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I passed at my 5th attempt having got 45, 41, 35, 34 in previous attempts.
For this attempt I changed my technique. Instead of trying to apply text book jargon to the questions I applied common sense.
The exam is very time constrained and whilst I did past questions, I didn’t do them to time which is why I ran out of time and couldn’t complete two parts of questions which equalled 20%. I’d recommend practising questions to time to improve your technique.
I’d also recommend leaving at least two lines between each paragraph – lots of white space so it’s easy to mark.
It was a shocker of an exam! It seemed to be a different syllabus!
I’ve completed the feedback to the ACCA. I don’t normally reply as all the previous exams have been fair but I thought this was an extremely unreasonable exam.
I don’t expect to be handed an easy paper but I do expect a fighting chance.
The March/June 17 sample exam questions are on the ACCA website. Looking at question 1, it’s in line with the syllabus and only 2 pages long. That wasn’t the case on Wednesday with 4 pages!
I’ve enrolled on a revision course for September already as the June sitting is dead in the water. However, a revision course wouldn’t have changed the outcome for the June sitting so I’m hoping the examiner will set a fairer paper for September.
Hi
Interco sales and purchases need to be eliminiated but not payables and receivables unless it states there are balances outstanding.
If my memory serves me correctly unrealised profit needs to be adjusted too but please check. I’ve not got my study head on yet.
Well done! Keep practising F3 to improve your understanding as it will benefit you in later papers.
Hi Tom
I’ve replied to you in a separate thread as I just couldn’t get the REPLY button to show. Now it does! Typical!
Pippa
Hi
I’m also interested in joining. I’m in the Netherlands so GMT +1.
I’m sitting P2 and P7. I did some studying for P2 last year but will start my studying from scratch.
I did the Certificate in IFRS last year and when I looked at the diploma the syllabus looked very similar to P2.
Hi
The goods were on a sale or return basis. The customer didn’t accept any of them until June which is after the year end. As the customer had recorded them as a sale in y/e 2013 sales were overstated and stock was understated.
Answer B corrects this error.
Hi
Cash doesn’t affect profit. Cash sits on the balance sheet (SOFP) as does payables.
Hi
Charges to the income statement:-
Q/E 31.3.05 = 230 (based on last qtr bill 31.12.04)
Q/E 31.12.04 = 230
Q/E 30.9.04 = 210
Q/E 30.6.04 = 220
Q/E 31.3.04 = 260 + 10Add the $10 underaccrued from 31.12.03 as it will be an increase in the charge to the income statement in 2004. The payment takes place in 2004 and is $10 greater than the accrual so hits the income statement.
If this is still unclear let me know and I will give you the T account entries.