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Time was key issue here.Too many things to write about and explain. Q2 had very straightforward lack of procedures as well as ethical issues but needed to be explained well. I think Q1 had some overlapping since both Q 1 b) and c) answers were already supposed to be mentioned in q1a) since Lilac brand recognition and first time measurement is relevant audit risk and also in Snow component auditors competency may be questionable.Q4 should have all evidences listed and explained how to test it, I did this question first and it took a lot of my time even if it had only 20 points, so bad time management.Q5 review contract , check if any subsequent Anex or Acceptance confirmation from customer done, if not risk and rewards stay at seller so no revenue recognition.Only if contract had some preagreed penalties for customer for not accepting goods on time, those penalties could be charged.this is material but not pervasive,so except for paragraph,and prior to that communication to those charged with governance since listed entity has such body.All in all ,question is how marks are granted, even if I tried all 4 question,and did not skip to try and get any points ,still I may fail like past time for just below 50.this my second attempt, so I am skeptical , even if with reading your answers I see I have replied similarly.Goodluck to all
It is my final exam and under the 7 year rule I must take it in June. In March I took it for the first time and I failed with 41 points. When I finished the exam I was thinking there is a chance for me to pass, but that did not happen. 🙁
I have not been studying for some time now for ACCA exams – 7yrs passed since last exams taken, so I need help- if and where the questions and results of P7 March 2017 session are posted, as i dont seem to be able to find in on acca web site. I found only examiners report. Thank you for answers.
Wish you all the best in next session , I will for sure need some luck, as otherwise will loose also my other exam passes.I thik this exam is really about practicing as much questions as possible ! After having read the entire syllabus , of course. 🙁
This is (hopefuly) my last session and I would like to join P4 study group , count me in pls . my email is jelena_m05@yahoo.com
question 3:
b)I explained also pro – associate arguments.
a) Legal suite-Contingency; Finance charge provision
c) Share cap + share premium to be recorded. Unsure of how to treat pref.shares in this case ?
question 1)
b) also applied all pro indirect method arguments as some wrote.
c) explained why it is misleading and not ethical
but on a) numerical part I am not sure how many marks i’ll get , difficult notes