← Prepare financial information

Reading the notation

The schedule marks every line with a complexity code — S, C, T, V, P — not a letter grade. Knowing what each one wants is the difference between a full line and a half line.

📖 The schedule's own marking codes

6 terms

Cover the right column and check you can say what each one means.

S

Straightforward — the dollar figure was given to you directly, correctly used with the right account name and Dr/Cr column.

C

Calculated — one calculation needed (e.g. splitting out GST) to reach the correct figure.

T

Two-step calculated — two calculations chained together (e.g. a GST split, then a balancing figure).

V

The account name and Dr/Cr column are right, but the dollar figure is wrong — partial credit, not zero.

P

Process — the statement or note is laid out fit for purpose, with correct subtotals, even if an earlier figure was wrong.

F / DE

Foreign item / detracting error — an item that does not belong in that statement at all (e.g. a non-cash item in the Statement of Cash Flows) — these actively cost marks, capped per question.

Practice for this standard covers the whole topic — flashcards and quiz.