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passed first attempt and now an affiliate! ACCA journey comes to an end! Entirely self study and first attempt! im beyond happy!
P2- 60
P7-55passed both first attempt.
An affiliate now!
Entire ACCA Journey was self study and first attempt! im beyond happy!
The tension is really building up now! just two more days! Finally all our questions will be answered! It definitely will be a life altering result for many! All the best folks! I really really hope everyone passes.
special shout out to those who are waiting for their final paper results! We’ve come quite far with this guys! just a few more hours before we embark on a new journey as professionally qualified chartered accountants!!
lets motivate and stay motivated!
Im able to log in to the “link” as well as myACCA website without any restriction to access.
Don’t know whats going on!
Guys i went through many past posts on the link theory , and found only one link that is the same as the one on the first page of this thread- the one that ends with STUDENTS.
Lets stop creating any more confusion!!!
Lets not trust these theories entirely! remember, we still do not know the results! So nothing is certain till the time the results are out! please do not be demotivated if your link isn’t working!
hi guys!
Have been reading everyone’s comments since last week!
initially even i wasnt able to login through the “link” – was constantly getting errorbut i am now able to successfully log in without any error message and all my details are there on a grey and white page and my e-business also has changed to members@accaglobal.com exactly like comments above by moffatben and abdullahzafar.
have no clue what it means!
all the best everyone!
FINGERS CROSSED
According to me, the following:
1. check if the opening balances of the current year tally with the closing balances of the last year.
2. Check how long debtors have been standing in the books to consider possibility of bad debts and if necessary obtain a statement of balances from the management of the company
3. discuss with the management to make sure that the balances are kept up-to-date and payments are being chased.
4. Any other substantive procedures such as vouching and verifying against the bills/invoices raised.
5. if receivable is in foreign currency, check if the correct treatment according to ias 21 is given.
6. analytical procedures such as comparing with last years receivables or turnover days.etc
no. i attempted every part of every question, even if it was a small para or two.
passed p4 and p3 first attempt self study with only 2 months of preparation using bpp textbooks!!!!!!!!! over the moon . i came out of the examination hall after P4 feeling a bit confused as to whether id pass!
P3- 75
P4- 51
P4 is the only paper in ACCA that made me cry! literally! the syllabus is so vast that unless you are prepared to put in the effort to understand each and everything, you cant be certain to pass this paper! thats for sure!
Sorry forgot to mention- seal co is considering the effect of conversion of loan stock on WACC
Thank you for such comprehensive and relevant replies, guys!
I will reconsider my position on giving the P6 exam in greater detail after this. I am currently in the process of finishing off P4 and should be done by 31st of January. Tough paper, this!
I will then be left with exactly 4 months at my disposal until the June exams for the other 2 P papers!!!
Luckily i’m not working currently until June and am damn motivated to finish ACCA off and get my affiliate status in July!
Once again, thank You so very much!!
All the best to you’ll 🙂
80 marks! first attempt with self study! I’m literally over the moon!
Now 3 P papers to go to get my certificate!!!!!!!! wohooooook so what i understood after second reading is-
asking three questions:
1) am i required to pay the money?
2) do i have an option other than paying the money?
3) is there a reasonable estimate of the cost?if the answers pan out as YES NO YES- create provision
and if YES YES and YES- no provisionand in similar scenario if it is based on fulfillment of certain conditions and the amount is uncertain, then create a contingent liability.
is it ok?
hi !
i will try to answer your question (since this is a general forum 🙂 ) and give you a simple strategy to tackle finance cost.
remember the word “cash”flow. so basically you are looking at items that have led to actual flow of cash during the year and ADJUSTING items where CASH is not flowing IN/OUT).
when you see the question, in the P/L you see finance cost as 450. This is the total payable in this year.
Now, generally if there is corresponding fin cost in liabilities section in the ‘balance sheet’ say something like O/S Interest etc it means that you will have to adjust the figure of profit and loss to find the ACTUAL CASH PAID in respect of finance costs.
If however there is no opening or closing balance in the BALANCE SHEET, we assume that this finance cos was paid in cash this year itself. So we deduct it later.
Let me explain numerically:
In the dundee question,
if you see the balance sheet (i have the aug 2017 expiry book . but im assuming the question will not have changed) there is NO liability of finance cost in balance sheet.
So 450 is infact the cash flow.But say for example, if there was an item like
2007 2006Interest payable 500 250
then your calculation would be
1) add the finance cost in operating cash flow EXACTLY AS given in P/L2) make a small working like so
opening 250
charge 450
closing (500)finance cost CASH paid= 200
THIS 200 would be subtracted from the CASHFLOW operating statement.Hope this helps !!
yes absolutely!
especially when the guidance comes from exemplary professors like you!
thanks again!
onto another question paper now!
hi mike i had the same question.
i wrote D as the answer because:
Unrealized profit of Associate= 100000*40%=(40000)
depreciation for 3months = 25000*3/12=6250Net effect= (33750) (investment in associate)
and ahead, i assumed that associate has recorded profit of 100000-25000=75000 out of which he paid a tax of 20%=15000
we will also have to reverse the effect of this tax payment 15000*3/12= (3750)
effect being 37500 credit. to investment in associate.
please help