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The most difficult was the time allocation. I spent too much time on Q1. I’ve not practiced full exam environment at home. This might fail me.
I didn’t miss knowledge, I missed the time. I had 1h for Q3 and Q4. I couldn’t even proper read the scenarios on these 2Q, trying to type as much as I can, didn’t do any calculations.
Q1
PPE foreign purchase before YE, at YE part paid
PPE purchase and disposal, how to account in cash flow from investing activities
Step acquisition 6% + 64%. Goodwill calculation. Contingent consideration and PPE revaluation after the acquisition
Q2
Gov grants, employee retention scheme, interest free loan if condition met. The condition was not met for any.
Q3
Lease of a floor 5y, then additional floor 3y, contract extention. I put this is rent rather than lease as short term. No info was provided to help identify lease financial or operating, only says lease
Q4
Revenue recognition about phone service. They had free minutes in the contract and used only 70%Pass 52%. I spent time to study lectures and it was not working for me. Then I started to study passed exams from ACCA. I wrote down what are the substantive procedures, deficiencies, and audit risk as these are always the exam questions. I wrote all the time during the exam and I was confident that I will pass it, I expected more. It was my most difficult exam.