AA*** ACCA F8 June 2017 Exam was.. Instant Poll and comments ***

Hey ?? good I got that. Thanks

I computed net profit margin, gross profit margin, receivables days and current ratio.

It think the option was cut off that they gave?

Melisa yeah then its good though u should have tried adding inventory days and payables days but as long as u did 4 its good

Mubeenjuma. I did calculate payables initially but changed it as the payables days fell Year on Year and I would not have been able to use it as an audit risk.

Hi every one yesterday the paper was too much lengthy not too much tough .i cannot understand the question for 2 marks in Q1 and again in last question part first.anyone who match mcqs answers please notify me. My mcqs answers were.. 1.A 2.c 3.c 4.d 5.a 6.b 7.b 8.a 9.a 10.d 11.c 12.b 13.c 14.a 15.d

Hi every one yesterday the paper was too much lengthy not too much tough .i cannot understand the question for 2 marks in Q1 and again in last question part first.anyone who match mcqs answers please notify me. My mcqs answers were.. 1.A 2.c 3.c 4.d 5.a 6.b 7.b 8.a 9.a 10.d 11.c 12.b 13.c 14.a 15.d

@gkotsalis said: my answers for section A (i hope are correct - most of them): 1) C 2) D 3) D 4) B 5) D 6) B 7) B 8) C 9) A 10) D 11) D 12) B 13) C 14) A 15) C

Dear you are right but it may crate cash flow problems if he pays cash on delivery.

Did we have to use the ratios to identify audit risks? there were many audit risks even without looking at the ratio. what if somebody used the general audit risks on the question?

@abdiaziz said: Did we have to use the ratios to identify audit risks? there were many audit risks even without looking at the ratio. what if somebody used the general audit risks on the question?

I think you do have to mention the calculated ratios in some of the audit risks answers like the receivables, inventory, cost of sales vs operating expenses. But I think if your answers are detailed enough you should be able to get 1 mark for each point made even without relating to the ratios. I've read some examiner reports and the examiners have never mentioned the problem of students not relating to the ratios calculated.

I calculated gross profit margin, operating profit margin, trade receivable and trade payable days. I wrote down only 5 risks and their responses as I ran out of time :(. I did use the trade receivables ratio as it showed it took longer for the company to receive payments compared to the earlier year. Judging by ACCA mark scheme on practice questions, they would allocate some marks i think towards use of ratios. I'm hoping it's not much as I only referenced that the once.

Dear but they ask including your ratios and risk from above scenario therefore you must discuss ratio

the four ratio i calculated were current ratio ; quick ratio; operating profit margin and gross profit ... i didnt use the ratios to identify the risk.the scenario data was enough to identify the risk..!! i m not sure whether i m right or wrong did any one else did the same..?

@usmanhassan94 said: the four ratio i calculated were current ratio ; quick ratio; operating profit margin and gross profit ... i didnt use the ratios to identify the risk.the scenario data was enough to identify the risk..!! i m not sure whether i m right or wrong did any one else did the same..?

There were lots of Audit risks and responses to give but the question asked to use Ratios so yes you have to use them at some point. I only used mine once as I ran out of time. booo! lol

@vikar said: Dear but they ask including your ratios and risk from above scenario therefore you must discuss ratio

Yes

@meldass said: Mubeenjuma. I did calculate payables initially but changed it as the payables days fell Year on Year and I would not have been able to use it as an audit risk.

Yeah Melissa those calculations were just to earn marks....coz most of the audit risks were found in the scenario and I think only trade receivables days had an audit risk coz even the gross profit....the net profit all of them showed an improvement

I took F8 CBE, was this different compared to the paper based exam as I did not have any question that required ratios to be calculated? Also my exam said something about it being for 110 marks but 10 marks dont count and are use for Q&A purposes. How do they manage that without me losing out on potential marks??? Also did no one have to calculate the amount forecasted salary cost for staff? I think it was £38.88M if I remember correctly?

how on earth do u remember all this

Hey guys! Also found mcq rather tricky.. What did you answer to 16d) DisAdv on Outsourcing IA ??

@spiegel said: Hey guys! Also found mcq rather tricky.. What did you answer to 16d) DisAdv on Outsourcing IA ??

It was all about expensive Breach of confidentiality is on the verge Understanding of entity Due to they r not employees can't do more work other then that in the contract etc

Thanks, Mubeenjuma! I have almost the same answers))

@spiegel said: Thanks, Mubeenjuma! I have almost the same answers))

Then worry not ull get em right

I'm getting really stressed about results! I have never got more than one MCQ wrong in all my mocks (which I did many off) but I had absolutely no clue for the ones in the exam, I ended up picking ABCD based on how well they matched the pattern! Also I finished my exam an hour early even know I thought I had fully answered all the questions!!!! Help did anyone else finish early?

Hey Anna I put in about the potential fee exceeding 15% and the threat to independence if the external auditors were placing reliance in the audit work and the increased redundancy costs

When is the result due for June 2017?

@emansaleem said: When is the result due for June 2017?

17/07/17

@courtneym said: I'm getting really stressed about results! I have never got more than one MCQ wrong in all my mocks (which I did many off) but I had absolutely no clue for the ones in the exam, I ended up picking ABCD based on how well they matched the pattern! Also I finished my exam an hour early even know I thought I had fully answered all the questions!!!! Help did anyone else finish early?

Wow! an hour early? I didn't even have enough time to properly finish the last question!

@april04 said: I am reading the answers and how most students thought the exam was ok. I compare my answers and I have to say I have more and more doubts that I managed to score this 50%. Especially when I read comments after March exam when people failed when they thought they would have passed 60% and people getting 60% after giving model answer. Also, a pass rage 38% shows this ok feeling after the exam is very misleading.

Hi April, I don't think it's feasible to expect everyone to have model answers because they won't - so I'm sure people who passed didn't always put model answers. I just think with Audit, it's hard to tell how well you've done because the answers people write may not even be answering the question, or may be an invalid point, or they may not have written enough points. Rather than be in limbo for 6 weeks, I always treat each paper as a potential re-sit till I see the results.

@april04 said: Hi Heychi, This is a valid point. Yes, I am waiting and this is problem because I am not able to start studying for the next paper till I have the results and this really slows me down as I am not able to use 4 sessions as I could. We will have results only on the 17th of July and this will be way to late to start preparing for September session.

Are you someone that likes to sit papers consecutively? because I tried to do that but failed f5 twice - 48% 1st time and then 49% second time :( Doesn't help that I work full time and I'm not being supported by my employer. So anyway I realised I need to spend more time on it that anticipated so I moved on to F6 and passed 1st time. Then I'm now awaiting for f8 results. At the moment I'm working on F9. After that i'll go back to f5 then f7 depending on how things go. I used to waste time fretting but now I'm going to give myself the 1st 6 weeks to focus and get at least 80% of the work our of the way for the next paper. That way when the results come it'll be easier to finish that paper as well as practice for the second re-take if need be. Otherwise it's just wasting time as you can't do anything about the mark either way.

Heychi, I think you have a good point there and good strategy. I sat F8 & F9 last week and had planned to wait for results before booking next exam in sep- I had planned to sit F7 (for the 4th time as well!) But if I had to repeat anything from last week I was going to do that instead- only thing about resitting like that is at least it's still relatively fresh in your head plus I'll be self studying them as my employer certainly won't be paying for me to do the course again for repeats. I have to have a think about it, next term doesn't start until mid- July and I'd planned on taking a break and having next few weeks off