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I’ve been self studying for f7 and I’m currently on a revision course. I am seriously struggling to get to grips with it. My knowledge doesn’t appear to have stuck plus there appears to be different ways of setting out your answers depending on which text you use!
I’m at the point of giving up as I’m exhausted from work every evening, I have a stressful job where I regularly work overtime just to stay afloat! It’s all becoming too much.If anyone has any tips on passing this paper and not giving up ACCA, please share.
Hi Sair
I am nt taking f7.I am taking f4 and f6. U still got time do what u can do from this minute, even 6 months is not enough but if u concentrate it is possible. Go through lectures and practice questions, Please dont give up. I am sure many of us feel the same.
God luck
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just focus on questions 1 and 3.
1 is consolidations which is simple for the most part.
3 is cashflows and interpretations which again isnt too difficult.
I am struggling with the workings to consolidation if anyone can provide their system? The revision course I went on had very different methods to what is shown on OT lessons.
Can anyone also explain how the discounting works for liabilities and assets in a simplified way.
Stick to one method! Follow OT lectures only + do past exam questions. And u r through.. Dont worry each step is given marks. And what discounting are you talking about?
Don’t give up. Even you’re self studying, there are easy things that can you can probably learn last minute:
1) Remember all the pro-forma for Q1 and Q2.
Q1: Consolidated financial position- remember how to calculate goodwill (consist of 3 components), how to calculate post acquisition profit, NCI’s equity and group RE. These are fairly simple. In terms of adjustment, always look out for fair value adjustment and inter-company transaction.
Consolidated P&L- Remember that mid-year acq needs pro-rate. again, remember adjustments for goods in transit and revaluation. remember NCI calculation.
Q2: Main adjustments that repeatedly found: tax & deferred tax, revenue recognition, lease (IMO).
2) You do get some easy marks from transferring figure on question to your set-up proforma so don”t give up! Apparently you are not expected to know all the adjustments to pass it!
3) I hate Q3 too- my instinct is just keep writing (for interpretation). Know some basic ratios.
Q1 and Q2 are quite generic. There are random adjustment that were meant to make you trip. But if you practice 4-5 question sets continuously you’ll get the gist. Q3 ratios, many ppl love it as it’s simple (but I hate it as I cannot remember formulaes and they dont make straightforward sense to me). So if it’s your kind of thing there’s something on your side already! And for Q4 and Q5- I say, go with the flow. No point to stress yourself but prepare what you can right now (Q1-3)
Don’t give up, you may strike a score, keep going 🙂
Hi, for f7 you should not say I am about to give, you should say I am about to give up.
Strictly speaking I myself had around 9 to 10 days for revision because I started course very late & F7 is not an exam to fail. You cannot fail this exam if you come up with a little bit exam passing technique.
Consolidation is 25 marks which is more or less a proforma & you can get lot free marks by literally copying the figures from the question paper like adding a cross.
Cashflow may come for 15 marks which is also proforma you easily score easy marks if you do a little bit of practice.
Published Accounts also comes handy with little practice and there are lots of easy marks in that question too.
For 4th & 5th question I would say don’t miss those questions, Do them MUST, if you know 2 marks out of a 5 mark question, Do go for those two marks even for one that could make a difference of 49 to 50.
And lastly yes, you can do it. Just say I am not giving up. Get your head down and keep your practice continued, & also stick to your method. I myself had that same problem different people come with different methods. You do what you have learnt. In the exam try not to miss any easy marks. Good Luck for the exam
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