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

I have a question..how on earth do people actually remember what they selected for the MCQ’s?? If I was to look at that now I would have no idea….just curious…

@sis00 said:
Someone could help me with Q9? There is my solution:
land – 2000
building -10000-10000/25/2=9800
AC – 4000-4000/10/2=3800
Total 15600 it’s D
But suggested answer for this Q – A
Where am I wrong?

You forgot the residual value of the Air conditioning system.

Depreciation = (4000-500)/20 = 175
Carrying amount = 4000-175 = 3825

my answers q17-A, 18-A, 19-D 20-D

@paking said:
In regard to MCQ (2) – I choose B as future economic benefit doesn’t require revenue but also includes for internal use a reduction in costs. I was split by B and D for this reason during the exam.

I think as well B is correct , D first part was correct but it is not true that intangible assets are impaired first before tangible the more important factor is recoverable amount

it looks like i got 14 anwers correct hopefully this might help me to pass I assume that pass mark will be lower than Dec exam which was 49

@marekchalcak said:
Q2 yes i noticed it but I cant find anywhere in books that intangible assets should be impaired before tangible assets

Intangibles should always be impaired first unless there is a specific tangible to be impaired

q16 should be D why ?

Providing $1 million for deferred tax at 25% relating to a $4 million revaluation of property during March 2015
even though Cumla has no intention of selling the property in the near future

deferred tax is non-current liability not provision

I have A

Making a provision for a constructive obligation of $400,000; this being the sales value of goods expected to be
returned by retail customers after the year end under the company’s advertised 30-day returns policy

A constructive obligation arises if past practice creates a valid expectation on the part of a third party, for example, a retail store that has a long-standing policy of allowing customers to return merchandise within, say, a 30-day period. [IAS 37.10]

@marekchalcak said:
Can someone explain why q20 is C and not D inventory has impact on cost of sales which will decrease gross margin and not operating margin answer D seems more correct as transfer of amortization from cost of sales to admin costs will increase operating expenses and decrease operating margin

lol..I did silly mistake too much time pressure

And also why the answer of q1 is “D”? it is against faithfull representation…. Why Not B??????

how question 1 is D is beyond me!!

https://www.accaglobal.com/content/dam/acca/global/PDF-students/acca/f7/exampapers/int/F7_2015_Jun_A.pdf