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I found it easier compared to the q in June.
For September,Q4 was for CFS, KIPs and mission statement , this is core to the exam and question was set up in an understandable manner.I really liked it as it was a very clear requirement – critically discuss..so no need to wonder if there was something wrong in the statetemt, you are told to criticaly discuss. Similar for q3.
However, Q1 was nightmare. I had less than an 1 hour and didnt manage to read and understand the audit part a…it sounded as f8…audit soo i was like really..answered only the outsoursing ans shareholder part.
It was time pressured, managed to attempt all questions some how but sure I have made lots of mistakes…have just now realised that the acquisition was only 6 months and forgot to proportion in the consolidated income statement (was sitting UK variant). Questions probably were not most horrible question but time was not sufficient for sure and the desks were so tiny that was so uncomfortable feeling squeezed spacewise and time pressured -just horrible experience. I hope it is was worth just 50p will make me happy so I would not have to go through this again..
Hi Ansi, same here, passed with 51 🙂 not the best marks but at least it is out of the way.
@curiousmeerkat said:
Question 2I remember allowing all of the industrial building expenditure of the factory, as the drawing section that supports it is allowed and the general offices accounted for less than 25% of the total.
What was the revenue expenditure debited to the capital account? The decorative wall? Or was there more?
The loan stock interest paid I corrected for the opening and closing accruals. I think it came out at £22,000?
With the capital allowances I claimed the AIA first against the lift and ventilation system, transferring a zero balance to the special rate pool. Then claimed the balance of the AIA against the machinery. Cars went straight to the main pool as they were less than 160g/km (but not low enough for FYA). Ignored their private use/pool car aspects.
Property income I corrected for the accrual, and also worked out the part deemed as rent for the premium on the lease.
Can’t remember much more, but I do remember charging CT at 28% as the total taxable profits came out at over £1,500,000.
I’ve had pretty much the same workings as yours but for some reason I don’t remember for the drawing section that was saying it supports the factory. I did remember from the study text..it was on all places saying drawing offices are not allowed and add it up together with the general office and I got the offices above the 25% limit…and didn’t all low them.
Also what you have done with the Second Hand office purchased? I stated that is not eligible for IBA and the P&M (the ventilation systems etc..) added up to the cost of the office..and also did not allow them for AIA as part of the office..not sure though if that’s correct..
The 3rd question – didn’t do the calculations..only said why they don’t qualify for Entrepreneurs relief….time of-course was not enough ..
I think I also did a mess with the indexation allowances..The inheritance tax question was easy. Overall the exam was not so difficult but just once you start writing down it becomes all messy..well we shall wait long time until the results… 🙂
https://www.hmrc.gov.uk/manuals/pimmanual/pim2020.htm
Reed here, her majesty knows what is right 🙂Sorry to say, but you think wrong. Here we are not talking about freshly painting but repairs to bring a property in a decent shape if bought in a condition which does not allow to let out until the improvements, see the 1st post.
Replacing of a broken roof with one of the same standart is a revenue expenditure,If the expenditure is capital in nature – than this is not an allowable expense. If the property was not in a good condition and you had to spend to ‘improve’ it as to be in better condition – this is capital..but if you had to replace – broken Roof or anything that is like replacement of an excising part of the property – it is OK even if spent before the date of the renting the property.
Thanks vesela.jana, I have found it out. As usually you can not claim Both Reliefs..the replacement of kitchen is allowed as it is not in the scope of the “Renewals basis” as it is regarded as fixture and being part of the building. Otherwise for assets renewals vs T&W only one basis can be choosen
Finally managed to enter myACCA
61% I didn’t answer the 5th question as I run out of time at the end, but answered fully all 4 other questions..was expecting slightly higher mark – but I am very pleased with th is result.as It is a nice Pass. Good Luck to all of you. and those that didn’t pass – dont get dissappointed and get on studying -you will manage it next time! Best wishes !
how you managed to see your results..Did you log in to MyAcca. I am trying the whole morning and no luck..
It depends on what your long term plans are..if you want to work in the UK than go for the UK variant not Global as at the end of the day – what you study will be in help at your work.
@rajad2010 said:
Well the truth is the examiner was SNEAKY, she knew the last papers topics will not be much expected by the students and she tried to catch us out. That is just plain nasty.I was hoping for 80% when I went in the exam and know hoping to clear it.
But think in other way..Every student usually when preparing for the exam looks at the past paper..giving the same as it was on the last session would mean that you at least exercised it once at home..I think the examiner was generous. I was prepared for really difficult paper and was not confident as the past papers were really diffult, but these questions were really manageable, only the time would restrict you.If you overspent on one question -that’s it…you miss 1 question..
@cintra said:
i passed F1 & 2 but i have to resit F3..that real sucks..i dont like F3 at all. i need serious help with F3…If you are looking forward to becoming an accountant – you need to pay serious attention to this exam. These are the basics of the Accounting..and you will use it in the practice and you will have actually enjoy it as this is what you need to understand with no problems as an accountant. try with some basic lessons – as to get your head around first Cr and Dr and how accounting entries are done – there is sence in all of them..So far I have found real sence only in that exam as for example in the practice you will never actually use the staff that are on F5 – it’s good training for the brain.but.F3 is actually very useful , I hope there will be more exams related to that one in the next papers. Good luck and ask questions if you are stuck somewhere!good luck
@gashibari said:
wtf!!!I Had Worked so much on learning curve and decision making but the stupid examiner changed the whole format!!!!
i didnt even look at linear progaming while prep as it was questioned in the last attempt!!!!All the syllabus are compulsory – so you can’t blame the examiner – it could be anything on the exam..and there is no rule that if it was on the previouos sesion it can’t be on the next..The exam was too easy – that you can’t complain…the theory question – was a gift – easy 20 marks. I agree the time was tight – but you need only 50% to pass..what’s more?
Anyone agree?! Please say yes! Lol!
@willynwilson said:
I thought the exam was severly time pressured! I just about finished, labour rate and labour variance was a bit rubbish!Linear programming, optimal point was at the two constraints that weren’t 1+0.5 = can’t remember!
I think I got 1275 and 875 for optimum plan, with a shadow price of 1 I think!
It said on the question that unfinished products were going to be made the following week, so I just got rid of the 2 decimal places and calculated the full products!
Q2, the company performed much better than the year before, and as market was going to decline by 20%, their turnover only decreased 8%!
Q4, cost drivers, I had procurement and purchase orders, delivery against deliveries, machine running costs and machine hours, and machine set up against production runs!
Anyone agree?! Please say yes! Lol!
Yes 🙂
I agree with you. Only for the units – I think you had to keep the 2 decimals..as it was written on the question, but I don’t think they will take points for this..I also got confused and at the beginning got rid of the decimals..but if you do so..and when you calculate the shadow price..it will show you that for the Optimal level…the grams used were over the limit of 5000..which can’t be possible as you have make the equations.. to restrict to that level….when you calculate it with 2 decimals..result was 4999.13 grams used..which is less than 5000 and in other conditions..this would be not Binding..but as the diff is less than 1 unit…I said that is limiting and calculated the Shadow Price…Hope this will be fine and correct!@
I have found the exam being on a moderate level. I have studied and practised accountancy for many years and didn’t find it difficult to get prepared for the exam, but wonder how other people that have not studied or practised accountancy before did manage to cope with it. I will find it interesting to hear whether you attended courses or find it ok on self studying?
It should be enough, also you need to refresh your knowledge from F2, but of course if you have enough time you can always read and additional materials.
@ckseah said:
as long as you didn’t take F7 before passing F3,then it’s okYour comment gives wrong info – where have you read this? On ACCA web site – it does say that I can take exams in any order within a module as long as you can enter the module – which means I can’t take F7 if i don’t attend F3 in the same session and also it is nothing to stop me to attend F5 as well..