Forum Replies Created
- Posts
The ones I can think of are;
– CT is now 19%
– Additional NRB for IHT (£100k)
– A new 16.5% for Flat rate scheme (VAT)There will be others, I’m sure
For section B, it is safe to assume that the correct accounting treatment hasn’t been applied, which is why its in the exam.
So state the correct accounting treatment and then state what the company should do.
Thats just my advice
Use this as a guide (only as a guide);
They observe the inventory count as far as I can remember.
You will get a better response if you post this question in the P7 Ask ACCA Tutor forum where Mike or his team can respond.
Open Tuition set a new thread after every exam, so this is the link to the thread after the december exam, read it to see what people said;
https://opentuition.com/topic/acca-p7-december-2017-exam-instant-poll-comments/
The examiners report will also help as suf said
Pls look at PQ Accountant;
Kuwata has 14% tax rate, so on £130k profits, will pay £18,200 in Kuwata taxes
So all we are doing, is working backwards.
What amount of Kuwata profits will generate a UK tax liability of £18,200?
With 20% tax rate, the answer is £91,000 (£18,200 / 0.2).So you need to get Kuwata profits down to £91k, which means you will need to group relief £39k (130k – 91k).
Does this help?
Indexation Allowance (IA) is only used to reduce a capital gain, the sale of the Monk building resulted in a loss, thats why there is no IA.
IA cannot be used to increase a loss.
You cannot transfer a b/fwd capital loss, so thats why you would transfer the current year capital gain so you can offset against that.
I hope that helps.
Please read this article;
Long article but worth a read.
Yes ofcourse I would learn the auditing knowledge needed but anon is right, question practice is key to passing p7.
So don’t spend too much time in learning the auditing knowledge, spend as much time as possible doing exam practice.
Review examiners reports as they are helpful too (but personally I would review them after you have practiced a few questions, so that I find helps you improve your marks).
The question on PSC in Q1 for 7 marks.
Do you think we needed to do the full Notional Salary calculation for this? Taking away a notional 5%, E’ers NIC, Pensions, etc?
I was struggling to mention things for 7 marks.
Don’t forget that the examiner has kindly published/updated 3 articles recently. I would recommend reading them in detail.
Evaluation of misstatements
https://www.accaglobal.com/uk/en/student/exam-support-resources/professional-exams-study-resources/p7/technical-articles/misstatements.htmlExam technique for Advanced Audit and Assurance: part 1 – ethics
https://www.accaglobal.com/uk/en/student/exam-support-resources/professional-exams-study-resources/p7/technical-articles/exam-tech1.htmlExam technique for Advanced Audit and Assurance: part 2 – risk
https://www.accaglobal.com/uk/en/student/exam-support-resources/professional-exams-study-resources/p7/technical-articles/exam-tech2.htmlAhmed,
P7 is a very tough paper and exam technique is key to passing the paper.
If you’re getting 40+, I would recommend taking some classes and improve on your exam technique, as you will have all the knowledge, but just need to fine tune your technique.
Another note, if you want ask the tutor anything, you are best to post your questions on the Ask the tutor forum;
https://opentuition.com/forum/ask-acca-tutor-forums/ask-the-tutor-acca-p7-exams/Good luck
https://issuu.com/pqpublishing/docs/pq_october_2017
Page 10 of the PQ magazine will tell you – you have till 30 October 2017
The Audit report changed for the international syllabus a year ago (from Sep 2016).
There have been approx 4 articles in the last year, so i would read them and i would also print off new notes
I would always recommend doing P2 before P7, but as you say you are an external auditor so you may be ok with P7, but for P7 you will need an understanding of the ISAs, which you will learn as part of your P2 studies, so again probably best to study for P2 before P7.
Just my advice.
I’ve been taught to highlight in the exam paper, and write 1 word notes for myself on the question paper as I read the scenario in Q1, that helps with writing the answer and I can say that with experience.
Then when writing the answer, try to take 2/3 seconds to see which is the most important risk (BR/AR/RMM) for the business and try and write them in order of priority for the business, as that will help score 1 of the 4 professional marks.
In section B, you know that Q5 is always on audit report, so best to practice as many of them as possible and after every attempt, critically appraise your answer (do this for Q1 too) and hopefully that will help you get a pass in P7.
Don’t give up, you’ll get through one day.
past paper practice and covering the whole syllabus (if possible) is key to passing P7 for me
Everyone will say do as many past papers as you can, and I can’t stress that enough, that is very important.
then also try and cover the whole syllabus if you can, as the examiners can text anything, as proven in the last few papers.
Please see;
https://www.pqmag.co.uk/acca-exam-tips—september.htmlP2
* Q1 is a balance sheet or cash flow or p/l in roughly that order of probability but roughly equal probability.
* Q2 & Q3 will be the usual mix of the usual suspects including fi and dt and nca and sbp and revenue and provisions and so on.
* Q4 sees leases as red hot. Meaning it will probably be something else like provisions or goodwill or general corporate reporting.These are from LSBF
