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@guzejoel said:
sad…..44@first attempt
Poor one…i thought the exams were easy.

Don’t let it get to you… now that it’s still fresh, do some serious revision in the next weeks. You have plenty of time to prepare and pass. Took me 3 tries, but I did it.

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Just passed F7 in my third attempt. Another thing I forgot to mention the last time, learn ratios calculation and analysis. It was included in all past 3 sittings of F7 and it is relatively repetitive exercise. I think it was worth 15 marks in the March sitting.

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Passed with 67, after previously failing it twice. It was evident that March F7 exams were easier than the previous two sittings.

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@hannah123uk said:
I thought you weren’t supposed to include the inventory note for that part of the question? You were only supposed to look at notes ‘ii’ and ‘iv’?

It said from II to IV, including III

After all, closing inventory is part of COS, so it does affect Profit…

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@yentam said:
there was also the question about what would increase equity at the time. there were a load of options. was it just the rights issue? the other options were the bonus issue, preference shares, etc. I think I selected only option no. 5

5 was the certain one…

But I also chose another one, I think it was 2, so the option with 2 and 5
The other one referred to a convertible loan, which is a compound instrument and has an equity element in it (I think anyway)… any opinions?

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@abdulbasit16 said:
They mentioned fall in interest rate and fall in rate means higher value in use

I agree with you. Does anyone remember all the options and the answer they have given so we can come up to a consensus regarding this Q?

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F7 is the only paper I failed, and I failed it twice. Hopefully I passed it today, as I feel confident I did.

My advice is not leave everything for the last moment and slowly cover the syllabus till June. The difference which I think I applied this time around was to actually understand the double entries hiding behind the mechanised workings we all learn by heart, for example the Goodwill working in consolidations… it came quite handy today, as in the 30 marks Q, I didn’t scramble with the notes like the previous exams, but actually slowly went over the notes, figured out most of the adjustments needed to be carried out in the financial presentations.

I think F7 has been the most mentally challenging exam for me, so I think the mental element is another area to consider. Try to be composed and do proper time management, don’t waste valuable time for a few marks, instead move on to subject you know and try to score from there. I failed F7 in the winter with 49, so I should know…

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@dipatil said:
the P & L in question 3 was for 9 months?

I adjusted the Sub’s P&L lines to 9/12… yeah.

Anyone else got the unrealised profit at 300K?

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Question 1, requirement a (If I remember correctly)

Depreciation of plant…….3000
Expensed development..6000
Decrease of Inventory……..700
Amortisation of lease…. can’t remember the figure

If I remember correctly, this requirement asked for a schedule of events affecting the profit before tax… so I didn’t include taxes adjustments and OCI revaluations…

I couldn’t agree the Financial Position (pretty sure it was due to taxes), but both Assets and Equity&Liabilities sections were in the 60,000s. I do recall the Assets being somewhere in the 69.000 region.

This is my 3rd attempt at F7 and it’s the first time I completed the 30marks Q and I feel confident that I passed. And I always pass when I feel confident after the exam, as F7 is the only paper I failed so far.

MCQ 01: Chose D

MCQ XX: This was probably the #2 question. It asked for the valuation of WIP at year end, giving info about the estimated costs to complete and sell. I think this was a trap question, as the WIP was given at year end, so I didn’t include any future completion costs and selling costs and went with the given WIP as year end valuation. But can’t remember the exact figures.

MCQ XX: This was probably the #3 question, regarding provision, contingent liabilities and assets. I chose the legal case with 55% probability of losing and the outstanding environmental cleaning.

MCQ XX: This was probably the #6 question, regarding parent and sub. I was between 3&4 and ended up choosing the option which had both 3&4 as answers, as they compliment each other and just make sense.

MCQ XX: About what characteristics are associated with materiality (or something like that), I choose Nature and Magnitude.

MCQ 20: I was between “Dividend paid” and “employees/directors” but I chose the latter in the end. Surely they do care about the acquired Co’s profitability (dividends)? After all, if they acquire 100% of the Co, they can replace all employees and directors if they wish to…

Consolidated I/S Q… Share Capital 28000, Share Premium 3200
Adjusted the Investment Income by removing the dividends of associates and putting them in the OCI section instead. Also put the additional FV increase (400k?) of the Sub at year end to OCI. Anyone remember the figure they got as Profit after tax and Comprehensive Income?

When are the results out?

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@yentam said:
Share exchange value
+ Contingent cash consideration at acquisiton
+ NCI at share price
= TOTAL CONSIDERATION

LESS Equity shares
LESS retained earnings at start of year
LESS share of pre acq profit
LESS fair value increase
LESS land ?
ADD provision ?

This gave me goodwill.
Am I correct in not including the impariment of goodwill as that was after acquisition?

Sounds right to me!

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Hi Milance,

I registered from abroad to Bucharest exams too and the only way to be sure about the exam centre is when we get the exam docket sent to us from ACCA.

I wish they were quicker so I could book a room in the same hotel as exams centre, would make things so much easier… They should have sent the docket already…

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I think it depends on your background… if you have work related experience and solid F3 background and you do the studying with a tutor intensively for 2 months, why not…

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Does anyone know when and if Cyprus will be enrolled into the quarterly exams schedule? Thanks.

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Hi,

Are you a Romanian or from a third-country who wants to go to Romania for exams in September due to their own country not hosting exams in September?

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How long before MCQ are out with their answers? Can’t believe no one has put them out there…

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@jamesuk19 said:
Questions now on ACCA website, however no MCQ’s.

Link?

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@chris1975z said:
Substance over legal is faithful representation? I need to see questions again as can’t even remember mcq 1 now!!!!

Sounds right.

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