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as far as i remember, profit was 1000, and 36% of completion makes 360 plus costs to date (i dont remember exactly) less billing 180.
@skandinav said:
as far as i remember, profit was 1000, and 36% of completion makes 360 plus costs to date (i dont remember exactly) less billing 180.yes, i think
@aichi NCI got the same 🙂 dont remember the parents but it was right around there..
The MCQ on inventory
210000 /0.7= 300,000
300000 * 0.8 * 0.75= 180,000cost= 210,000
NRV= 180,0001000,000-210,000+180,000
=970,000 recorded as inventoryDid you got the answer
@vinayemraz said:
The MCQ on inventory210000 /0.7= 300,000
300000 * 0.8 * 0.75= 180,000cost= 210,000
NRV= 180,0001000,000-210,000+180,000
=970,000 recorded as inventoryDid you got the answer
yes i think thats what i got
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@vinayemraz said:
The MCQ on inventory210000 /0.7= 300,000
300000 * 0.8 * 0.75= 180,000cost= 210,000
NRV= 180,0001000,000-210,000+180,000
=970,000 recorded as inventoryDid you got the answer
i also answered 970 000
@vinayemraz said:
The MCQ on inventory210000 /0.7= 300,000
300000 * 0.8 * 0.75= 180,000cost= 210,000
NRV= 180,0001000,000-210,000+180,000
=970,000 recorded as inventoryDid you got the answer
me too
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First few mcq’s were straight forward but most of the were very tricky. I got really frustrated at the ‘lease’ one as leases are usually straight forward. Q1 of B was ridiculous! I hadn’t seen a similar ratios question before today! 2 wasn’t exactly straight forward either. 3 was the better one out of the lot. However, I did manage to finish the whole exam.
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Nope. Research cost was deffo a write off since it was on very early stages. I am not too sure about the customers list but I don’t think you can capitalize that either since it’s a part of the goodwill.
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That’s pretty much how I felt too, I agree with your whole comment.
What about provision for decommissioning in Q17? (oil fleet) what was the answer?
@riskyguy said:
I think to obtain the figure of profit to date, you did not subtract the estimated cost to complete along with the cost incurred to date from total profit, and then multiplied the answer by the percentage of completion.I got nil because it asked what the customer owed and he had paid costs to date!
@jshields said:
I got nil because it asked what the customer owed and he had paid costs to date!This is how you get the amount due from customer
Cost incurred to date
recognized profit to date
(progress billings to date)
=Amount due from customerI think the answer is not NIL, the progress billings were less than the cost to date + recognized profit to date
Balanced question 2, but not question 3.. realized i couldn’t waste my time on that.
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i took administrative expenses…i saw somewhere in revision this kind of thing are changes in policy
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was around that figure…dont remember precisely…..what did you answer in MCQ about “Not an indicator of impairment”?
Question 1 was a disaster, trickier than any other interpretation and ratio question I have seen in any past F7 exam or prep books, thats so lame from ACCA.
Regarding the same question 1, I need your help regarding marking of it. Imagine (just imagine) I got a restated ROCE for the company lower than sector average, and I based my whole interpretation in part b that ROCE is lower than sector average, but in fact the correct answer was that restated ROCE was higher than sector average… How would my part b be marked? Will the marker take into consideration that I based my whole interpretation on the wrong calculation? Or not?
Thanks in advance guys, hope you all pass 🙂
I think I got 160000 on CGU impairment (can’t quite remember question but thought it was 250000 not 100000 impairment). Anyway I basically did 50 from Goodwill then 80% of 200000 against P,P,E as PPE represented 80% of CGU after Goodwill.
I chose Military Coup to be excluded from Consolidation as no longer in control.
Assets with realisable value shouldn’t be impaired so impairment would be 50*200/220 and the correct answer should be 154.545
@vinayemraz said:
The MCQ on inventory210000 /0.7= 300,000
300000 * 0.8 * 0.75= 180,000cost= 210,000
NRV= 180,0001000,000-210,000+180,000
=970,000 recorded as inventoryDid you got the answer
Yes I got exactly the same answer.
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