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69%. Qualified!!

What a long road. A little over six years from F1 to P5.

I always found it motivating to see people on the forum becoming qualified. It made me realise that it was possible for me too. And it was.

Thank you Open Tuition and others.

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I thought explaining why the dashboard was award winning was a great question, loads to write about.

I wasn’t totally sure what the role of the accountant is in integrated reporting or how TQM could help Thyme specifically. My answers to these were a bit generic.

I think my answer about costs of quality control was also too basic, plus I was getting tired and taking too long, I needed to move on by then.

Question 2 looked the easiest, although I don’t like the calculations in this exam.

I was going to do question 3 but was running out of time and question 4 about staff appraisals and performance-related pay started looking better to me. Imagine having your entire salary dependent on getting 50 new clients every year when you work in a technical field that demands a second language as well as up-to-date tax knowledge of 2 countries. I wouldn’t take that job!

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How did you use 3 lenses?

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I didn’t know what to do with the numbers and didn’t have much time for them. All I said was that the acid test ratio went from about 2 to 0.9 which means they could not bay the bills.

Based on this I said that time critical as they could soon go bust.
I also said that they were ready to change since profit had plummeted so badly.

Other than that I didn’t use ratios.

I said the changes needed to be quick but not so big because they were preserving a lot, but I named it adaptation by mistake. Hope I don’t get penalised.

Q4 was hard as I was very tired by that point. I hope I got enough to get by on that one.

I basically said that they should manufacture in one location and ship from there. Buy more than once a month and deliver straight to the relevant country. Better yet, manufacturers should deliver to the customers.

Being border-less meant using divisional structure not regional, and can sell more easily to anywhere in the world. Plus, they can focus on videos and music.

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38% last time
67% this time

So relieved!

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This is exactly my question. All those questions are very long. Is there a way of being to practice smaller examples as I go along so that I’m able to absorb it all as I learn?

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I deducted the credit notes from revenue. 6,000 x $40 = $0.24M.

The 13,000 units wasn’t enough for a discount, so 13,000 x $1,000 is recognised in total, which is $13M.

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@seanog91 said:
Did anyone get a loss on the disposal in the income statement? of around 13mill?

I think I got 13.6 so I adjusted the figure they’d included already by 0.4

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Was there a question on impairments to assets in both questions 2 and 3? I wrote very similar answers to both.

I think I wrote ‘higher of FVLCTS and VIU’ and least 3 times in the exam.

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I felt the exam was really tough. 18 marks on CFC! A few of the questions were from parts of the syllabus that don’t take up much space in the study text, and the larger topics barely touched if at all. I’m surprised more people didn’t vote ‘disaster’. I did.

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Thanks Mike.

In that case, does it make sense to do advanced tax then Business Analysis first and then throw myself fully into the IAS / IFRS for P2 & P7 (in 2 sittings)?

I don’t think I’ll have enough time over the next 6 months to tackle P2 but I don’t want to stall either.

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56% Thought I’d done better but a pass is a pass.

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Whew, 50% my lowest mark so far. Strange mix of relief and disappointment.

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I’m pretty sure but I wouldn’t trust everything you read on this forum. If you want to be certain you should call the ACCA yourself.

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You can still practice as an accountant without it, but you need the UK variant of F4 for the auditing certificate.

as far as I know for F7 and F8 you don’t need the UK variant, only in F4 and the Ps.

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I may be wrong but I think if you want an auditing certificate for the UK from ACCA you need to pass the UK variant of F4. If you don’t live in the UK then it’s no issue.

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Can I just point out that to do these papers means sitting exams 3 consecutive days. Personally I couldn’t do it. I need a full day before an exam to revise and get my head in it. If you can do it great, but have you considered a different set of exams like F4 F6, F9? Just a thought.

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what difference?

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So cash is all cash + cash equivalents + overdraft

Or is it minus overdraft?

And is it only the overdraft or other current liabilities as well?

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depreciation is added to profit because it was considered an expense in the statement of profits and loss, but in reality, no cash was spent.

profit/loss on sale of asset. Let’s say your asset is worth $100 and you sell it for $50, in the SFP that’s put down as $50 lost but in reality you got $50 cash in.

increase in receivables. If someone owes you money, that’s cash you should have but don’t, it was put in the IS as income, but you didn’t get the cash yet.

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there’s two diplomas and a degree. you’ve already got a degree and it’s worth as much as all of those combined. don’t worry about it.

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If you have an honours degree, why do you need the diploma?

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I’d say it depends on how ready you are for f6. Only try to sit f7 if you will definitely pass f6, otherwise you could fail both.

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I was aiming to sit 3 but I gave up a while ago, now sitting 2. I’d rather pass two than fail three obviously.

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That is not a sensible conclusion to come to. You either know the material or you don’t. Just knowing more than the guy sitting next to you isn’t enough.

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