- This topic has 18 replies, 3 voices, and was last updated 9 years ago by
.
- Posts
Hi,
In a consolidation question, am I better placing the workings before the consolidated statements or after? Is one presentation style quicker than the other? I failed F7 in June and during the exam found myself flicking pages back and forth which I found distracting and time-consuming.
I ask the same question for the single company question
Thanks,
I cannot see how it is possible to position the workings after the answer!
Do the workings, complete them, and then (on a new page) do the answer. And, if you run out of time as you finish the workings, leave a page for the answer but move on into the next question
Ok?
I also have a question related to this. do the workings earn any marks? what if I calculated some figures but had no time to put them into the form?
The workings earn ALL the marks! There are no marked for proforma statements and I really cannot believe that you will score a mark simply by transferring a value from the question paper straight onto the answer paper.
The marks are gained for calculating those figures that require calculations
Look at a marking scheme for the consolidation questions from the old style exams. The three workings “Goodwill”, “Retained Earnings” and “NCI” (and Investment in Associate if applicable) will score the HUGE proportion of the marks.
The marks are in the workings and if you don’t have time to even START the answer …….. IT DOESN’T MATTER! You’ve already scored the marks within your neat, legible, followable, clear, logical workings
that’s a relief!
coz, they tell us a terrible story about the girl who did all the workings but ignored to put figures into the answer. she assertedly failed the exam many times before she’d learned to do it. and then she passed :))Who tells you that nonsense? Is it the same person as the one that tells you about the tooth fairy? Father Christmas? The Honest Lawyer?
They’re all make-believe (sorry if you still believed in Father Christmas)
Thanks Mike,
I had always put the workings after the statements because this is the way it is done in the textbook. But I like your way and will try that.
I hope I don’t forget to transfer the figures that don’t need adjustment or workings. They always earn half a mark. Say in the question, the bank figure for the parent and subsidiary needed no adjustment, then it would just be a case of adding them and inserting the figure in the Consol SOFP.
As for the person who did only workings, wouldn’t she miss out on the half mark figures in the statements?
:)) nooo, it was a friend of mine who once was a DipIFR candidate, but she failed and quit after that. she said her local teacher told her about it.
she also taught her to make the forms first and then do the workings. the examiner though clearly tells us in the reports that forms attract no marks, and it’s better to give some figures rather than the whole form with no figures. and we’re under time-pressure in the exam, so…
I’ve actually also had a thought about figures that don’t need any adjustment, we do have to put them somewhere, don’t we?
account33 and Victoria – there’s a slight POSSIBILITY that you MAY get half a mark for adding two figures but, quite frankly, your time would be more gainfully employed by getting the workings right.
From the comments I read after every exam session, F7 is the same as all the exams in terms of time pressure. You could well find that you actually only have time for the workings (particularly if you haven’t been practicing with past exam questions and mini exercises!)
Don’t get distracted trying to earn a half mark where there are full marks available in the workings
And, in order to be able to slot these easy half mark figures into the financial statements, that necessarily means that you have to set out a proforma and that, as already agreed, is a waste of time!
I’ve passed only F5 and missed 6 points on F9 this June, so, from my experience they’re slightly different. you just do your workings part by part toward the final solution, and they are the answers by themselves. F7 is a bit complicated in this regard.
I’ve been working through past exam questions today, and am happy to tell you, that I seem to have started to see the whole picture !!! hope it’s not too late :)) and another hope that Xxxxxx Xxxxxxx won’t have any surprises for me, as it was with F9 :))
Victoria, please don’t post the names of examiners in your messages.
I have censored your last post!
I heard it from you, otherwise I wouldn’t know it. but OK, no problem with that
Thanks Mike,
Regarding my workings for the MCQs, I presume it is OK to do these in the writing booklet provided. In June I did my MCQ workings on the question paper and I got a bit confused. Maybe if I had neater workings properly written out, it would be clearer to me.
Also, if I recall you have to put the question number at the top of each page. What will I write here if I am doing an MCQ working? I can’t put the number of the MCQ because if it is question 2, then the examiner or the computer might think it is question 2 from section B.
The marker will realise! Why not just put “M2” for the working for mcq 2?
That way, you will know to which question it relates and, believe me, the marker will not be confused!
That’s my plan anyway 🙂
So, the PUPs and Dividends are between workings 2 and 3 in the consol SOFP question. I am thinking of calling PUPs W3, Dividends W4 and Cosol Ret’d Earns W5 and NCI W6. Will this make it clearer for the corrector or should I stick to your Ws 1 – 4.
When I am putting PUPs into Consol Retd Earns, I would like to be able to refer the PUP figure to a previous working number.
Thanks
Just call them “Pup wkg” and “Div wkg”
I don’t know whether the markers around the world are at all familiar with my working numbering system. But thousands of students ARE as a result of opentuition but the markers have to be adaptable – for example, the Kaplan and BPP workings are presented in a different sequence.
Don’t worry about the markers – they are professional people and can (will) make the effort to understand a student’s workings
Keep them neat, legible and clear. That’s all you have to concentrate on (and correct, too – I forgot that!)
- You must be logged in to reply to this topic.