FRJune 10 Exams Paper F7 was.... Post your comments here

It was horride could not remember a thing!

This was the worst exam I've sat this sitting! It was insanely difficult, I hope I get that lucky 50%, I struggled to keep time but tried to attempt all the questions, there was just too much info to get through in time to finish properly! Fingers crossed!

I found that one hard work. Not sure I put all the right bits in the cash flow as didn't seem to be many working out IYSWIM. Oh well just about managed to get through all the questions so fingers crossed for a pass.

For question 5, I capitalised the months were construction was taking place as well as the 2 in the middle were they paused construction. Was that right? Initially I charged those months to P&L but changed my mind at the last minute. So only charged the first month (when they hadn't started) and last month (when they had already finished) to P&L along with the interest received, didn't net them though.

i was so dead... fail in time management... lack of time to answer question 3,4 & 5...
lack of practice.. haizz

reading time i tought its not so hard but i taught wrongly as i found cashflows so hard or i was tired ,i think i failed ,better luck next time

hey guys i got my consolidation balanced it came 111300, any one else got this figure…

Q.2n my final account was like 2004000………

Q.3 cash flow was ok but attempted my best….

Rest Q4 was ok, Q5 only had time to attempt theory, rest numerical was about to start time ended up….

InshALLAh i hope for more than 50 %…..

Question 1 it came some thing like 1199XX (what value you used for contigent? i used 27)

Question 2... just ok, not good

Question 3, theory was bad, but cash flow was just ok

Q4, and Q5... :(;(:( dont ask about it

ALAS!
the exams are getting harder and harder.
Worse exam. I hope examiner will give much tougher next time because i will be ready that time to accept the challenge.

terrible paper..anyone know what the treatment was for the leasehold property in number two?

Pure evil i say, far too much to do in 3 hours!

It was horrible. If I could have written an example of an F7 exam that I couldn't do I would have written something pretty similar to what we saw today. I'm hoping that knowing the proforma's is enough to get me near 50% I think I would be happy with a high fail right about now!

Was oaky more of a time problem than questions. None of my balance sheets balanced but gt the cashflpw correct and q4 and q5 went good.

Troubled about 1 and 2. Really hope i pass in no mood to appear again

too little time.............devilish questions

wasn't too bad for me, my second attampt at this paper so i'd put in a lot of revision time. only things i wasnt sure on was the cashflow analysis - wasnt sure if i should be doing ratios or just a report so i did a bit of both..
Q4 & 5, think i got the basics down ok but hopefully marks on earlier questions will compensate for anything lost here!

hi all, TIME was a real issue for me also, only bearley got Q1,2,3 done and had to fly through 4 & 5, the examiner will have to rethink the amount of info that needs to be processed as if MOST people only gor 75% of the paper don and 50% 9s the pass rate this will result in hardley anybody passing this paper.... I treated the leasehold property as an available for resale asset and seperated it from all the rest of the assets... was this correct accountstudent110?

@adotkhan said:
hey guys i got my consolidation balanced it came 111300, any one else got this figure…

Q.2n my final account was like 2004000………

Q.3 cash flow was ok but attempted my best….

Rest Q4 was ok, Q5 only had time to attempt theory, rest numerical was about to start time ended up….

InshALLAh i hope for more than 50 %…..

number one didnt balance but got 112300 for assets n sumthng pretty close for eq n liabs

value 40M x 85% less the 500,000 selling cost = 33.5M

The questions were all managable i made the mistake of answering 4 & 5 first and ran out of time for question 3 :(

I think this paper was not hard at all but there is just too much to put down there isnt enough time

I agree with you emmanuel taf

Well.... the consolidation question was comparatively easy from last years'....Rest as everyone said time management....wasted almost 2hrs on the first 2 questions.... but still managed to attempt the whole paper.... cash flow i went blank.... and theory bits were just ok.... lets see if i can manage a 50.....
On the whole a tricky,tactical paper....!!!
Hats off to Steve Scott... he succeeds in confusing the students so very well in every session....:P

did anyone adjusted the assosiate's retained earnings by interest income (given by parent ) dat was related to purely post acquisition period

i guess it shud b subtracted first from the retained earnings of assosiate s it didnt not occur thru out the yr and was purely post acquistion matter
and after deduction spread d profit evenly den add d whole amount bak to the post aqcuisiotion retained earning and den apply 40% to that amount

did anyone do that ?
m i rite or wrong

Q3 was a nightmare, and i had no calculator in the exam, rest you can imagine.

how/why did you go into a F7 exam with no calculator???

hey shane tell m m i rite wid d adjustment of assosiate's profit

@salman said:
Q3 was a nightmare, and i had no calculator in the exam, rest you can imagine.

No calculator????? did u really go for an exam ??? :P

@shane2e said:
hi all, TIME was a real issue for me also, only bearley got Q1,2,3 done and had to fly through 4 & 5, the examiner will have to rethink the amount of info that needs to be processed as if MOST people only gor 75% of the paper don and 50% 9s the pass rate this will result in hardley anybody passing this paper.... I treated the leasehold property as an available for resale asset and seperated it from all the rest of the assets... was this correct accountstudent110?

dat was correct
it was held for sale and impairment loss was to b recorded fr dat

@salman said:
Q3 was a nightmare, and i had no calculator in the exam, rest you can imagine.

what :o are you serious? you can take from the invigilators, they have lot of extra

why adjusy associates profit, should only adjust Subsidaries profit????

but dat interest which parent was paying was purely related to the post acquisition period
and in d retained earnings of assosiate dat was given to us was having the effect of dat income too
and if we split the profit evenly den it was gonna had d effect of dat income in the pre acquisition period tooo which wasnt right

I just skipped substance over form during my revision..gotta say there was no real math on this topic on kit or text.
I think consolidation was ok bt too many peculiar item all thru d ques..like...purchasing plant for a constraction contract. Never found anything lyk this. One hell of a paper:s
hope to pass 1st tym. Bt marker have to b vry generous;)