[Paul]

Hi mike

I can do the first five sections of the mini exercises well, section six is non current assets, it looks like Japanese to me the questions are fairly chunky and I’m totally lost by them. Can you refer me to which of the 30 chapters in the notes should I read before I tackle section six please?

Thanks

Paul

[Paul]

Hi mike

I have got my head round chapters six to ten but this was the case last year when I scored 42%. There is 30 chapters so having a solid grasp of a sixth of them isn’t much! I’m not an accountant so it’s really all Japanese to me, I have passed all the other foundation papers but been very tough and if I pass this one will try and get the honours degree from Oxford brookes then go back to working in the betting industry. so is there any other key chapters I should try and grasp as I won’t be able to get my head round all 30. Chapter 20 has many ratios I’m guessing these need to all be memorised before exam?

Thanks

Paul.

[Paul]

I know if I see the word proportionate then the steps to follow and if I see full value basis the steps to follow but I am just learning it parrot fashion.

Why have both options?

If ladbrokes bought 80% of shares in a Scottish bookmaker, would it benefit ladbrokes to do it the proportionate way or the fair value way or in the long run it makes no difference? Is the majority of acquisitions in the uk proporportiobate or fair value?

[Paul]

Doing question five of chapter seven. So when goodwill is impaired you take it off at end of working three and working four. However if it is proportionate share then it all goes to working three. So I am just learning this parrot fashion if I see the word proportionate I do it all in working three. I guess this will suffice but can you shed some light on all of this what does it mean? I understand what goodwill is and I understand over time it needs to be impaired but I don’t understand why or how it’s decided who gets impaired, why is it sometimes just the parent and other times also the NCI?

the examiner may say either:
• the parent company policy is to value the non-controlling interest as their proportional share of the subsidiary’s fair valued net assets at date of acquisition, or
• the parent company policy is to value the non-controlling interest on a full or fair value basis
• the key is the use of the word “proportional” or “proportion” or “proportionate”

[Paul]

Hi mike

I am going over chapter 19 videos statement of cash flows. At the start In the introduction you said a very high chance of coming up as a question in the exam. Have flicked through three past papers and not seen it in Dec 2014 or the hybrid Sep/Dec 2015 past paper and just four marks worth in question 3e in the June 2015 past paper. seems a very chunky chapter to learn for 0-4 marks or have I missed something.

Paul.

[Paul]

Yes thanks.

[Paul]

Thanks Mike for your help. I will crack on with part six non current assets of the mini exercises tomorrow.

[Paul]

PPE transfer took place in October 2010

we are working to the year end 2011.

Sorry still do not see how we get five as it says at this date there is 2.5 years left. So still do not understand where 800 and 1000 come from.
I understand that 5-4 is 1 million but for deprecation why are we dividing it by five.

[Paul]

Hi mike sorry I do not understand where you are getting 5 year period from, the question below only says 2.5 years left

Question 3
.Immediately after the acquisition of the subsidiary on 1 October 2010, P transferred an item of plant with a carrying amount of $4 million to S at an agreed value of $5 million. At this date the plant had a remaining life of two and half years. P had included the pro t on this transfer as a reduction in its depreciation costs. All depreciation is to be charged to cost of sales in the statement of pro t or loss for the year ended 31 March, 2011

[Paul]

Thanks Mike have taken your advice and doing the mini exercises.

I am not working so just doing it all at the library with open tuition.

Part five excess depreciation and pup I do not understand question three. Yes you sell it for a million more but how do you work out the depreciation part as answer has 200k 1000-800 I’m baffled where the 800 and 1000 comes from. Thanks for any help here.

Paul

[Paul]

Cheers for tip have now asked in correct forum

[Paul]

Open tuition chapters 6 7 8 and 9 videos for f7 takes you through all steps for the considilated financial statements. March we had to show the consolidated p or l so june should have consolidated financial statement for 30 marks. Just listen to videos and go over the examples and you should get a good amount of the 30 marks.

[Paul]

Government grant question I also put 8 million is that right?

9 marks for analysing the ratios seems a hell of a lot when you get just six for working them all out. Was struggling to write enough to merit many marks so gross profit is lower than the sector average so what can I scribble to merit 1.5 of the 9 marks which isn’t obvious.

[Paul]

Looking at F9 videos seems I am losing money ignoring these letters! However if I buy the rights issue or I can sell the letter say above for eighty pence to someone else again I’m just breaking even so I have to go to the hassle of selling a letter I didn’t even want in the first place so I can then just break even. What am I missing?

[Paul]

If employers do not really look at ACCA exams much which so far I feel they do not then I will be in the same position in June, at present I have no job and have passed six F papers and in June hopefully I will have passed 8 but will this make any impact or will I be in the same position but having wasted another 3 months? I would then plan to sit the final F paper in September but then come October will I have then passed all 9 F papers but still not have a job due to lack of experience?

[Paul]

Hi Vhisalatchi,

Yes you may aswell ask about exemptions, ACCA are very quick in responding so you should hear back from then promptly. I know someone who graduated with a degree in accounts and got Eight exemptions all the Foundation papers apart from F8 which is auditing.

An idea I suggest to you is over the coming days look at Auditing F8 videos on opentuition. If you do not hate them then sign up to ACCA and enrol to sit F8 in June. If you do not enjoy them then do CIMA which is similar to ACCA but does not have auditing. Hopefully you will find F8 ok and then ask for your exemptions, perhaps you might get F4 and F5 too but unlikely. to be honest F1-F3 are very straightforward and are computer ones so F1-F3 can be sat any day you wish , if you fail them you can even sit it an hour later again if you pay another £80, so no big deal if you do not get exemptions. F8 is really a standalone exam so no real need to know F1-F7 before it.

Regards

Paul

[Paul]

hi stroake

Agencies so far have just got me temp roles doing basic stuff so not a role that will do for my PER or help me with the P1-P7 papers. Yes I have my foot in the door but then again you can say the cleaner has their foot in the door so not sure what use it is. Today spending it doing payroll all day so just 8 hours of data entry. I did get 69% in the tax exam so aim to go down that route but if employers wont even give me an interview then might not have that choice. Im just curiuos if I get say 70% plus in F7 and F9 will that make any difference?

[Paul]

Is it an age thing as I do have a good degree in maths and won awards while at school for maths and passed with good marks f1-f6 so why no interview for trainee or assistant accountancy roles? Do all employees just go for recent grads with accountancy/finance degrees.

[Paul]

I only used Open tuition and got 69%. Seems odd kaplan and bpp charge £500 per subject for lectures when all free here. Should save 7K if keep using just Opentution.

[Paul]

Hi all, Found exam was hard to do in three hours. I had done half of it after my 15 minutes reading time and two hours leaving me an hour for question 2 3 4 and 6 so 50% of marks in an hour. So did each in 15 minutes so had to rush four questions to make sure I finished.

MCQs were ok think got 14/20. Was too busy making my letter presentable for the two marks on question five then realaisedd got an hour left for 50% of paper doh.

Th advantages and disadvantages for the two neds was ok. Both wanted fixed salaries but remuneration should be based on profit, one had a brother on the board so familiarity. etc etc

Probably failed added up marks and got 47% lets wait and see……

Question six was very tough at least u missed the hardest question out.

[Paul]

Lot of material in F5. Open tuition notes and videos are very good though so with these should be fine none of it is too difficult just need to put in the time.

First 6 chapters are fairly easy go over these several times and get these nailed pretty quickly and put them behind you till nearer the exam.

Chap 7-12 are trickier.

Chap 13 and 14 are bulky and very much related to each other and tough going.

15-21 is small and easy.

So once first six chapters in the bag i would suggest when brain is fresh in the morning to tackle chapter 7-12 and when brain is dieing start reading over the easier ones 15-21. Same approach to chap 13 and 14 go over these when brain is feeling good and when tired read over chapters 15-21.

[Paul]

One thing interesting the English law exam did not contain a single English name. If you look at top 100 English names doubt question 8 abid, question 9 chu , or question 10 ina , jo and ko would be listed. Never met anyone with these names in my life and I live in diverse London, would find it easier if used more common names as kept having to refer to paper to see how abid was spelt, I kept putting adib.

[Paul]

I thought the exclusion clause one had a grey area in it which was a bit unfair. They said he didnt sign the contract but he went there regularly ie four times before. Exclusion clauses if you deal with them daily then they should know the clause so no problem if dont sign it but if its only 3-4 times over 5 years then it wouldnt be valid if they dont sign it. I took the word ‘regularly’ to mean four times in the past year , but why put this grey area into an important exam. It could mean he takes it regularly to that garage and no other and it could well be 4 times in the past 5 years and then the exclusion clause it not valid.

[Paul]

what you studying for now and are you based out in pakistan or in europe? Im about to do F4 exam next week.

[Paul]

hi sandy what are you studying for now? I might be doing F7-F9 for June.

[Author]

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