[Aimee]

Well this is it…
Last exam passed July 2017, last PER objective signed off Sat 21st October and membership applied for straight away!
I know they say up to 4 weeks to process your application, but that’s not stopping me from checking my email and the ACCA website every 30 mins to see if anything’s changed…

[Aimee]

So happy right now!

66% pass on P5 (was sure I’d failed) and 56% on P7 which I thought I’d done much better on!

Wasn’t expecting to be able to say this but I’m now an ACCA affiliate with all first time passes!!

Congrats to everyone who passed and to everyone who wasn’t so lucky, you can do it!!

[Aimee]

So happy right now!

66% pass on P5 (was sure I’d failed) and 56% on P7 which I thought I’d done much better on!

Wasn’t expecting to be able to say this but I’m now an ACCA affiliate with all first time passes!!

Congrats to everyone who passed and to everyone who wasn’t so lucky, you can do it!!

[Aimee]

Q5
I did the adjustment for the revenue/receivables. (adj needed as risks & rewards not transferred according to contract)

I also put that we needed to check whether the inventory had been removed from stock as it needed to be added back in at lower of cost & nrv.

Qualified opinion if inventory still on stock list as material ($17m), not pervasive.
Adverse opinion if inventory needed adding in as aggregate errors were then pervasive.

Did anyone else do this or am I completely barking up the wrong tree?

[Aimee]

Cheque is just bank, if he’s paying by cheque then you Dr expense or PLCA (wherever the money is going) and CR bank.

Just think of cheque as being like a debit card transaction in that it comes straight out of the bank.

If you do the journals this will tell you how many T accounts you need. I’ve had a very quick count up and it’s more than 10.

[Aimee]

I work full time and have done 2 exams every June and December for the last 2 years, passed every exam on first attempt, including P1-P3. Now have 2 exams left to attempt.

I also manage to maintain a reasonable social life (theatre/cinema, gym, seeing friends) and also spend a lot of quality time with my partner. This is on top of going to college 2 nights a week for my ACCA classes.

It’s more than possible to work, study and have a social life, although I understand it’s much more difficult if you have children.

Good luck!

[Aimee]

You could start by writing out the necessary journals which will show you the T-accounts you need and which side they go on.

Eg the first transaction would be

Dr Bank 50,000
Cr Capital 50,000

Not everyone gets the hang of T-accounts but they’re necessary at the early levels and give you a good knowledge base as you progress. They especially help later on for working out things like cash flows so keep at it!

[Aimee]

Start working asap if you can. In order to get the full qualification you need 3 years work experience. The sooner you start the sooner you receive your certificate!

Also, you may find that the work you do gains you valuable insight and actually helps you with your exams. For example working in practice helped me with my P2 exam and is helping me with P7.

[Aimee]

Hi Joey

From what I hear you shouldn’t have too much difficulty doing F1-3 in one sitting but as everyone above has said you may struggle with doing 2 exams every 3 months.

Personally I do 2 exams each June and December sitting (and slotted F4 in between Dec exams and Feb course starting), and the other people I study with are either doing 1 exam every 3 or 6 months now we are on the ‘P’ papers.

I work full time in practice, attend college 2 evenings a week for ACCA and still maintain a reasonably active social life, except for the 3 weeks before exam week. I had 3 exemptions, and if I pass P5 & P7 this time around I will have completed all 11 exams in 2.5 years, each on first attempt.

Just remember that the papers get a LOT more difficult as you go along, F1-F3 may not be too challenging, but F4-F9 are equivalent to a degree and the P’s are equivalent to a Masters.

And study materials, I use the Kaplan books as the two colleges I attend both provide them.

[Aimee]

Hi

I’ve had a few of my PER objectives signed off, struggling on the mandatory ones but thought I’d share one of my statements with you guys. No idea if it’s actually correct but it’s signed off and that’s what matters right? I hope this provides some inspiration for you guys 🙂

Now can anyone do the same for objectives 2-5 please?

1: Professionalism and ethics

Working in a practice environment, I am exposed to a variety of different clients each with their own unique situations and needs.

Whether bookkeeping, preparing accounts or auditing I must ensure that I am applying all appropriate legislation at all times, updating myself on new legislation as required and looking up the correct legislation for situations I have not come across before. An example of this is ensuring that I applied the correct treatment to properties when FRS 102 came into effect for some of our clients. I researched the correct treatment, checked it with my manager and ensured it was applied correctly to the accounts and disclosure notes.

When preparing accounts I am required to do so in an ethical manner, this includes checking the supporting documents to ensure that transactions exist and are treated correctly, and ensuring that non-taxable deductions are treated as such.

When making decisions, I am careful to use appropriate and reliable information where available, referring decisions to my manager where necessary if judgments need to be made on incomplete information.

I have completed all code of conduct and ethical training provided by my employers, both past and present, and have also completed the ACCA Professional Ethics module.
I have undertaken data protection training and I am careful not to disclose information to third parties without client permission.

I am aware of the code of ethics and am comfortable in reporting unethical behaviour to my manager where necessary, although I have not had to do this in my current employment, it has been necessary to report behaviour in my previous employment at ********** PLC.

I am careful to maintain independence from my clients, especially those for whom we perform audit services and am aware of how to avoid threats to my independence.

[Aimee]

69% pass on first attempt. Wasn’t expecting to pass so comfortably after waffling through 23 marks and skipping 5 altogether!
Congrats to everyone who passed, and good luck with the resits to everyone who wasn’t so lucky 🙂

[Aimee]

66% pass on first attempt. Wasn’t expecting to pass so comfortably after that horrible Q1!
Congrats to everyone who passed, and good luck with the resits to everyone who wasn’t so lucky 🙂

[Aimee]

@tlobo said:
Anyone worked out the npv as the first two lines of benefits were observable and measurable so ended with negative npv so did not approve project. Did anyone get same

I think you were just supposed to do the appraisal based on the table, ignoring the validity of the figures.
You then tore the figures to shreds in the next part of the question.

[Aimee]

@joashbill said:
so were we asked to calculate the payback period?

We were told to use appropriate appraisal techniques. With the information we had payback and NPV were the obvious ones but if you came up with something else I’m sure you’d get marks for it.

[Aimee]

@ddmoo said:
Low low is dog. Question mark is low market share and high market growth. Also I believe Diagrama had low market growth.

Pp dog – analyse profitability and consider divesting if appropriate
Diagrama cash cow – milk
What’s this Star – invest

[Aimee]

@ddmoo said:
What did people write for the what was missing from the PID question? I wrote:

Risks not identified and analysed (use TARA)
No project sponsor listed
No measures given for how the objectives would be measured

Not sure if they were right.

I wrote no sponsor/project manager
No deadline
Constraints
I’m sure I put a few more in…

[Aimee]

@kerimova1808 said:
how did anyone apportion PL of Ginny upon disposal? got confused in the exam (
x9/12?

Yup, did 9/12 income for Ginny. -!; 3/12 for income from associate

[Aimee]

@paulbongiovanni said:
I said that Minor was Dollar – I think that I went along the lines of ‘even though the facts appear to show that Minor’s functional currency is Euro, the subsidiary is not autonomous and provides monthly dividends to the parent – effective acting as a branch.’

I found 3B and 3C tough and I only had around 15-20 minutes to write them, so I felt the time pressure and didn’t have greatest structure in my answer.

3B – I think i mentioned how market conditions, cash flows, PV etc are incorporated into the FV of assets whereas the replacement cost does not and how that would affect the ‘gain’ that the director put down to their negotiation influence based on their liquidity position.

3C – I really ran out of time here, but identified an IAS36 impairment issue? The director said the licence wasn’t impaired as the PV of future cash flows was > carrying value – however the future cashflows were contingent on a possible change in law/regulations.

I don’t know if they’re the greatest of answers but I had to write something XD

I did the same as you, on all parts!

[Aimee]

@ogunnubi said:
For the last working note in question 1. Am not sure I got it right but this is what I did. 7000 × 950=6650000
Less 50×6000=300000
Less 40× 6000=240000
=6110000 which I added to the revenue.
The 300000 been reduction in selling price if they purchase over 10000 units while 240000 represents reduction in selling price as a result of the defect.

I didn’t give them the extra discount as I read it as they needed to buy 10,000 (contract) plus an extra 5,000 to get the discount.
Made a little note to say not giving them it as it was not certain that the buyer would qualify and no end date for the purchases was given?
Hopefully the examiner will feel sorry for me…

[Aimee]

@jimbob1212 said:
Goodwill
Consideration paid: 9000*0.6*1/2*$x
Deferred cash: 9000*0.54*0.6*(1/1.08)
FV @ AQN of NCI: 0.4*9000*$1.5
Net assets of S: Can’t remember but included something below FV which reduced their net assets
Also included deferred tax as an asset
Share capital of S

I didn’t get negative good will though..

I think it was designed so that if you INCREASED the fair value you got negative, decreasing or ignoring with give you positive.

Sneaky

[Aimee]

@tybenmillie said:
Contract – Did no one else recog there would b a loss on the contract

Cost to date £15M
Expected Cost £24
Total Costs £39

Revenue £30

Loss on contract £9 this should be recog straight away !!!???

I’m fairly sure it said expected total cost rather than expected cost to complete giving a profit of 6m?

[Aimee]

Yup 8750 is what I got for the contract asset, so increased it by 3750 as the balance was 5000 on the tb

[Aimee]

I thought Q3 was ok, could be completely wrong of course.
For the 16m sale I got that 1.2 should be deferred income as it relates to the support so reduced income.
Contract asset I increased revenue and the asset by 3.75m.

Didn’t like Q1, was confused by it asking for extracts and what was the deal with that deferred tax asset? I didn’t get any negative goodwill so maybe I mess up but it’s not the end of the world.

Q2 I did gearing, interest cover, gross profit and I think the current ratio but can’t remember. Probably didn’t relate enough to the discontinued.

Multiple choice seemed OK, I got a LOT of Bs though!

[Aimee]

Passed with 78% – about 20 marks better than I thought I’d done!
I think someone may have switched my paper 😛

[Aimee]

I also put a note in my working capital workings that I’m assuming the money will be used for w/c on the new machine.
A fair assumption I’d say seeing as the w/c is already in place from the previous machine

[Author]

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