*** ACCA F7 June 2018 Exam was.. Instant Poll and comments ***

Thank you for quick respond,

I took it in London and it’s no longer paper-based here as much as I know.
However, reading the comments made me doubt myself: I thought it might be somewhere which I don’t know.

From the comments here, I can see no difference I did have the same question I just wasn’t familiar with the CBE.

Looking at the comments it looks like there are some crossover between paper and cbe.

Did you have the wyatt and knope question?

@shaonan said:
I did CBE in Dublin m, my section C was quite easy tho I calculated Gearing ratio wrong.. first question is ratio analysis- company sells luxury cheese to supermarket ? 2nd question is very easy, to prepare consolidated statement of financial position 20 marks. There are a few notes: FV adjustments, gain on equity share, intra group trading URG.. section B was very hard, IAS 23 borrowing cost, IAS 16, IAS 15 revenue.. Section A : 20% consolidated questions, 1 non for profit company, 1 deferred tax ect.. overall , section C was ok, section A and B were very hard..

Hey,
I sat this exact paper. For the first question section C, I had the ratio calculations as well which were okay. My commentary on on the company about the cheese, I said stuff like:

– Operating & GP margins may have decreased due to the new contracts they have acquired and the fees that have been spent on them maybe. I said they may have faced increased costs on the new contracts, and it may take a while for economies of scale to be achieved in order to keep the costs low…

– ROCE increased because of the good Asset turnover ratio. (OP margin x asset turnover) = ROCE so I said as asset turnover increased it means they are managing the use of their working capital more efficiently…also the CEO comments I said inc ROCE may not necessarily mean it’s doing well because they value their assets at cost. So means their assets are understated…which would distort ROCE.

– Gearing – Hope my calculation was right but oh well. Hearing increased by a smidgen for me. Just said the standard & they should aim to reduce this especially if it is above sector average…just said CEO should seek to issue equity rather than borrow because future investors could be wary & see it as risky.

How did you do on the second question about the SFP? I couldn’t work out what the share exchange was 🙁 the questions I’ve practiced always stated what they were so I found it hard to work out goodwill. Didn’t know what to do about the other equity instrument that was revalued. I don’t think I was supposed to include that in SFP but I did anyway..oh well!

Also intra- sales did you adjust TR & TP? I went to do it but I read on the notes the balances were ‘cleared’ >.> I hope that meant already done??? Really wish the examiner would’ve made it clearer there.

Section B – Mixed bag for me. Topics I thought I knew came up but the options made it confusing. Annoyed that I could know the answer to one but I have to pick two options.

Section A – Mixed bag also but I think I did okay with the consolidation questions. The others, not sure.

I’m REALLY not sure about this paper. 6 long weeks to wait and this is my last F paper. I’ll start on P2 as it’s the same syllabus sort of. That way I can kinda move on but not in the meantime…

@nykkw said:
@shaonan

you gotta be kiddin me… That was what you got for section C? WOW I WISH I got that, sounds so easy 🙁 Really wanted consolidations because its like a free 20 marks for me.

Anyways I thought section C was same for paper and Cbe? Kinda unfair if they aren’t to be honest.

The only people who got an easy section c were the ones who had terrible section A and B. So terrible that for each question i was thinking id gotten it wrong. And its not like i wasnt prepared. The multiple complex options caught me by surprise

@tonyja said:
@hyechi
i calculated share exchange consideration as 75% of 15000/2 since 1 for 2 share exchange + share premium 24000 from parent reporting equity section
And did u get diferred consideration in fraction number as 75% of 15000*1.2/1.1= 12272.27

I couldn’t get the share for share exchange as I didn’t know how to do it without the question telling me. I’ll have to learn that for P2!

Overall I was like 30000 out on my balance sheet without goodwill. Did you adjust for intra sales on Trade receivables & payables? Or did you leave it? I only adjusted for URP

I took CBE exam section a was disaster section b and C was OK but in section C consolidation sum I got difference of 20440 and I got goodwill negative. If anyone wrote CBE and had got consolidation sum can u just let me know that did they give share exchange value under cost consideration of goodwill out of cash , share and deferred consideration I felt only deferred was given wat about u guys ???

@jjacca said:
For the CBE, an extra 5 min is not enough to answer 5 extra section A questions.
Its takes 5 min to fill out the answer booklet at the end for the paper exam, whereas an extra 5 section A questions takes substantially longer. If the seeded questions are at the start and you get them wrong your mind-set can be ruined from the start also!

I found the content of section A very hard, section b fine and section C fine as well… however I ran out of time in section C and left 20 marks behind 🙁
September beckons.

Yup.. you are absolutely right bro.. Even here in bahrain there’s gonna be only CBE from sept onwards.. moreover I’m not used to computer and my typing speed is way slow. And doing these 5 seeded questions in CBE is just waste of time 🙁

Did anyone get any of the following in Q’s in the MCQ & OT CBE section A & B:

1) Capitalisation a purchase Domain Name
2) Capitalisation of a prototype
3) Revaluation of Land by 50k with deferred tax of 78k
4) Interest Free Credit being a substantial credit agreement

In addition, do you consolidate the revaluation surplus of both parent and sub and if so, does any go to NCI

The funny/not so funny part of comparing section A & B answers is that 5 questions will not count as they would be the seeded questions. Could be good if one gets them wrong as they won’t count but then again would be a waste of time (in my opinion) if one gets them right..

Yes I got the NCI & revaluation amount MCQ – Consolidated the full Reval Surplus to Group and applied only NCI @ FV and share of RE (i.e. no reval surplus to NCI) – not sure if correct though, more than likely not

Another MCQ springs to mind on the matter of Subsidiary\associate where you had to select which is which out of

55% of ordinary shares (Choose Sub)
45% of ordinary shares (choose Assoc)
45% and all other holders hold less than 1% (choose Assoc)
and another option (Choose Assoc)

?

took the exam in Leicester UK CBE got the question on cheese. overall section A and B were very hard and section C was relatively good. Managed to get consolidation to balance. Took share exchange as investment in sub from parent account as said it had been correctly accounted for. Also made adj for profit on inventory as it said current balances were cleared so recievables and payables were correct but profit still needed to be removed from inventory?