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  2. Hi, I have a question regarding the answers to part C questions.
    The answer examples (regarding creating of single company financial statements) that I have seen in textbooks are the following:

    “Moston-Statement of profit or loss and other comprehensive income
    for the year ended 30 June 2015
    Revenue (113,500-3,000 see below) 110,500
    Cost of sales (w (i)) (95,700)
    …
    Workings
    (i) Cost of sales
    per trial balance 88,500
    Goods re in-substance loan (2,000)
    …”

    My question: if I don’t include explanations in brackets in P&L, don’t set up any Working, don’t include explanation notes, just calculate numbers and insert in financial statements, will the examiner give me the full marks if my numbers are correct?

    • Yes – but why do that? What if you make a small mistake in a complicated calculation that’s worth 4 marks? You get no marks because you got the answer wrong. Show your workings and you could get 3 out of the 4 available – hey, you only made one small mistake!

      Don’t be silly! SHOW YOUR WORKINGS!

      • Thank you for the quick response. The problem is time. I need more than an hour to create financial statements, to include explanations in brackets in the statements, to label all the workings and write notes. This means I loose the chance to get marks from second C question. On the other hand I will need probably only half of the time if I don’d care about formatting, explanation, labelling and writing notes. So I will have chance to earn some points from the second question. Based on my calculation earned marks per minute ratio would be higher if I use the second method.
        Thank you again.

      • Ok, it’s your choice

        Post again when you find that you’re wondering what approach to take for your resit!

        Have you ever, ever wondered why every single tutor, “expert”, ACCA, tuition provider, examiner, marker and examination assessor recommends that you show your workings?

        Has it ever, ever, ever crossed your mind that it’s maybe you that is driving the wrong way down the motorway

        You write “I need more than an hour to create financial statements”

        Well, so do most students! Do you imagine that you are unique? The majority of students sitting these exams complain that there wasn’t enough time to complete any of the questions … and then they express great surprise when the results are published, as in “I scored 63% but I have no idea where they found all those marks – I never finished a single question”

        But no problem – you do it your way and prove us all wrong

        You’re only going to arrive at the correct figures by extensive practicing and a whole lot of luck or coincidence

        And if you practice a lot, you can cut out the luck and coincidence

        In addition, you will find that you speed up so with your method you can be walking out of the exam room after just 2 hours

        My advice? Don’t do any practicing. Don’t show your workings. And we’ll all see you again in readiness for the June retake

      • Passed both F7 (65%) and F5 (63%). I did not do any explanations in brackets, did not write any explanation notes and did only one or two workings because I did not have time to finish even first C question.

        Thank you again! Without you saying that I would get full marks without explanations and workings I would not be able to risk my strategy and would be in a far worse position in terms of points because I would not be able to calculate as many Balance Sheet and P&L items.

  11. Sir,
    If company A owns 40% of the shares of company B, but has majority voting rights within the company…..Does it make company B a subsidiary and does it control company B?

    And what if the company exercisable options to take 55% of the company B?

    Thank You

    • I believe that they can – Ireland follows IFRS I think and these notes and lectures are based on IFRS and not on UK GAAP

      The UK variant (I know, the Republic of Ireland is not part of the UK!) disappeared some time ago and we now only have the International variant available at this F level so, yes, this material is good for RoI

      When you get to P level you may need to ask again because there is a P2 paper variant that is still based (as at 2 January, 2016) on UK GAAP

    • If there are going to be any amendments they will all be cosmetic so, yes, the notes are good for March 2016.

      Besides, the notes are free so you can access them / download them at any time

      If you’re thinking “Are these notes ok to start my preparation for the F7 March exam?” the answer is “Yes”

  17. Hello, I am not able to access most of the video lectures. I was able to on Friday but not since yesterday. The ACCA forums are also not working. The links just lead to a browser page saying it is not able to access the link. The introduction lectures still work somehow so I was able to post here. Please help!

  19. I got this error message when trying to watch the first video:

    Not Found

    The requested URL /video/119756300 was not found on this server.

    Additionally, a 404 Not Found error was encountered while trying to use an ErrorDocument to handle the request.

    I was able to watch it recently.
    Has the video been removed or is it still available?

    Best Regards,

    Malcolm

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