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I genuinely cant remember what i was asked, but they were similar to the Kaplan questions and have you tried the practise questions on the ACCA website. They have a dummy F4 style CBE exam, it was very similar to my exam i sat.
I did p3 in about 2 weeks, just read the past papers.
Lets see how well i perform on Monday morning, Sunday night :p
passed with 62%. Read Kaplan Pocket notes only and did the exam kit. Just the Mutliple Choice Questions. (MCQ)s
@temidire said:
Guys, I tried downloading the sample answers for P5, I found out is the same thing and the sample questions. Can someone in the house please check and Confirm this.I reckon they are still trying to figure out the answers since it was such a tough paper! LOL
My take on the exam. Like many others have said
Q1 was fair. Nothing too difficult although had to rack my brains a bit on suggesting a new KPI. The project initiatives were interesting as I could relate the quality projects to a CSF but the KPI had little or no relevance to the innovation CSF
Q3 balance score card. Good question, not too difficult
Q4 thought was easy because it was five forcesuntil I actually read the requirement and scenario. Mind went blank. Wrote a lot of Rubbish because I didn’t understand the requirement.
Overall, I think I completely botched q4 and it’s almost a write off.
Looks like a resit or I’m taking p6
Hi,
Im sitting my CBE next week with Kaplan. What are the style of questions like? Are they similar the the revision books?
@riskyguy said:
Option D, how I understand it now is, the examiner is asking us, the receivables were sold to a finance company, but the finance company has full recourse, so should they be (still) recognized as an Asset.Yes, as the finance company has full recourse they should still be recognized as an Asset, common adjustment in Final accounts question. But well I maybe wrong on this one. I remember choosing one from B or C. A was definitely wrong.
Hopefully we get more than 50% but question 1 killed me. Doesn’t make sense even after the exam lol
@riskyguy said:
Exactly, I don’t remember my answer though, so not counting marks from this mcq, prudence concept :). But I hope i got it right, I thought abt it a lot in the exam 🙂So HCA is agreed but how do you get the other number? 384?
@riskyguy said:
It’s not about revaluation. That’s the current price of the NEW plant that we have with us. A new and a 2 yr old plant cannot be of same value.Fair point.
I read current price as fair value. Current price would dictate replacement cost.
@riskyguy said:
Q7 is D as the finance company has full recourse this receivable should not be written off and must be shown as an Asset in B/S, and the sale proceed as deferred income. I chose B or C though 🙁I didn’t choose D as receivables are already an asset.
A is def wrong.
So my process of elimination was B or C
c could be wrong because it’s deferred liability. (Never understood why) but it offsets expenses
It’s definitely a. On the balance sheet date, it was revalued hence no depreciation would be charged.
@riskyguy said:
Share your vision with me 🙂What do you think. B or C
I still think we are right lol.
@riskyguy said:
Hmm, are these your answers NOW or did you actually choose the same ones in the exam? We’ve got a lot of matches, and most of them which I got wrong, I think you have them right, you’re going to get a lot of marks from this section.Anyway, Q20 isn’t C I think, It’s got to be D.
And I am glad you also got C for 14, if I assume this answer to be right, I will get a minimum of 20 marks, thats ok, but still want more 🙂
These are my exam answers.
I’m fairly confident about the mathematical questions but not sure on the wordy ones.
@riskyguy said:
@TatiaWhat do you think about Q14. I chose option C ( as shown in the solution below) But now I think it may as well be option A.
Did we not have to depreciate the property from 1 April to 30 September?
14 As at 30 September 2013 Dune’s property in its statement of financial position was:
Property at cost (useful life 15 years) $45 million
Accumulated depreciation $6 millionOn 1 April 2014, Dune decided to sell the property. The property is being marketed by a property agent at a price of $42 million, which was considered a reasonably achievable price at that date. The expected costs to sell have been agreed at $1 million. Recent market transactions suggest that actual selling prices achieved for this type of property
in the current market conditions are 10% less than the price at which they are marketed.At 30 September 2014 the property has not been sold.
At what amount should the property be reported in Dune’s statement of financial position as at 30 September
2014?A $36 million
B $37·5 million
C $36·8 million
D $42 millionOption C ( could be wrong though )
Dep to 1 April 2014= 45000/15=3000×6/12=1500
45000 – 3000 acc dep – 1500 = 40500 CV37800 = 42000*0.90
(1000) = cost to sell
36800https://i.cubeupload.com/YdDLt1.jpg
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Here are my answers workings.
I agree with your q14
https://i.cubeupload.com/YdDLt1.jpg
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Here are my answers with workings
@abbas7796 said:
ok. so u mean that those i have alreay included were fine but if i had included the ones u suggested as well like “Assess if there is sufficient and appropriate evidence to form conclusion of valuation” then i would have been perfect? sorry for reconfirmingMarks are capped but I put in more than the allowance. Your points are still valid.
Since the work has already been peformed. I thought it would be better to apply it to the story in the question.
@abbas7796 said:
thanks. some relief after ur comments. what about factors auditor considers to rely on expert? i wrote qualification, experience, independence, licence to operate, their previous work reputation, whether or not their previous work was reputed etc. are these points ok?I included those, in the question, the work has always been done. I mentioned evaluate the assumptions used in the report. Assess if there is sufficient and appropriate evidence to form conclusion of valuation
@abbas7796 said:
ok. so the same points of revaluation were valid for both land and buildings and warehouse right or were we suppose to separate the warehouse element?A valid point for either or warehouse and buildings. It’s in the same class of assets.
@abbas7796 said:
thanks. what about revaluation? do you think the points i made were good enough for substantive procedures?I wrote the same but included the recalculation of gains
Ensure the gains have been disclosed in the reval reserve in equity