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@gdjay said:
Not that much of F5 was applicable here, but nice one.Imagine P2 is an absolute nightmare based on this. Hoping I’m able to progress and you’re all helping convince me I’ll be ok, low pass probably, no prizes for a high score though.
The associate Q I got 1300, thoughts?
Also the hurricane one appeared to be the right answer by elimination?
Gearing only increased thru finance lease, yeah?
I got 1300 couldn’t get to it, but was the lowest as I didn’t understand it properly.
The hurricane, was that the provision?Gearing was finance lease.
Depn question got 570
The consol ones MCQ’s were nice, pretty sure I did those right.McQ’ s I can’t recall other than first one being very easy. I took a flyer as 3 of them. Can’t remember the associate one but do remember doing the calc and there being an answer – seemed straight forward to me. Sale from p to a = adjustment in sofp investment in associate at % ownership etc.
I’m a CPA and a CMA and this by far has been the worst experience for me sitting for a professional certification. Why do ACCA examiners do this to candidates? It will only frustrate people and will eventually force them to aim for the CPA rather than sit for I don’t know how many ACCA papers and get hit with these kinds of ridiculous questions. The ACCA examiners had to only test whether we know accounting or not. But in the test it was pretty obvious that they just wanted to trick candidates and make them feel miserable.
About the test, some of the MCQs were so obscure and while Q1was ok, Q3 was a complete utter disaster. I just want to know why? Why do they ask such questions? they really don’t need to trick candidates THAT MUCH.
If I don’t pass this paper I will not sit for it again and will not be renewing my ACCA subscription anymore. I feel sorry for you guys but I really suggest some of you to think about getting a CPA. It’s not easy but at least if you study hard and well enough you can pass, and if I could do it so can you.Good luck!
Cujo
Yup cool. I worked out 1300, so seems right.
On asset value think I had 214k, as should be lower of carrying value and greater of value in use and realisable amount which was £210k.
Seem to remember a few a’s at the start.
20 was D I recall.The one about argriculture was on its own, A I think.
@gdjay said:
Yup cool. I worked out 1300, so seems right.On asset value think I had 214k, as should be lower of carrying value and greater of value in use and realisable amount which was £210k.
I had 214 too.
Slowly coming back in memory.Retained earnings of Parnet was a minus16k purp plus apportioned retained earnings, 546,000 perhaps.
@jamesuk19 said:
Goodwill from memoryShare exchange 80% of 12.000 X 2/3 x $3
Deferred Consideration 1.54 x 80%x12.000 x 1/1.1 power 1
NCI was 20% x 12.000 x 2.5 I think
Less net assets (retained earnings at ACQ had to work backwards there, plus FV on revaluation and share cap)
FV of NA @ Aq. date:
Equity shares 12.000
Retained earnings – per q – don’t recall figure
Profit pre aq.: 2.400* 3/12
FV adj – plant 720Then less the impairment of 500,000
Q1 was pretty sensible. Revenue had to knock out IC sales.
Cost of Sales, was Impairment, Profit in Stock, InterCo Sales,
Finance cost was the unwinding of discount and the 100,000I have added some additional figures per above.
I did not impair the GW since the question asked for the GW at aquisition…i hope.. *with the rush of finishing everything i probably forgot what my name was if you would have asked me during the exam :|*@gianina said:
I have added some additional figures per above.
I did not impair the GW since the question asked for the GW at aquisition…i hope.. *with the rush of finishing everything i probably forgot what my name was if you would have asked me during the exam :|*With the FV adjustment and equity shares this it’s taken care of in the net assets working and included in the less net assets figure.
Was 720 + 12,000 plus retained earnings maybe some like 26720.- Topics: 43
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Can anyone remember the answer to the first multiple choice, question was about representation, was not A, could not be B and so it was down to C and D, C was talking about convertible bonds and stating it fully as a liability however with convertible bonds you need to split it into equity and liability? so it couldn’t be C?
@stafano said:
Can anyone remember the answer to the first multiple choice, question was about representation, was not A, could not be B and so it was down to C and D, C was talking about convertible bonds and stating it fully as a liability however with convertible bonds you need to split it into equity and liability? so it couldn’t be C?I thought I put D, not 100% though.
you guys, you know the goodwill calculation, did you need to subtract impaired loss on goodwill at the end because i remember the question was asking for “goodwill at acquisition” and not “goodwill at year end” and once you subtract impaired loss on goodwill at the end that brings you to “goodwill at year-end”.
i did subtract but wrote down goodwill at acquisition n goodwill at year-end separately.
Even with the use of internet, i cannot find out whether you can provide for probable hurricanes in the future.
I didnt choose the hurricane response, i went for the next most likely. I guessed you could close the division which could experience the hurricane so no present obligation- Topics: 43
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D seemed to be the most logical answer because everything else was wrong A was legal over substance, B was not including a sub because its activities differs from the parents so again both are not fair representations.
@blainebb01 said:
Even with the use of internet, i cannot find out whether you can provide for probable hurricanes in the future.
I didnt choose the hurricane response, i went for the next most likely. I guessed you could close the division which could experience the hurricane so no present obligationI don’t think you can provide for Hurricanes, I went for the unforeseen one, along with adjustment to depreciation.
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Its like providing for not insuring with a insurance company and self insuring which you shouldnt….i cant remember the other 3 answers but i def did not choose hurricane, i remember it came down to either hurricane which was A and i believe D.
For the adjusting events I selected B. You wouldn’t adjust for an insurance claim settled in the year after? I think so anyway.
Yeah but it was constructive, wasn’t the unforseen one with no actual estimation. Needs to be at least probable, not just a guess to stand, I think hurricane provision was the only right answer
Yes on insurance, surely that implied its already provided for so no adjustment required. I put that down too.
@jamesuk19 said:
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.Q3 – I have done the same. I had to read multiple times the last part of note iii)..why, oh why, do they have to play so much with the English language…
The operating lease – total failure… I took 1.000 as a current asset…as it was a prepaid expense and i have expense in the Finance costs the other 1.000. Anybody can asses the number of marks on that one?
I know the tax i calculated correct. Thank you Sir Mike!
Tax was 3,400 – 200 + movement in DTax which was something x 20% less b/f DTax?
@gdjay said:
Yes on insurance, surely that implied its already provided for so no adjustment required. I put that down too.Good.
Do you remember the NCI question at all?I think I put C for Q2.
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