*** ACCA F7 June 2018 Exam was.. Instant Poll and comments ***

Section A was a disaster for me, only got like 2 answers shaded in 15 mins and I started panicking, winging the answers. Calmed down around Section B and finished strongly in Section C.

That being said, even with my generous marking, I was only getting an estimate of 46/100. It’s in God’s hands now. Hope I can make it.

#Believe

@mohdafzal said:
So basically your section c was good ?? For me sectuon c was baadd..did you get question on short term leases in section c ??

Hi mate, I really have no idea to be honest, as I’ve seen people say they did terribly come out with high pass while people who said they did great have failed. I much preferred Section C over the MCQ’s though. I think I did well on the ratios and the Single entity question.

And yeah, think I got the lease one as well. I had 2 leases in that question. As the other answer has said I accounted the 2nd one as a operating lease and sent it through the profit and loss (I had to to a statement of changes to profit or something) and then a statement of Financial position.

Honestly, I’m going to be practicing the syllabus again because it’s probable (lol) that I won’t pass, I hope I do though.

Also, is everyone’s Section C the same or is that even different?

I sat the exact same paper.. the point with me was that i was unable to get the points on how to comment on it.. i just wrote that wyatt is not doing well now because of its founders.. since they opneed up new company similar to wyatt… and moreover the founders obviously would be having good relations with suppliers and customers of wyatt before acquisition as they were performing good before… and i couldn’t frame the answer well.. since i was under time pressure and english is not my first language… hope that i did well..

@nykkw said:
That’s good to hear. What were your conclusions from the interpretations question? I said that the Knope Group did a good purchase at the time but has suffered a lot since the main creativity of Wyatt seems to have been the founders, as they had said most of the games were made by them, and also the key suppliers and customers seem to know this.

They did well to get an increase in consolidated GP% despite the poor performance of Wyatt, but that Knope has to come to a decision fast as to what to do with Wyatt, continue gambling for them to land a hit game development despite Knope not having any valuable expertise in the area or get rid.

That’s a rough draft of what I wrote, what about you?

Section A was a disaster for me.I was confuse with the deferred tax mcq. In section C, I had confusion in lease as they say that the initial payment was made and charge in cost of sales so I removed 2m from the present value and then calculated the current and non current liability value.

In interpretation , I wrote that the gross profit margin of the company is good because of the merger of the revenues of both the companies but on the other hand they have more inventory turnover days because they have lost the customer as the founder of the wyates company has left the company . The quality of the games are not good as the founders produce most of the games.

I hope I get the marks as my English is poor and I am nervous because my section A and B were also not upto the mark.

Hmm.. even i felt that info was too less.. but yea this was it.. there cant be anymore points to comment on..
I just hope to pass this.. even for me this was the hardest exam ever
Anyways.. EVERYONE GOOD LUCK

@nykkw said:
Those are all relevant points mate, I’m sure we should get the marks for them, if I recall one mark per valid point. Well, here’s hoping haha! I think it was a good thing that we didn’t have too much information though? Because of that it was left to our imagination and we could really explore many different routes on why it has happened the way it has. In my opinion anyways, for me, the little info was better.

Just hope to God we pass, I’ve passed ACCA F1 to F5 and this has been the HARDEST exam ever. I don’t get how people have told me F7 is ONE OF THE MOST EASIEST exams in skill level. Maybe it was easier back then, when there were’nt all that many MCQ’s and OTQ’.s If we got a full consolidation question for Section C I would be pretty hopeful too of a pass.

Good luck everyone! All we can do now is hope.

The examiner gave us a question stating 4 answers which included the terms INPUT and OUTPUT and I didn’t really know what to do.

Anyone have any idea on the seeded questions? I presume that they were in section A

@snell123 said:
Anyone have any idea on the seeded questions? I presume that they were in section A

Yes must have been in section A as there was 20 mqcs rather than 15? Wouldn’t have a clue which they were, hopefully the only ones I didn’t know anyway!

Yes. You are right mostly. but this question was surely not in my exam. Did you give CBE or PAPER based? Mine was paper based.

@snell123 said:
One of section b questions was ‘if nci is valued at fair value, what of the following two is not effected:
Share capital
Retained earning
Goodwill
Nci

Surely retained earnings, goodwill and Nci would be effected

Hmmm.. that’s the reason. How was it for you?

@snell123 said:
I took the cbe

I messed up Section C, especially where they asked about short-term leases in single entity financial statements. Section A was Okay, not that bad. And expecting great from Section B. Lets hope for the best.

@luti35 said:
Can any let me know where did you take the paper-based exam please, as my self-took CBE and was a disaster.
I am used to paper-based and could not concentrate at all.
Thank you

I took the exam in Bahrain. But I GUESS it doesn’t matter where the exam took place in case of paper based exam. In case of CBE the questions vary I GUESS.