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Kanzi isn’t an employee of the company providing it, Florina is so it’s taxed on her as a higher rate tax payer at 40%
This was my first ACCA exam and the only F paper I had to do thanks to 8 exemptions from achieving a 2:1 Honours Degree at Uni.
First time studying and working full time at the same time.
I put in a ridiculous amount of effort to the point I had no work/study/social/family balance for 2-3 months. Doing an hour or so before work with 2-3 hours after. Weekends spending many saturdays and sundays studying all day. Even took over a week off prior to today to study for it, did not want a resit!
Definitely put the effort in but problem was information just wasn’t going in the same way it did while studying at Uni. I was seriously struggling to recall information to answer the questions well.
Potentially due to the lack of lecture/tutorial full time study structure or perhaps I went the wrong way about it by reading the BPP book a couple of times, learning from doing questions with answers, passcards and reading the articles. I only used the initial OT lectures here to break me into the study and not convinced they helped at all to be honest.Todays exam questions looking at it seemed okay, problem was the information didn’t come to me at all for substantive procedures which was a major screw up.
Also Q2 confused me as it said “Describe a Test of Control for….” which made me think they just wanted 1 for all of them as opposed to 1 for each bullet point…..either way my mind went blank on Tests of Control. Question 6 was also a near write off! Even the questions I did answer under the pressure I more wrote what should be done as opposed to procedures at times. Substantive procedures are awful things to learn as they’re soooo different depending on the scenario!
Gutted I put so much effort in and definitely answered less than 70% of the paper. Majorly f***** off.
No point of dwelling on it now though. I have my life back, get back into normality and then think over my next step from here. I absolutely hate auditing with a passion. Its a shocking topic I will never f****** use in life and it has a ridiculously wide scope of what could crop up! Part of me thinks having covered so much may be the reason I fail to recall information, too much to keep track of. Feels like I touched the surface more than deep in the water if you get me?
To add some humour and put it in auditing terms….
There’s about as much chance of me being given a pass in that exam as there is of the auditor of Sevco (‘The Rangers’) FC being given an unmodified report having prepared their Financial statements on a Going Concern basis with no disclosures!!!
@lindadel7 said:
I didnt actually sit auditing in my college course so there is no surprise that I have to sit it now!
I find that I have to write things out for them to get into my head, reading just wont help me!!
My hand will be falling off come June with the amount of writing that is involved in those answers!Ah right. How did you get so many exemptions? I didn’t think there was many Uni courses that obtained 8.
Agree with the writing but It’s near impossible to write everything out before the exam, no chance, complete waste I found before when I attempted it for Tax.
@lindadel7 said:
Hi Chris,Like you, I have been granted exemptions from 8 / 9 of the fundmentals and have to sit F8 in June 🙁
I am currently doing an e-learning course and I have been advised to read the text from cover to cover (as if it were an enjoyable novel 🙂 ) to familiarise yourself with the material. My plan is to then go through all lectures and make my notes as I go along, once the lectures are done, I’ll revise each chapter individually and and attempt practice exams questions to make sure Im understanding the material!This might not work for you and who knows, might not work for me either but will test it out as it is my first ACCA exam!!
Good luck!
Hi!
Typical we don’t get the F8 exemption but no point of dwelling, Auditing is by far my most hated topic!
An enjoyable novel though? you’re having a laugh haha!
I’ve done all the ‘Live lectures’ and now reading through the textbook, getting through about 15 -20 pages an hour while highlighting bits and bobs….not convinced much is going in though.
I think the key for me is to look at the pracitce questions and write up perfected answers on the basis of the answers to the question……many people question it but it works for me!
I’ll see how things go, struggling to get the motivation as it still feels so long away!