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This exam was very hard compared to december 2014 past paper which i practised and scored quite well. The MCQ question was so confusing and seemed to have 2 correct answer of which now you’d have to guess the correct one. Q3 was realy hard considering the time presure we had and all of its requirments not to mention the confusing notes. The one for NCA said that ‘depreciation should be charged on a straight line basis asuming the asset had 5 years useful life. No asset is more than 4 years old’ what was it with that last part? Were we suppose to calculate depreciation for the other ppe by dividing the acumulated depreciation of 19000 by 4? Or the cost by 5? Crap. It was too confusing…
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MCQs consume too much time
assume all PPE is depreciated on straight line basis over life of 5 years and no PPE is more than 4 years old….. it took me ages to understand what the hell this means….tried dividing accumulated dep by 4…got a wierd no….finally screwed up by depreciating the balance of PPE (after deducting cost of two new items) in trial bal amount over 4 years….
Can’t help but feel the straight line depreciation requirement was an error by the question setter, as many have said on here for the life of me I can’t see how it’s possible to calculate accurately without the historic cost detail.
Should hope ACCA see the error of their ways and award a mark just for calculating depreciation excluding the additions, as that’s all you could do! Really threw me in the exam too tying to figure a way of doing it, so frustrating.
I agree…. there was no way you could work this out. I spent a good 10/15 minutes trying to work this out.
The figure of £85,000 which included the new assets purchased within the year. You just couldn’t work it out. Was weird.
As mentioned above and also by so many others, this paper was a complete pain in the butt and not very nicely worded!
Glad I am not alone in finding that very hard!
I fully admit to not revising as much as I should have done, but that was one tough exam!
September resit for me I think. In fact I am going to be working from now onwards on the basis of a fail. If it’s not a fail, then I will be more prepared for P2.
When are MCQs generally uploaded on the ACCA website? I can see that they uploaded section B but not section A yet. 🙁
Exactly what I’m doing too.. just going to take it at a leisurely pace until August results. I reckon I’m on the border or fail/pass. Like you say its a win win situation.. I’m going to do a 30 mark question every evening to keep it all in my head and improve. Then if I need to resit in Sept I can with ease, if not bring on P2!
@jpf1101 said:
Glad I am not alone in finding that very hard!I fully admit to not revising as much as I should have done, but that was one tough exam!
September resit for me I think. In fact I am going to be working from now onwards on the basis of a fail. If it’s not a fail, then I will be more prepared for P2.
ACCA is not being considerate in making these papers so tough. This will end up having people who genuineley studied ended up frustarted and leave ACCA. Membership and Revenue should also be their focus.
I put in so much time and hard work but the exam was harsh. I did all the past papers and practice questions but this was by far much harder. The multiple choice questions were difficult. Questions 2 & 3 were dreadful with very ambiguous wording. I will definitely be doing the September resit.
I am confused… how is there a September sitting? I thought the three monthly exam sitting wasn’t taking effect until 2016?
F7. Was really hard this time but hope for a pass. I’m sure my McQ was all a guess work had no clue what I was doing.
@hill5538 said:
I am confused… how is there a September sitting? I thought the three monthly exam sitting wasn’t taking effect until 2016?https://www.accaglobal.com/zm/en/student/acca-qual-student-journey/sa/news/additional-sessions.html
You took the words from my mouth! All that hard work and I was so thrown by it that even after 20 years in the profession I felt completely anhilated and questioning my ability to even write my own name. 🙁
Shame about this one – I feel I know the material a lot better than F6 and F8 but they were basically a walk in the park in comparison.
MCQ I thought were ok maybe 30-32/40, Group Q was fine but then I realised I only had an hour left and panicked. For Q2 I calculated ratios, left part b) to come back to but never did. Q3 got a lot of stuff down but made silly mistakes like putting allocating 2500 to the share premium from the rights issue rather than 3000.
Should have done enough to pass but a bit annoying I mismanaged time so badly.
@tarfoufo said:
Tax was current estimate £3400
Over provision -120
Increase in deffer tax 300
Pl £2900
CL 3400
NCL deffer tax 1200*25%= 3000Was the final amount a deferred tax asset or deferred tax liability?
Y/E Estimate 3500
Over Provision (400)
Deferred Tax 300P/L 3400
Current Liabilities 3500
Deferred Tax 3000There was this MCQ about the company having “past experiences on ‘general liabilities’ or something like that. I think I chose the answer with only 1 correct statement in it. I’ve been thinking about that question since I finished my exam. 🙁
@jamesuk19 said:
how did people account for the loan note?I took interest on the full amount, accrued the unpaid interest, deducted 1/4th of the face value of the loan and added the accrued interest to it. Then I added the value of that 1/4th and the interest paid to the bank overdraft since he didn’t have a debit bank balance. I’m not sure if I accounted for that correctly but at least I should get half a mark for that. 🙁
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