FR*** F7 December 2014 Exam was.. Instant Poll and comments ***

ACCA should give couple of marks (not 15 minutes) for reading questions! :) Unfortunately, there was only 1 mcq about cash flow, and mcq-s were tricky.

Huh, Not enough time! Wasn't the easiest paper by any means, MCQ's so tricky.

Hmm ... what do I say? Talk about ACCA making me work hard for 50 marks! I tried my best but was my best good enough? That is a million dollar question.

Section B was not that difficult but very lengthy. MCQs were trickier than expected. Over all it was a very time pressured exam.

Did your balance sheets balance? I mean questions 2 &3.

Was there anything on IAS41 agriculture

@mark79 said: Did your balance sheets balance? I mean questions 2 &3.

Most definitely not :-) but I wouldn't worry ... as long as you showed your workings you'll be fine.

Very time pressured exam. Question 2 & 3 were the most straightforward for me - although these were the ones I'd focused on most with revision. MCQ's a lot more tricky than expected. Question 1 was a disaster! Hope we've all done enough to pass ????

All of my friends were saying that MCQs were very difficult, but I don't think so I think abt 11 were easy, abt 4 confusing and the remaining 5 were difficult. Anyway it doesn't matter if you found the MCQs easier or not, what matters is if you got them right, so for that only wait for the result

@abisatou said: Was there anything on IAS41 agriculture

nope, not even a MCQ

Q2 was about 1.5 mil different oops! Q3 balanced... But that usually doesn't mean I've got it right. More a coincidence ???? that I've done the same wrong adjustment on each side

Was there anything on IAS41 agriculture????

Question about impairment in MCQs, was the answer 160 000?

how you accounted for transaction costs of 1 million in Q2?

I got 160 000

no. nothing from specimen paper mcqs either.

@aichi said: Question about impairment in MCQs, was the answer 160 000?

Total 100 impairment, 50 settled against goodwill, 50 against non-currents assets on pro-rata basis, don't remember the exact answer.

MCQ Revenue recognition question, i answered C, recognize 150 000, related to construction contract of 180 000....wonder if its right..

then i think the answer is correct :)

1.6 i dont know if it was correct though

MCQ about not consolidating subsidiary, was the answer ‘military coup’ as the parent lost control?

I had received an email from ACCA incorrectly telling me I no longer qualify for Oxford Brookes degree - and I was so stressed an pressured I couldn't focus. I just now received an email telling me that i am no eligible and they made a mistake? I suppose a resit is in order for next year!! Has anyone else had this experience? Thanks in advance

In question 2 - , the amendements required were loan at effective rate ( giving a N/C liability on balance sheet and finance charge on P&L). Tax charge needed to be calculated for P&L ( deferred tax increased to 12800 from 12000). Also depreciation and imapirment charge was required. , after that you had to asseble a balance sheet from that data/ or am I wrong?

Q1 was 6/15 for calculating 4 ratios and 9/15 for comments. y are you saying that it was hard? atleast 6 marks were guarantee

@riskyguy said: MCQ about not consolidating subsidiary, was the answer ‘military coup’ as the parent lost control?

i answered A, Company wants to sell subsidiary

sometimes they ask us to re-enter. did with me once but they corrected it again without prompting from me. Did u pass f4?

In Question 1 we had to increase Cost of sales/ Inventory for purchased subsidiary, then increase the operating costs by 2.5 million ( remuneration) and increase finance cost by 10% of newly acquired loan. After that I think we needed to recalculate the Ratios - ROE, GPM, net asset turnover and net profit margin and then comment on differences/changes?

@mark79 said: In question 2 - , the amendements required were loan at effective rate ( giving a N/C liability on balance sheet and finance charge on P&L). Tax charge needed to be calculated for P&L ( deferred tax increased to 12800 from 12000). Also depreciation and imapirment charge was required. , after that you had to asseble a balance sheet from that data/ or am I wrong?

Exactly! I remember the 800 increase in tax charge. Deprecation had to be charged for the year before comparing it with revalued amount, the revaluation was 12000 tax charge @ 20%. In short, from the draft retained earnings, the following had to be deducted Tax increase 800 Depreciation on the revalued amounts finance charge atleast thats what I did

Construction contracts in MCQ- did anyone get Nil as answer?

@mark79 said: In question 2 - , the amendements required were loan at effective rate ( giving a N/C liability on balance sheet and finance charge on P&L). Tax charge needed to be calculated for P&L ( deferred tax increased to 12800 from 12000). Also depreciation and imapirment charge was required. , after that you had to asseble a balance sheet from that data/ or am I wrong?

Deferred tax was 2400 or 2500 dont remember, tax base differnces 10 m, and 9 m revaluation, so i got deferred tax liability 2800 and charge to PL 10m *20%-2400(or 2500)