Forums › ACCA Forums › ACCA FR Financial Reporting Forums › *** F7 March 2016 Exam was.. Instant Poll and comments ***
- This topic has 117 replies, 33 voices, and was last updated 8 years ago by Anonymous.
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- March 8, 2016 at 11:00 am #304292March 8, 2016 at 4:44 pm #304428
i was able to manage my time very well and completed all the questions
thanks Mike, thanks OTMarch 8, 2016 at 4:52 pm #304430Can you pls discuss mcqs.
1.d
2.b
3.c
4.d
5.d
6.cMarch 8, 2016 at 4:53 pm #304431In mcqs why is the length of cycle??Could anyone remember???
March 8, 2016 at 5:02 pm #304436Is it 99 days
March 8, 2016 at 5:05 pm #304438113 inventort days + receivable days – payable days
March 8, 2016 at 5:06 pm #304439I had 113 as well..
March 8, 2016 at 5:17 pm #304440What is the answer for mcq for 1st question is it d.
In 20th q is it d???
Indicators of impairment…Is it adverse change in economic environment…
There was a q about Isab is it the Isab appoints advisory committee…
In mcq there was about finance lease and it had only two options what is the answer please…???
Answer for second q is is it 1496
March 8, 2016 at 5:17 pm #304441113 days
March 8, 2016 at 5:18 pm #304442Anyone have a clue how to deal with that Goodwill Q? The deferred cash payment stumped me. Hadn’t seen one like that before
March 8, 2016 at 5:20 pm #304443Fingers crossed get the marks required to progress. No surprises in section B except the Q3c and couple adjustments in Q1. Good luck every one.
March 8, 2016 at 5:24 pm #304446yes pinkyovin. the right answer is adverse change in economic environment.
and IASB may appoint advisory committee is right bcos other options it is 90 days not 180.discussion paper is issued first, then exposure draft
March 8, 2016 at 5:38 pm #304452I agree, 4 marks was very little reward for a lot of work! Ridiculous!
March 8, 2016 at 5:38 pm #304453In 20th mcq which was irrelevant???
Dividends paid last year
Employees or directors
Share in equipment
Cash budget for the next 5 yearsAnyone remember??
March 8, 2016 at 5:40 pm #304454@slibrahim50 said:
yes pinkyovin. the right answer is adverse change in economic environment.
and IASB may appoint advisory committee is right bcos other options it is 90 days not 180.discussion paper is issued first, then exposure draft
Thankyou ibrahim..What about finance lease question there was only two options I chose the first one
March 8, 2016 at 5:42 pm #304456Oh dear, that sounds more like it. I tried to time apportionment and got into a muddle. Brain meltdown halfway through exam. Did okay with most other things I think.
March 8, 2016 at 5:49 pm #304460MCQ 20. I take it dividends paid won’t tell you about a company as a company that has made losses can still pay them?
March 8, 2016 at 5:52 pm #304462Conceptual framework about materiality Neutural, Nature, Magnitude and…..
March 8, 2016 at 5:57 pm #304466I drew up the W2 table for that. I remember reading that in a consolidated statement of profit & loss, if they ask you for goodwill you should do a table anyway!
March 8, 2016 at 5:57 pm #304468@yentam said:
It took me a good half hour for 4 bloody marks!!!I’m worried that I did more than was required!
From memory: revaluation gain on lease was 8m less 1m for deferred tax, some of the dev expenditure was expensed about 6m I think, the rest capitalised with depreciation for 3 months of the year?, then depreciation for the plant and depreciation for lease at revalued cost, as well as closing inventory value decrease due to change in NRV. Surely this couldn’t have been for just 4 marks!!
It doesn’t make sense. The Goodwill Q was 8 marks and (even though I messed up the contingent payment) I was done in 10 mins. Strange marking in this exam.
Does anyone agree?March 8, 2016 at 6:30 pm #304480Can anyone please tell about the Mcq if operating lease was treated as a finance lease .
It had only two options .
Is it the first one???
March 8, 2016 at 6:30 pm #304481@yentam said:
Share exchange value
+ Contingent cash consideration at acquisiton
+ NCI at share price
= TOTAL CONSIDERATIONLESS Equity shares
LESS retained earnings at start of year
LESS share of pre acq profit
LESS fair value increase
LESS land ?
ADD provision ?This gave me goodwill.
Am I correct in not including the impariment of goodwill as that was after acquisition?Sounds right to me!
March 8, 2016 at 6:32 pm #304482@yentam
Wow did you really spent 30 min on 4 marks?
March 8, 2016 at 6:32 pm #304483@yentam said:
I think this is the question where carrying value of obligation doesn’t include the interest payment?So you chose second one
March 8, 2016 at 6:33 pm #304484@tafireyi said:
Conceptual framework about materiality Neutural, Nature, Magnitude and…..So the answer is magnitude.Can I believe that
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