*** F7 December 2015 Exam was.. Instant Poll and comments ***

@accastudent1986 said:
For the warranty provsion I had 3k debit as the warranty provision of 90k from prior year had expired (as warranty peiod was only 6 months) therefore provision for the year should have been 87k hence a 3k reduction

I did the same here.

I had the same thoughts for the 3k in the reduction of the warranty provision.

But as the question was about die effect on p/l I wrote Credit 3k.

–> Old amount of prov.: 90
–> New amount of prov.: 87
–> Hence you credit 3k to p/l (by reducing the provision and therefore reducing the expense).
–> P/L will be higher by the amount of 3k.

Did they ask effect on p&l of SOFP?

I feel like I’m the only one who actually found this exam okay?

That feeling when your balance sheet balances at the end is the best!

I share the same sentiments

F7 Question 3 was a killer, was so upset during reading time, didn’t let it throw me off though, Focused on MCQ’s, question 1 & question 2.

Once I was satisfied with the above had an hour to look at Q3 and basically did all the computations and ignored the Finance lease, the rights issue and loan repayment, just filled in what I knew.

Overall disappointed with the paper, was hoping for a chunky consolidation 30 marker and instead we got this nightmare of a question, very unpleasant really, and very disappointed as it seems the examiner decided to put everything I hate combined in a 30 mark question.

Only time will tell………………….

@woelbelix said:
I had the same thoughts for the 3k in the reduction of the warranty provision.

But as the question was about die effect on p/l I wrote Credit 3k.

–> Old amount of prov.: 90
–> New amount of prov.: 87
–> Hence you credit 3k to p/l (by reducing the provision and therefore reducing the expense).
–> P/L will be higher by the amount of 3k.

Ah – I thought the provision was being increased in the question, no?! damn. acting under pressure. I though it had inceased so I Dr the P&L!

@markgibbons said:
Thanks Kbourne, Yes to a certain extent I’m glad I took this approach, because it gave me the time to fully answer Q1 & 2, & if I had began question 3, I would have easily got sucked in too and spent 1 h 30 to 2 h s getting my head around those horrible note adjustments, I am sure you are not the only one who got sucked in by Q3. I’m just curious as to the mark allocation on Q3.

I mean how much are the notes worth? How many points could you get in Q3 if you carried out all computations whilst paying little attention to notes (other than reval, depreciation and tax).

I’d say you would drop about 3-6 marks based on the 2 issues adjustments. However, I dropped 9 from focusing on them and probably didn’t earn any marks from them in the end as they bamboozled me. Thankfully the OTQ’s were ok – and the rest of the paper felt good. I actually thought it well in the bag until Q3! Didn’t help sitting F8 the day before…..!!

@markgibbons said:
F7 Question 3 was a killer, was so upset during reading time, didn’t let it throw me off though, Focused on MCQ’s, question 1 & question 2.

Once I was satisfied with the above had an hour to look at Q3 and basically did all the computations and ignored the Finance lease, the rights issue and loan repayment, just filled in what I knew.

Overall disappointed with the paper, was hoping for a chunky consolidation 30 marker and instead we got this nightmare of a question, very unpleasant really, and very disappointed as it seems the examiner decided to put everything I hate combined in a 30 mark question.

Only time will tell………………….

I did same way, maximise the chance to get easy marks , I spent 15 reading time on non-computation mcq, I totally ignored the loan, share and finance lease at the first time I touched question 3, I just did the things I was very sure in this question, took me 55 mins, spent remaining time on finishing q1 and q2 in whole. Then got 30 mins to finish mcq and did a little bit adjustment on q3. Hopefully can pass with 50%

ACCA have uploaded the hybrid F7 paper for December and September 2015 (it doesn’t include December’s Q3 though)

@woelbelix said:
I had the same thoughts for the 3k in the reduction of the warranty provision.

But as the question was about die effect on p/l I wrote Credit 3k.

–> Old amount of prov.: 90
–> New amount of prov.: 87
–> Hence you credit 3k to p/l (by reducing the provision and therefore reducing the expense).
–> P/L will be higher by the amount of 3k.

I hope you are right as I had the same answer 🙂

ACCA has published September 2015 yesterday, what about December 2015 does any one has any idea about it.