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@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 reductionI did the same here.
@shahzeb1234 said:
What is the amount of goodwillI 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 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!
What about the MCQ about revenue recognition?
There were two answers in which the transfer of ownership was in the next year (no revenue in this year!) and two answers in which the transfer of ownership was this year (revenue!).
The date of cash payment has no influence on the revenue recognition.Correct?
I am surprised to see people can remember all of their MCQ answers by the order of the questions. How is it even possible? I will have to see the questions again to recall my answers.
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………………….
@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………………….
Hey Mark they are doing that on purpose unfortunately…they felt that people were just passing the exam before on pure method marks so now they cram the standards into the published account question so you have to get through them to maximise marks. I got sucked in by the Finance Lease and Convertible Loan too – and I over-ran my time meaning I missed out part (iv) Statement of Cash Flows extract, and also I dropped the second part of Q2 which was actually given on a plate – no tricky adjustments to standard ratios which I had prepared for so much.
I have my fingers crossed for 50/51% but if I am not lucky I will adopt the strategy of leaving the nasty adjustments and coming back to them last time….I rather would have attempted the 9 marks I dropped rather than sweat over 3! Wish you luck
@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!
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).
@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%
I thought the question specified how much the provision account should be Dr or Cr… So I was considering from a balance sheet point of view..: am I completely off?
ACCA have uploaded the hybrid F7 paper for December and September 2015 (it doesn’t include December’s Q3 though)
@save said:
I thought the question specified how much the provision account should be Dr or Cr… So I was considering from a balance sheet point of view..: am I completely off?I thought so too. Really confused now.
@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 🙂
Does anyone know if open tuition is going to publish the exam answer like they did for F5 back in June?
ACCA has published September 2015 yesterday, what about December 2015 does any one has any idea about it.
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