- This topic has 296 replies, 105 voices, and was last updated 9 years ago by
.
- Posts
There Is a question on where A sell car to B THEN B will pay him back by 2016, two years after the sale
how did you guys find the answerQ3 was tough, the assets part was time consuming. Q2, the calculation ratios took time. Q1 was fairly straightforward.
MCq’s, I prefer calculation based ones so hopefully did well on those.
I hope to have passed
- Topics: 0
- Replies: 1
- ☆
The paper seemed tough considering how much you had to do in limited time. MCQ were okay. Happy i started with questtion 1 then to 3 and 2 cos would have wasted too much time if i had done 2 before 3
Denis I have 10 answers same as you so hopefully we both scored at least 20 marks from MCQs.
I think the ratio question was very tough. I ve sat December exam and this time focused mostly on cash flows not ratios :/
Getting ready for f8 now
- Topics: 0
- Replies: 3
- ☆
I thought I done well in MCQ, but when studying my maximum mark was 20 out of 40.
Q1 I think it was ok but I was to nervous and ran out of time on NCI.
Q2 I tried to calculate the ratios by deducting from 2014 SOPL the SOPL it took me too long and the same for 2015, I ran out of time when I got to the comments. I think I got it all wrong. This question was a total disaster for me.
Q3 Bad planning! I should have answered first this question but decided to do it last, didn’t realised the 30 marks were for this questions. Managed to fill in numbers in the SOPL and SOFP in 30 minutes or less, I completely messed up!
I fill disappointed with myself as I studied so hard and I don’t think I managed to show this.
Please learn the lesson, may be with better planning I could’ve managed to get more marks.
I can normally ace the question 3 and I get stuck on max one of the points. Today, only point 6 was one I could just write down. The lease and the investments though fair value really puzzled me to the point of panic. I would be lucky if I got 33% for this question, same with question 2. Hoping my question 1 and mcqs were good enough. Maybe 25-30 marks in MCQ. 10-12 Q1, 5 marks q2 and 10 marks q3.so that’s between 50 and 57%!!!!
Did everyone discount the value of the second payment on car MCQ?
Q2 was time consuming, only had to deduct the disc ops p&l figures though, no SFP adjustment was required. You could use comparatives to work then out. What was hard was commenting with only the figures there, left this yuk very last as Q3 I knew what take ages. which it did.
Couldn’t figure out how to work out straight line depreciation without historic cost details, just applied a fifth to bfwd nbv (excluding cost of additions of course). What did everyone else do?
That was fu.cking horrible. Absolutely brutal.
I am glad I left question 3 until the end as I just literally had no idea. Half of the adjustments I had never seen before – completely threw me. If I had attempted Q3 first it would have made me feel bad for the rest of it.
Did half the MCQ’s
Question 1
Question 2
Read Q3 and almost ended my life
Finished (guessed) MCQ’s.
Wrote out some proforma’s for q3 and tried to put in some “easy” marks.I actually managed to get all the way through the basic EPS part, but as I couldn’t work out a profit figure I couldn’t divide that by the weighted avg number of shares.
All in all, load of crap.
5 marks to work out 8 ratios which took time? Meh!
As for the analysis – I just compared 2015 to the restated 2014 position (with the division having been sold). Probably wrong though.
Anyway, no chance I have scored more than 30% in that, so will be re sitting.
The paper was very hard specially question 3. Q2 was very dry in terms of the commenting on ratio’s not lot to say. Q1 I was very silly and add only 8/12 months of subs instead of 9/12 l. Do you think I will lose lot of mark for that? Multiple guess were ok but not my strength area 🙁
Statement of Financial position did require adjustment- the company sold 8mn assets and thus its NAV would have been lower, thereby increasing ROCE and Asset Turnover due to the lower NAV. Obviously Pbit dropped massively to counteract this due to surging Admin costs.
@gdjay said:
Did everyone discount the value of the second payment on car MCQ?Q2 was time consuming, only had to deduct the disc ops p&l figures though, no SFP adjustment was required. You could use comparatives to work then out. What was hard was commenting with only the figures there, left this yuk very last as Q3 I knew what take ages. which it did.
Couldn’t figure out how to work out straight line depreciation without historic cost details, just applied a fifth to bfwd nbv (excluding cost of additions of course). What did everyone else do?
@alexanderrobert1989 said:
I personally thought the exam was tough but thats expected.I started back to front. Did’nt spend too much time on the ratio question quickly changed around 2014 without disc and 2015 without profit on sale, along with changes to current assets. Is this what everyone else got? performance was worse with the adjustments?
For the 30 mark question, how did people deal with the early repayment on the loan at par/operating leases/investment changes?
Multiple choice part was tricky. Mixed feelings on it.
With the loan I did the table
20000 b/f
Interest at 8% 1600
Paid up (Redeemed) (5000)Left a a balance of 16,600 on the loan notes with 5000 cleared from suspense and the other 800 to finance costs.
I thought the investment was a slight red herring, most the information was for the cash flow. All I did was revalue them at 6500 in the SFP and investment income of 500. It’ll be worth 1 mark tops I presume anyway.
Sh*t.. i forgot to use the weighted average number of shares in calculating EPS! just used the full 30mn 🙁 damn.. time pressure got to me completely forgot that bit. hopefully pick up a few marks still.
@dannyw1984 said:
That was fu.cking horrible. Absolutely brutal.I am glad I left question 3 until the end as I just literally had no idea. Half of the adjustments I had never seen before – completely threw me. If I had attempted Q3 first it would have made me feel bad for the rest of it.
Did half the MCQ’s
Question 1
Question 2
Read Q3 and almost ended my life
Finished (guessed) MCQ’s.
Wrote out some proforma’s for q3 and tried to put in some “easy” marks.I actually managed to get all the way through the basic EPS part, but as I couldn’t work out a profit figure I couldn’t divide that by the weighted avg number of shares.
All in all, load of crap.
5 marks to work out 8 ratios which took time? Meh!
As for the analysis – I just compared 2015 to the restated 2014 position (with the division having been sold). Probably wrong though.
Anyway, no chance I have scored more than 30% in that, so will be re sitting.
In my opinion the paper was hard….question 3…no comments. It almost drave me mad but I decided to start for the question with 30 marks. Cash flow I didnt even do it (no clue…). The MCQ were ok for me, my answers:
1A
2C
3A
4C
5A
6C
7A
8D
9A
10B
11D
12C
13C
14B
15C
16D
17B
18C
19A
20CHopefully , I will pass it but I was surprise that there was no any theory question related to any IAS or IFRS….all the exercise were focus on consolidations.
@gdjay said:
Did everyone discount the value of the second payment on car MCQ?Q2 was time consuming, only had to deduct the disc ops p&l figures though, no SFP adjustment was required. You could use comparatives to work then out. What was hard was commenting with only the figures there, left this yuk very last as Q3 I knew what take ages. which it did.
Couldn’t figure out how to work out straight line depreciation without historic cost details, just applied a fifth to bfwd nbv (excluding cost of additions of course). What did everyone else do?
Discounted the 12,635 at 1/1.1 power of 2, got A in that answer I think.For assets I broke them down into item 1 (new plant) and item 2 (finance lease) depreciated those separately over the lifespan, then took the rest remaining and depreciated a fifth.
@estherarr said:
In my opinion the paper was hard….question 3…no comments. It almost drave me mad but I decided to start for the question with 30 marks. Cash flow I didnt even do it (no clue…). The MCQ were ok for me, my answers:
1A
2C
3A
4C
5A
6C
7A
8D
9A
10B
11D
12C
13C
14B
15C
16D
17B
18C
19A
20CHopefully , I will pass it but I was surprise that there was no any theory question related to any IAS or IFRS….all the exercise were focus on consolidations.
How can you remember what you put for these?
@alexanderrobert1989 said:
For PPE in Q3 did people deduct the initial amount of the Lease and New Plant, which gave a figure of around 64k and then just apply straight line depreciation to it over its remaining life of 5 years?Wasnt alot of details in the question, it said something like ‘assume all PPE has a remaining life of 5 years’
I did the 85000 value in the TB less 18’000 (14,000 plus the 4,000 enviro provision) and the 8000 Finance lease. CV of 59,000 less 19000 accumulated depn. Then I divided the 40,000 by 5 leaving 8,000 depn charge
I’m with Danny1984 …… That paper was soul destroying …… I put in so many hours studying and yet question 3 made me feel like I’m too stupid to be studying accountancy ……. I left Croke Park with a heavy heart but after reading your comments I don’t feel so bad now …… Not happy about the paper but happy I’m not the only 1 who struggled today …. Defo resitting …….
Yes, people who are able to recount exactly what they put for MCQs, I take my hat off to you! Don’t know how it is possible.
The agricultural one, did everyone just have the unit price of the animals as the answer? All the rest seemed to be dealt with by other standards.
Q2 thought only required the profit of £1,000 to be adjusted, whoops hopefully still pick up some marks on discussing what I did calc.
@gdjay said:
Yes, people who are able to recount exactly what they put for MCQs, I take my hat off to you! Don’t know how it is possible.The agricultural one, did everyone just have the unit price of the animals as the answer? All the rest seemed to be dealt with by other standards.
Q2 thought only required the profit of £1,000 to be adjusted, whoops hopefully still pick up some marks on discussing what I did calc.
I put one agricultural only, some are irrelevant etc
- Topics: 0
- Replies: 2
- ☆
Really annoyed about this. I spent so much time revising, more so this time as this was my second sitting of this exam. Was very confident going into it all but pretty sure I have failed again. Question 1 was fine and think I did OK on the MCQ but question 2 was not clear to me and I didn’t complete all of question 3.
Some of the adjustments in question 3 I have never seen before nad the fact that 30 marks was allocated has blown it for me.
Next time I will only be practising sofp, soci etc and not wasting my time on anything else!
ACCA is really starting to be a joke. Today it was all about making people to do stupid mistakes, rather than testing their knowledge. I fail in Dec with 49, will fail again as I didn’t have time to think. I have only two more exams to finish ACCA but seriously thinking of giving up. I just feel someone is messing around with me, not doing some serious qualification.
I got the same gross profit for both years in q2. Anyone had the same? Q3 is really unfair.
What were the questions in section b? I was going to do this exam today (June sitting) but decided to wait until September sitting…looking at the comments and I so glad I did. So sorry that it was so complex for you guys.
- The topic ‘*** F7 June 2015 Exam was.. Instant Poll and comments ***’ is closed to new replies.