the TASBooks dataset into an MS Excel worksheet and save the file as Budget for 3 months ending 29 th February Ensure that the Nominal Accounts are listed under the relevant financial headings and that a formula is inserted at the bottom of each category to show the total: Sales (Total Sales), Cost of Sales (Total Cost of Sales), Operating Expenses (Total Operating Expenses), Gross Margin and Net Profit/Loss should also be calculated and shown. (2 Marks) 2. In the same worksheet in new columns: - Set up a month by month budget template for the 3 months from December 2011 to February 2012, - Insert formulas to the month by month budget template to reflect the monthly income/expense for the 3 months from December 2011 to February 2012, taking into account all of the following information: Sales and all Cost of Sales accounts should be 3% higher per month based on the September 2011 figures, Staff salaries should be 5% lower based on the September 2011 figures. Directors Remuneration is to stay at September 2011 levels. ER PRSI should be 10.75% of staff salaries, Depreciation should be based on the September 2011 figures while also taking into account the additional depreciation for the new fixed asset additions as outlined in Section B. (Refer to the company s fixed assets depreciation polices set out on page 7.) Provision should be made for the monthly lease interest as outlined in Section B, All other operating expenses are to be 2% lower per month based on the September 2011 figures. - Insert formulas to show totals for income, cost of sales, gross margin, total operating expenses, net profit etc., - Calculate the total budgeted figures for the 3 months ending 29 th February (Students should use the absolute formula throughout where possible) (6 Marks) 3. Format the whole spreadsheet to the following: - Adjust all columns to the appropriate width size to ensure all figures and text is visible, - Border all total figures, - All figures to be comma style, have no decimal places and have a sign, (with the exception of percentages), - All text and figures should be in Arial style and in font size Bold and underline all month headings, - Using any Word Art, title the page Budget for 3 months ending 29 th February 2012 in font size 20 and paste at the top of your page, - Insert today s date as a footer on the right section and your examination number (e.g. 2XXXXX) on the left side section. Both should be in italic and font size 11, - Insert gridlines on the page, (4 Marks) 13

15 Integrated Accounting Systems - TASBooks (ROI) 2nd Year Paper 4. In a new worksheet, create a column chart showing projections based on the total figures for the 3 months ending 29 th February 2012 for the expense codes from Cleaning to Cheque Book Duty. The column chart should be formatted as follows: - Column chart should be titled Other Operating Expenses for Qtr 2, - The Y-axis should be formatted to the following: (i) No decimal places, (ii) Major unit to be 200, (iii) Include sign. - The X-axis should be formatted to the following: (i) All text should be in upper caps, (ii) All text to be horizontal. - Series should appear on the bottom and be titled Expenses, - Insert your examination number (e.g. 2XXXXX) as a header in the centre section. (5 Marks) 5. On completion of the above MS Excel tasks: - Print the following worksheets to the print facility indicated by the invigilator: One printout of the budget worksheet showing figures as normal, One printout of the budget worksheet adjusted to show formulas instead of figures, One printout of the graph. (Ensure each page prints on one page only and in landscape.) - Save the MS Excel file Budget for 3 months ending 29th February 2012 to the location indicated by the invigilator. (3 Marks) Total: (20 Marks) 14

16 Integrated Accounting Systems - TASBooks (ROI) 2nd Year Paper Printing: Upon completion of Section B and Section C (Integrated Accounts & MS Excel), print the following to the print facility indicated by the invigilator: TASBooks Reports: A trial balance as at 30 th November 2011, A detailed audit trail by posting number starting at posting and ending at the last posting number in TASBooks, A print list detailing all recurring journals, An aged creditors report as at 30 th November 2011 (detailed), An un-reconciled bank transaction report for First Bank Plc. as at 30 th November 2011 (showing both outstanding receipts and payments), A supplier details report showing general information for Thomas & Co. Accountants. Ensure all reports are clearly labeled and are submitted to the invigilator at the end of the exam. Total: (10 Marks) On completion of the examination, ensure that a backup of your Sage Quickpay, TASBooks and MS Excel data has been correctly saved in a folder, using your Examination Number as the folder name, in the location indicated by the invigilator. It is the student s responsibility that all work is saved as required above. Accounting Technicians Ireland cannot be held responsible for any marks lost as a result of the above not being completed correctly. Total Exam Marks: (100 Marks) End of Exam Paper 15

17 Summary Suggested Solution IAS (Hard Music) TAS Please Note: Due to the nature of this subject, it is not possible to provide solution dataset files as these will not work correctly with more recent versions of the software. For this reason, a number of system reports are provided here as a summary.

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20 Start Posting Number: Hard Music Shop Ltd - Solution 06/07/2012 End Posting Number : Audit Trail by Posting Number 12:57 pm S Post Date Sr Code Ref Acc Dept Acc Description Description Debit Credit Chg Date Who /11/2011 NL W&S NOV Wages and Salaries - Nov Staff Salaries 12, SPV Dir's Salaries 10, SPV Employer's PRSI 1, SPV IR: PAYE & PRSI Payable 8, SPV Staff Wages Payable (Net) 15, SPV Pension Liability SPV /11/2011 SO MUS Sales Ledger Control Sales Order SPV VAT Control A/c SPV Retail Sales SPV Cost of Sales SPV Stock SPV /11/2011 PL THO Purchase Ledger ControPurchase Invoice 2, SPV VAT Control A/c SPV Accountant's Fees 2, SPV /11/2011 PL MUS01 Dir Loan Purchase Ledger ControPaid by Lir Loan /11/2011 SPV Directors Loan a/c SPV /11/2011 PL MED01 Draft Purchase Ledger ControPL Payment 4, /11/2011 SPV Current A/c 4, SPV Purchase Ledger ControBank Charges: /11/2011 SPV Bank Charges /11/2011 SPV Purchase Ledger ControCurrency Gain: /11/2011 SPV Currency Gain/Loss /11/2011 SPV /11/2011 NL LEASE New Lease Computer Equipment at Cost 9, SPV Lease Obligation 10, SPV Lease Interest Suspense 1, SPV /11/2011 CB R10XXX Current A/c Monthly Lease Repayment SPV Lease Obligation Lease Obligation SPV /11/2011 NL R10XXXX Lease Charge Monthly Lease Inte SPV Lease Interest Suspense SPV /11/2011 CB Petty Cash Ink Cartridges SPV VAT Control A/c 4.18 SPV Printing and Stationery SPV /11/2011 CB Petty Cash Taxis SPV Other Travel Costs & Fares SPV /11/2011 CB Current A/c Petty Cash SPV Petty Cash SPV /11/2011 PL EIR01 DD Purchase Ledger ControPL Payment /11/2011 SPV Current A/c SPV /11/2011 CB EFT Current A/c EFT Charges SPV Bank Charges SPV /11/2011 CB DD Current A/c Oct P30 5, SPV IR: PAYE & PRSI Payable 5, SPV /11/2011 CB DD Current A/c Nov Net Salaries 15, SPV Staff Wages Payable (Net) 15, SPV /11/2011 NL DEPN Depn Nov Depreciation Charge Fixtures & Fittinga SPV Fixtures & fittings Depreciation B/F SPV Depreciation charge on Motor Vehicles SPV Motor Vehicles Depreciation B/F SPV Depreciation charge Computer Equipment SPV User ID: SPV Report produced by TASBooks v3.01 (133) Page 1

21 Start Posting Number: Hard Music Shop Ltd - Solution 06/07/2012 End Posting Number : Audit Trail by Posting Number 12:57 pm S Post Date Sr Code Ref Acc Dept Acc Description Description Debit Credit Chg Date Who Computer Equipment Depreciation B/F SPV Depreciation charge Computer Equipment SPV Computer Equipment Depreciation B/F SPV /11/2011 NL REV ACC Reverse Accounting Acrual Accruals 2, SPV Accountant's Fees 2, SPV User ID: SPV Report produced by TASBooks v3.01 (133) Page 2

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25 Integrated Accounting Systems (IAS) Exam Paper 2011/2012 Hard Music Shop Limited (ROI) Please note: 1. Statistics for both SAGE ROI and TAS ROI are included below in separate tables. 2. All statistics relate to the overall performance for the subject. SAGE ROI - Statistical Analysis By Question Question No Average Mark (%) 85% 82% 71% 77.5% Nos. Attempting Statistical Analysis - Overall Pass Rate 83% Average Mark 80% Range of Marks Nos. of Students and over 148 Total No. Sitting Exam 184 Total Absent 12 Total Approved Absent 3 Total No. Applied for Exam 195

26 TAS ROI - Statistical Analysis By Question Question No Average Mark (%) 85% 83% 78% 84% Nos. Attempting Statistical Analysis - Overall Pass Rate 88% Average Mark 82.5% Range of Marks Nos. of Students and over 400 Total No. Sitting Exam 463 Total Absent 38 Total Approved Absent 13 Total No. Applied for Exam 505 General Comment: Overall presentation was again of an extremely varied standard. Candidates are reminded that all exam material submitted for correction should be well presented and in clear order. Candidates should note that the IAS exam is an assessment of the operation of computerised payroll and accounting packages; therefore supporting workings will, under no circumstances, be afforded marks where calculations have not been posted into the audit trail. Payroll: In general, candidates scored highly in the Payroll section. Common areas where marks were lost included: Applying the normal basis for the new employee; Not saving Employee Timesheets; Calculating the golf membership BIK over 12 months; Including the Car Allowance as non taxable pay, or treating it as BIK; Inaccurate completion of the P30 in respect of values and presentation. Students continue to have problems with the calculation and application of BIK and particular attention should be paid to this area. Accounts: The basic foundations of Double Entry bookkeeping are crucial to the effective operation of a computerised accounting package and, when preparing for the IAS examination, students are strongly

27 encouraged to ensure that they are comfortable with these principles particularly with regard to period end adjustments. For the second year in a row the Salary Journal was very well addressed by candidates and most students attained high marks in this task. However, there was a wide variety of treatments of BIK when posting the salary journal and students are strongly advised to review this item in detail. The requirement to account for payment to a creditor by directors personal funds seemed to cause confusion for students and a high number of students did not post any entry. Other candidates entered, but did not allocate, the supplier payment. The foreign currency transaction usually presented few problems for candidates, however it was noted that students were not as comfortable dealing with a foreign currency gain, rather than a loss. There was a significant improvement in accounting for a Lease this year and candidates had obviously prepared well for this requirement. Mistakes that arose, specific to the treatment of Lease transactions, included: Setting up the Lease Obligation and Lease Interest Suspense Accounts in the P&L, or setting up the nominal accounts as current asset or fixed asset accounts; Reversing the Lease journal; Posting the charge for lease interest as a bank payment. The basic journal for depreciation should be familiar to all students from first year Financial Accounting and there seemed to be improvement in this area also. Close attention should continue to be paid in this area as common mistakes, specific to the treatment of Depreciation, include: Crediting the Asset at Cost account when recording Accumulated Depreciation; Not calculating the correct value for Depreciation, particularly for the leased asset; Posting year to date depreciation for the leased asset; Accounting for a year s depreciation, rather than for one month, as requested; Reversing the depreciation journal. Students should remember, with regard to depreciation, that the detail of each nominal account balance for each class of fixed asset should be closely analysed as the summary balance may be misleading when calculating depreciation values i.e. asset at cost accounts may include leased assets which are subject to a different depreciation policy. While the main areas (e.g. Accounting for Leases, Depreciation, Salary Journals) showed marked improvement it was noted that a number of marks were sacrificed in other areas. For example, marks were frequently forfeited for the following reasons: Excel: Posting the Accountancy invoice to Cost of Sales, Purchases, etc (Item 8); Posting Petty Cash payments as bank receipts (Item 12); Debiting the petty cash with a directors loan (Item 13(i)); Posting supplier payments to expense accounts i.e. the Eircom DD in the bank statement; Including VAT when reversing the accountancy accrual (Item 11). Candidates should note that the syllabus for IAS clearly defines Excel as a required competency that constitutes 20% of the overall grade. A surprising number of students only made a cursory attempt at this section and consequently lost valuable marks. The primary area where marks were lost was in formatting and presentation, which would not be considered an overly technical area. It should be noted that where a reasonable attempt was made candidates tended to receive a majority of the

28 available marks so students are strongly encouraged to prepare adequately for this section of the syllabus. It was noted that a significant number of students did not select the correct range for the column chart and that the requirement to indicate a major unit of 200 was often overlooked. Reporting: A small number of candidates printed the requested reports before all activity was completed, again this means that marks may be sacrificed as the reports will not be complete; all requested reports and printouts should be produced after all intended work has been carried out. Hard copy Printouts should not be obscured with any workings as marks may be lost if printouts are not legible. Particular attention should also be paid to the specific parameters indicated in the reporting requirement. Conclusion: Attention to detail and a high level of first-time accuracy, with regard to dates, calculations, and journal entries is critical when using computerised software; such an approach is also essential for securing high marks in the IAS Examination. Sufficient preparation and practice with the available material is therefore strongly recommended. Candidates are urged to pay close attention to the specific requirements of the paper and are also reminded to update/process the work that they have carried out e.g. quotations, recurring journals to ensure they gain the maximum marks for their activities.