*** F8 December 2015 Exam was.. Instant Poll and comments ***

@helplogon said:
Rather strange question.

If closing inventory were overstated then disposal had been at lower cost, otherwise closing balance would have been be lower (not if we assume that additions were overstated, then disposals would have been more expensive). If we have discounts from our suppliers, then again we have lower cost of disposals.

As I remember the question was specificly about decrease in growth margin. So the only option left is sales mix – more products or services with lower margin were sold.

yes after thinking about it i do think youre right i think it is sales mix! damn!

Does anyone remember what the first 3 multiple choice questions were?? I see most people have C’s for all of them and I cant remember what they were tho..

Question six? I said it was material and pervasive as I felt it would affect several areas of the financial statements including expenses etc and therefore felt it was not isolated to one area? What did other people think ? I am unsure!!!

OVER ALL THE PAPER WAS OK, BUT VERY LENGTHY. CAN ANYBODY CONFIRM THE FIRST THREE ANSWER OF THE MULTIPLE CHOICE. I GOT C FOR THE FIRST 3 QUESTIONS

Multiple Choice:

1. C
2. C
3. C
4. A
5. A
6. B
7. D
8. A
9. A
10.C
11.A
12.A

Question 6, I thought was material, not pervasive as isolated.

Thought the paper was fair, couple of tricky issues and not much on audit opinion. Hopefully I did enough for a pass.

Best of luck to you all.

@ehsanshah said:
you are right it’s either sale mix or discount !!!

it cant be discount as discounts from suppliers will decrease value of purchases causing the overall value of cost of good to decrease therefore leading to higher gross profit and the ques was about reduction in gp

OMG…I did not realize that there was a question 6…..I thought 5 was the last question…omg I hope I pass or its a rewrite for me…I am so upset about this..i thought the last page behind was empty..

@lexi2014 said:
Who else found section b question 5 on deficiencies tricky? I came up wit really silly rather funny controls and test of controls, lol. I really struggled on that one, guess the marker will be laughing at my answers. Otherwise over all it was a fair exam…

Yep it was bit time consuming…

Deficiencies were like related to Banking not done promptly and not done by authorised person…. Tips and friend and family discount etc…

1c
2c
3c
4a
5a
6b
7d
8a
9a
10c
11a
12b

I worked out my mcqs in the 15 minute reading time. It takes 2 min to fill it out after the reading time is done.
Then go for the easiest 20 mark, easiest 10 mark, and then finish as much of the questions I know of to gain marks whever possible

@ehsanshah said:
except for permanent file all are relevant… u will definitely check previous year statments.. internet website and also publication etc.. thats really how you will understand entity..

can we write audit/substantive procedure in audit risk resp?

MCQ:
C
C
C
A
A
B
D
D
D
D
A
C

I felt quite confident about these answers during the exams, but as I see many of you gave different answers especially for 8,9,10. Does anyone remember to these questions and the answers? Can we collect them?

Hi,

For me it was one of the easiest F8 exam paper (it is my first time doing f8 exam but I did lots of pastpaper ) however, I really gave it away! I didn’t take the exam serious 🙁

Regarding Question 2 c) about Understanding of entity or something like that…I mentioned this list (and explain of course)

-Measurement of the entity like using ratios
-Complaince and External factors like Marketing and Competitors
-Nature of the entity like Location
-Selection of the policy
-Objectives and Strageties of the company

Can anyone confirm if it is correct? :/