Record a provision.

03 Jun

If you are an accountant or a finance student, you must know what does the title mean. If not, dude, seriously, record a provison of your life. Oh wait..
For all others, no, I’m not explaining. I have to explain many things tomorrow for 3 hours, with my worse than doctors handwriting and as this post will continue, it will contain more technical terminologies.

Still reading? Woah. You must be bored ( at least by now) or you are one of those who don’t rant about mondays. In case of the former, please sleep. In case of the latter, hi5 *pulls hand away at the last moment* Khekhekhe. Muttley Zindabad.

Nuff ov gRumPy k3wln3ss. Dat ws ma k3wlx version. Okay. Enough. *add some more shit*. You probably must have slept by now. Mission accomplished. YeeHaa.

Back to technical terms now. So I have an auditing exam at 2 today and most probably, a very heated argument to settle after my last post. I brought it on myself. I lyk 2 play wid fire. Reblog or cumment if u cryd.

So in regard of that exam, having a vast experience of failing in the previous 2 atempts (fuck you, markers) and comparing my prep at the moment, I think I need to record a provision according to closing forex rates, because, Prudence rules.

You are still waiting for the best part? Okay. Here it is. The provision will be converted into a liability on the Eid day. How awesome is that?! And as for now and near future, I don’t have any resources to settle that liability. So now this raises a serious concern over the going concern assumption. Lol. I just have a single asset. I don’t have a manipulated and heavy balance sheet like Veena and I seriously don’t think that any one in their right frame of mind would like to have the possession of my asset to settle against the liability. I might just have wrote some thing there that will make it easy for people to troll me.

So, umm, pray if you want to for me that I eventually reverse this provision come the Eid day and bless you all with a happy post announcing my affiliation with ACCA.

P.s. You just experienced a lame post. Take examples and don’t waste time (write blogs) on night before exams.

Leave a comment

Posted by on June 3, 2013 in Random


Tags: , , , , , , , ,

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: