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*** ACCA F8 December 2017 Exam was.. Instant Poll and comments ***

Forums › ACCA Forums › ACCA AA Audit and Assurance Forums › *** ACCA F8 December 2017 Exam was.. Instant Poll and comments ***

  • This topic has 52 replies, 30 voices, and was last updated 7 years ago by luggar6058.
Viewing 25 posts - 1 through 25 (of 53 total)
1 2 3 →
  • Author
    Posts
  • December 4, 2017 at 11:22 am #420121
    opentuition_team
    Keymaster
    • Topics: 1391
    • Replies: 1405
    • ☆☆☆☆☆

    Please vote in our Instant Polls about the ACCA F8 December 2017 Exam


    Post your comments about the ACCA F8 exam below

    December 4, 2017 at 5:37 pm #420310
    ritaalbu
    Member
    • Topics: 5
    • Replies: 43
    • ☆

    My answers for MCQs, as much as I can remember to have marked them on my booklet 🙂
    1. C
    2. B
    3. B
    4. C
    5. B
    6. D
    7. B
    8. C
    9. A
    10. D
    11. D
    12. B
    13. B
    14. B
    15. C

    Anyone to confirm?
    Thanks

    December 4, 2017 at 5:47 pm #420313
    dipatil
    Participant
    • Topics: 56
    • Replies: 104
    • ☆☆

    I didnt write the, down :/ do you remember what was asked in the questions for 20 marks about sales and the question for 30 marks?….btw there was one question from multiple choice about what was supposed to do one of the first if the get list next year…what was the correct answer? chnge the engagement partner or this answer abot the 15% of the recurring fees?

    December 4, 2017 at 5:56 pm #420314
    gussy
    Participant
    • Topics: 4
    • Replies: 39
    • ☆

    I chose the ‘reduce recurring fee’ alternative.
    What was your answer for salary increase? A?

    December 4, 2017 at 5:59 pm #420315
    mjibola
    Participant
    • Topics: 131
    • Replies: 135
    • ☆☆☆

    Exam seemed okay.. The questions weren’t unnecessarily long. Very Hopeful for a pass.. Thanks to Open Tuition

    I got used to tackling the application questions during revision and forgot some knowledge questions like the processes of the post and pre issuance review.. That will be costing me 4 marks..

    December 4, 2017 at 6:00 pm #420316
    mjibola
    Participant
    • Topics: 131
    • Replies: 135
    • ☆☆☆

    I chose immediately reducing the recurring fee to less than 15% too..

    December 4, 2017 at 6:03 pm #420318
    dipatil
    Participant
    • Topics: 56
    • Replies: 104
    • ☆☆

    me too however once I left the room I thought about the option of changing the partner…was it mentioned that the 15% will be in 2 consecutive years or something similar?

    December 4, 2017 at 6:09 pm #420320
    Julia
    Member
    • Topics: 8
    • Replies: 42
    • ☆☆

    I chose rotate the partner as he’s been an audit partner for over 5 years.

    December 4, 2017 at 6:11 pm #420321
    Karina
    Member
    • Topics: 0
    • Replies: 5
    • ☆

    It said it is reducing non audit service fees to less than 15%. I picked C – stop providing additional non audit services, as once company is listed that would be a self review threat.
    Only in small companies audit firm can provide both services, and any if two separates teams prepare it… Perhaps I’m wrong?

    December 4, 2017 at 6:14 pm #420323
    Julia
    Member
    • Topics: 8
    • Replies: 42
    • ☆☆

    But you can still provide tax services. It’s only financial statement you must not do for plc’s

    December 4, 2017 at 6:15 pm #420324
    chally
    Participant
    • Topics: 9
    • Replies: 69
    • ☆☆

    @dipatil said:
    I didnt write the, down :/ do you remember what was asked in the questions for 20 marks about sales and the question for 30 marks?….btw there was one question from multiple choice about what was supposed to do one of the first if the get list next year…what was the correct answer? chnge the engagement partner or this answer abot the 15% of the recurring fees?

    About substantive test for Sales and returns?

    December 4, 2017 at 6:17 pm #420325
    Damian
    Member
    • Topics: 1
    • Replies: 6
    • ☆

    I think change the engagement partner because in order to be listed you cannot do more than 5 years. and you can have more than 15% as long as you change it on the second year

    December 4, 2017 at 6:20 pm #420326
    laughingcoffin
    Member
    • Topics: 2
    • Replies: 51
    • ☆☆

    Multiple Choice Questions

    Please note the questions below may not be in order

    1. Which of the following are NOT part of ACCA’s code of ethics

    Confidentialty
    Professional Competence
    Prossional Behaviour

    Are in ACCA’s code of ethics

    2. Which of the following are threats to your resulting from the audit of Hasting

    Options
    Familiarity
    Self review
    Advocacy
    Self interest

    Answer
    Self review since we prepared the financial statements and we audited them which is wrong and self interest threat

    3. Jo Smith the finance director of Cho Cho joined the audit firm as a audit partner what should the firm do to safeguard itself

    Options
    Dont audit Cho Cho for two years

    Carefully determine the composition of the audit team

    Jo Smith should not be involved in the audit for two years (correct answer)

    Jo Smith will be allowed in a supervisory role

    4. Which assertions relate to salaries choose four

    Options

    Existance (no)

    Valuation (no)

    Cut off (yes)

    Accuracy (yes)

    Presentation (yes)

    Classification (yes)

    5. Useing the information provided by the entity develop an expectation of salaries

    Prior year 1,100,000

    4% increase
    1.1 mil ÷ 2 × 4% 22,000

    Bonus for permenent staff 25,000
    50 × $500

    Temp staff 240,000

    Total 1,387,000

    6. What was payables ratio

    The payables ratio was 41 days which was admittedly difficult to calculate

    U needed to determine the cost of sales by subtracting revenue from gross profit which would give you 6002 i believe

    Now there were two options with 41 days

    One stateing that credit was loosened was wrong

    One stateing that there might be a misstatement is correct

    December 4, 2017 at 6:25 pm #420327
    dipatil
    Participant
    • Topics: 56
    • Replies: 104
    • ☆☆

    I agree with those answers :))) do you have the rest of them?

    December 4, 2017 at 6:27 pm #420328
    dipatil
    Participant
    • Topics: 56
    • Replies: 104
    • ☆☆

    @damian23 said:
    I think change the engagement partner because in order to be listed you cannot do more than 5 years. and you can have more than 15% as long as you change it on the second year

    … you are rght that is why I asked if there was nothing mentioned about the consecutiveness of the fees? If there was not then you are absolutely right

    December 4, 2017 at 6:33 pm #420329
    chally
    Participant
    • Topics: 9
    • Replies: 69
    • ☆☆

    @damian23 said:
    I think change the engagement partner because in order to be listed you cannot do more than 5 years. and you can have more than 15% as long as you change it on the second year

    I thought it was more than 7years?

    December 4, 2017 at 6:39 pm #420331
    dipatil
    Participant
    • Topics: 56
    • Replies: 104
    • ☆☆

    what about this question/answer? 5. Useing the information provided by the entity develop an expectation of salaries

    Prior year 1,100,000

    4% increase
    1.1 mil ÷ 2 × 4% 22,000

    Bonus for permenent staff 25,000
    50 × $500

    Temp staff 240,000

    Total 1,387,000

    why does we divide into the 1.1m?

    December 4, 2017 at 6:44 pm #420332
    laughingcoffin
    Member
    • Topics: 2
    • Replies: 51
    • ☆☆

    We divide the 1.1 mil by two because the salary increase occured in May 2017 and the year end is October 2017

    December 4, 2017 at 6:50 pm #420333
    Jaspreet
    Participant
    • Topics: 0
    • Replies: 5
    • ☆

    What kind of deficiencies and recommendations did everyone come up with on question 18

    December 4, 2017 at 6:54 pm #420334
    dipatil
    Participant
    • Topics: 56
    • Replies: 104
    • ☆☆

    @laughingcoffin said:
    We divide the 1.1 mil by two because the salary increase occured in May 2017 and the year end is October 2017

    oki make sense what about the rest of the MCQ do you have them by Chance?

    December 4, 2017 at 7:01 pm #420343
    laughingcoffin
    Member
    • Topics: 2
    • Replies: 51
    • ☆☆

    Hey Dipatil no i cant remember anymore MCQ but i might be able to recreate some more if ppl provided information to refresh my memory

    December 4, 2017 at 7:10 pm #420344
    aboluwarin
    Member
    • Topics: 0
    • Replies: 12
    • ☆

    What about the wages and salaries expense anyone remember

    December 4, 2017 at 7:12 pm #420345
    dipatil
    Participant
    • Topics: 56
    • Replies: 104
    • ☆☆

    @laughingcoffin said:
    Hey Dipatil no i cant remember anymore MCQ but i might be able to recreate some more if ppl provided information to refresh my memory

    OMG you have fantastic memory 🙂 …

    December 4, 2017 at 7:12 pm #420346
    lolabun
    Member
    • Topics: 1
    • Replies: 18
    • ☆

    The MCQ about misstatements, materiality level was around 40,000 I think and the total of
    uncorrected misstatements was less than the materiality level.
    The two choices I can remember were :
    To extend substantive testing to see if more misstatements would be found;
    or to get written representation that directors believe aggregate of misstatements to be immaterial.
    I chose the latter because the question said it was in the final review stage.

    Also, the question where the Auditors were considering tendering for a client’s competitor’s audit. I was stuck between two options:
    Have the quality control reviewer review both audit files;
    Have the quality control reviewer review controls over both audits;
    I chose the latter because it was just at tender stage, so there’d be no audit files to review yet. Don’t remember the other choices

    Payables question I chose reduced to 41 days because payables were understated

    December 4, 2017 at 7:23 pm #420348
    laughingcoffin
    Member
    • Topics: 2
    • Replies: 51
    • ☆☆

    MCQ 7.
    Materiality is 40,000 and Uncorrected Misstatements are 32,000 what should the auditor do

    Options

    Do nothing because its immaterial

    Perform substantive provedures to identify more misstatements (answer)

    Obtain written representation from management on why they believe its immaterial

  • Author
    Posts
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  • The topic ‘*** ACCA F8 December 2017 Exam was.. Instant Poll and comments ***’ is closed to new replies.

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