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@emo777 said:
Remember any of mcqs to discuss?@ Gvtftf, my assumption was that the customer had only paid 16m, that’s why I increased AR with the 2.5m… and then, if the customers are yet to pay, there won’t be any deferred revenue… we would only recognise an asset (AR) in subsequent periods as we earn them… I ain’t too certain if my assumption is right tho’
Earnestly, I can’t clearly remember any of them MCQs… trying hard to recollect buh they all seem to be lost in foreverland…lol
@michael01 said:
Yea, Billy, you’re right on the contract asset note… total cost was 24 while revenue was 30@ gavin23, I have also wondered how people remember their MCQ selections… they probably look through & memorise towards the end of d exam & write out thereafter or as u said, they probably scribble it on the exam docket… #justpondering
Iirc, they were asking for the Nci share of profit, so that was working the Nci share in the bottom of the consolidated statement of profit or loss. I.e. Total profit – equity parents share
@samirrules said:
Iirc, they were asking for the Nci share of profit, so that was working the Nci share in the bottom of the consolidated statement of profit or loss. I.e. Total profit – equity parents shareDo you mesn the last question number 20??
They asked for value to be added to nci, it was not about profit and loss, it was about getting posr-
@michael01 said:
@ Gvtftf, my assumption was that the customer had only paid 16m, that’s why I increased AR with the 2.5m… and then, if the customers are yet to pay, there won’t be any deferred revenue… we would only recognise an asset (AR) in subsequent periods as we earn them… I ain’t too certain if my assumption is right tho’Earnestly, I can’t clearly remember any of them MCQs… trying hard to recollect buh they all seem to be lost in foreverland…lol
Michael, if u deal with this kind of question, i assumed that 2 million is already included in 16
@michael01 said:
@ Gvtftf, my assumption was that the customer had only paid 16m, that’s why I increased AR with the 2.5m… and then, if the customers are yet to pay, there won’t be any deferred revenue… we would only recognise an asset (AR) in subsequent periods as we earn them… I ain’t too certain if my assumption is right tho’Earnestly, I can’t clearly remember any of them MCQs… trying hard to recollect buh they all seem to be lost in foreverland…lol
Revenue includes an amount of $16 million for a sale made on 1 April 2015. The sale relates to a single product and includes ongoing servicing from Downing Co for four years. The normal selling price of the product and the servicing would be $18 million and $500,000 per annum ($2 million in total) respectively.
So, it means that 2 is already included in 16This is my second F7 attempt, first one got 47, and had some more confidence while working last time rather than this one. This one seemed different from the moment you read through the questions. Compared to previous attempts, MCQs were quite Ok this time; but not Section B. I would like to Highlight one fact, that we spent most of our precious revision time on Cons SOFP, SOCI, Associate and their adjustments; but was quite sad that we didn’t get enough questions this time, else it would have been a scoring paper. Quite disappointed with this paper. Question 3 was so different from what we actually practised. To end, I just hope I get my 50%.
I calculated roce using the same formula, but what is this 9 million that you are referring too? I don’t remember this figure
A lot of people r talking about deducting 9 million from the ROCE figure but where did they get this figure from, I don’t remember seeing any such figure.
The question said to calculate based on continuing operations only.they gave you the net assets of the discontinued ops which was 9mil
Anyone remembers the mcq related to IFRS 5 recognition of assets held for sale?
@christa316 said:
The question said to calculate based on continuing operations only.they gave you the net assets of the discontinued ops which was 9milChrista, in case we didnt deduct 9000 but wrote out the formula and made other calculations in roce as needed, will we be awarded partial marks?
Last time I checked acca only penalizes once. Were your calcs based on continuing ops?
@christa316 said:
Last time I checked acca only penalizes once. Were your calcs based on continuing ops?Yeah, i mean pbit was based on continuing, i think i didnt deduct 9000 only, in the denominator
But it depends on the ratios you choose. If it was opm or gpm then skipping it won’t make a diff.
Mine also included the AT so I’m the one who should have included it
@christa316 said:
But it depends on the ratios you choose. If it was opm or gpm then skipping it won’t make a diff.Mine also included the AT so I’m the one who should have included it
I was talking about ROCE in first 3 marks question
Thanks Christa, but I still can’t recollect seeing that amount in the question.
@christa316 said:
I know. I’m just saying they only penalizeonceThanks. It was 3 marks, right?
I got positive goodwill .. If they asked for EXTRACTS for a SOFP don’t you guys think it would be positive? Negative goodwill goes in the SOPOL added to admin. Postive goes in the SOFP.
Anyone remembers having 3.25 million as deferred grant balance in one of the mcqs?
@christa316 said:
Yes it was only 3 marksChrista, were we asked to comment on it as well, or just calculations for 2015 and 2016 roce?
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