Please share here with community your comments about F7 exam!
?Take our F7 exam survey >>
?
Vote in our instant poll!
?Take our F7 exam survey >>
?
Vote in our instant poll!
ACCA Forums
FRJune 10 Exams Paper F7 was.... Post your comments here
16y ago#61Well having sat in December i thought paper was lengthy but easy than last time. Question was almost standard with not many tricks, so was question 2 and cash flow was tough because of limited information that we had to find from 2 years' info but commentary was better, question 4 was rather logical, just putting interest back in three years and showing sales in the last year and in question 5 took out 1st and last months first and out of rest of 10 months took out july and august... so answer was like 500000 capitalise and 250000 finance cost... wrote that income of 40000 should go under other comprehensive income... i hope we all pass....
16y ago#62And what's with the FREEZING cold airconditionong at London excel????
16y ago#63Hey Ppl,
Thanks God for Kaplan QBE and tips - almost all came out!!!
I wasn't prepared well, I have concentrated on the other subjects, however I think the questions were more than predictable (if I could only spend more time on revision...) and there was nothing strange except of the Q5 - IAS 23 Borrowing Cost not sure if I even seen that before :)
Easy consolidated - except of the strange deferred consideration (but if you got it wrong it's only 1-2 marks)
* Just wonder how to treat - I have heard two ways so far -
1. Full consideration as investment (as it zeroed parent investments), and adjust it on SFP and decrease group retained earnings
2. Take decreased consideration as investment
But again, remember - one mistake is only 1-2 marks - you still got the working marks and 1/2 for simply adding the stuff like tax etc!!!!
Q2 - I felt happy when I seen trial balance - i was expecting re-dtrafting or some odd questions - I found 'held for sale' easy - stuck with the lease for a while, tax asset confused me, on the positive side construction contracts came out. I think I made it correct but I may be wrong - For a total cost Labour etc + cost of the machine, for cost to date labour cost to date + 6/18 of the machine cost (depreciation)
Q3-5 - lot's of blabla (and I'm not good in blaBLA) cashflow I've got something wrong because i was off 2k at the end - but hey - still got your marks for adding up decreases/increases in receivables etc.
Anyway wishing you all the best!!!! Hope we will all pass (but I'm not so sure about myself!!!!)
Thanks God for Kaplan QBE and tips - almost all came out!!!
I wasn't prepared well, I have concentrated on the other subjects, however I think the questions were more than predictable (if I could only spend more time on revision...) and there was nothing strange except of the Q5 - IAS 23 Borrowing Cost not sure if I even seen that before :)
Easy consolidated - except of the strange deferred consideration (but if you got it wrong it's only 1-2 marks)
* Just wonder how to treat - I have heard two ways so far -
1. Full consideration as investment (as it zeroed parent investments), and adjust it on SFP and decrease group retained earnings
2. Take decreased consideration as investment
But again, remember - one mistake is only 1-2 marks - you still got the working marks and 1/2 for simply adding the stuff like tax etc!!!!
Q2 - I felt happy when I seen trial balance - i was expecting re-dtrafting or some odd questions - I found 'held for sale' easy - stuck with the lease for a while, tax asset confused me, on the positive side construction contracts came out. I think I made it correct but I may be wrong - For a total cost Labour etc + cost of the machine, for cost to date labour cost to date + 6/18 of the machine cost (depreciation)
Q3-5 - lot's of blabla (and I'm not good in blaBLA) cashflow I've got something wrong because i was off 2k at the end - but hey - still got your marks for adding up decreases/increases in receivables etc.
Anyway wishing you all the best!!!! Hope we will all pass (but I'm not so sure about myself!!!!)
16y ago#64very dificult paper i see f7 . i do very hard work before and in exam so i hope to gain passing marks.
I know I will be sitting this paper in December...Too much work to get done in three hours and I blanked on some issues...Somehow, my memory bank went dead for a costly time. Horrid exam!
16y ago#67The Loan formed the part of consideration ie its not isuued at post ack but as a for of consideration (hint was that 100 loan was given for x shares) so its not an inter-company transaction but form part of investment
16y ago#68it was too much to do in 3 hours, you are so worried about hurrying up that your never going to take in every single issue in each question. also question 5 was a bit mad. i don't think we even covered it in class! such a small topic.
one thing i'm really worried about is the fact that i didn't reference my workings. i did all my workings and then say for example the statement of financial figures but didn't reference the figures i used to my workings. is this ok?
also i handed up 4 answer books and i'm really worried that this will piss off the marker and they will mark me hard! :(
any feedback greatly appreciated!
one thing i'm really worried about is the fact that i didn't reference my workings. i did all my workings and then say for example the statement of financial figures but didn't reference the figures i used to my workings. is this ok?
also i handed up 4 answer books and i'm really worried that this will piss off the marker and they will mark me hard! :(
any feedback greatly appreciated!
this was the worst exam i have ever seen for this paper. i will definitely surpise if the acca pass rate is high for this f7 paper.
i practically feel like having a gin and tonic right now
i practically feel like having a gin and tonic right now
16y ago#70u should do just that!
16y ago#71i agree :)
It was really bad. I almost gave up in the middle of the exam. I lost confidence and really made me question myself . I honestly think that the paper was unfair compared to the previous ones.
16y ago#73The exam was too loaded for the 3 hrs allocated. Also, it was too technical for this level with the examiner testing about seven (7) Accounting Standards at a go.
However, it's been a great time with Opentuition: the Tutors; Administrators (wonderful innovation in human capital development), you guys are too much, God bless you all; and my fellow potential ACCA - best of luck.
However, it's been a great time with Opentuition: the Tutors; Administrators (wonderful innovation in human capital development), you guys are too much, God bless you all; and my fellow potential ACCA - best of luck.
@lawrence1979 said:
How did u guys do for Q4? In the income statements for the three years, I only put the interest expenses (which were given)....
For Q1, anyone remembers whether the parent sold the goods to subsidiary or the subsidiary to parent?
Thanks.
please tell me how u all did this. i charged a gain on disposal in legal and did the interest on implicit rate in substance.
also, for q5, i forgot to subtract the capitalised borrowing cost from interesst calc
I think ppl need to start boycotting ACCA. It is getting too ridiculous. We are students. Not pofessionals. Fees are going up every year and exams are getting harder every year. It will reach a point where we can't afford to pay for exams cuz we can't afford to fail. The paper was just like F6, F7.....ridiculous. I am praying for a miracle. If i fail these papers again I might just drop dead from disappointment.
16y ago#76This paper was ridiculous. It wasn't necessarily difficult, but it's highly unrealistic for the examiner to expect that much information to be analysed and assimilated in a mere three hours. Especially question 2. It's very disheartening to feel this way about an exam after you've sacrificed and studied and worked your butt off in preparation for it. You frantically rush through the entire thing, struggle to finish and there's never a spare moment to check over your work. I hope the examiners take note of these comments!
16y ago#77how many times d you allowed to sit for the exam? in some countries, they only allow the students to sit the same for no more than 3times.
Thanks
Thanks
Hi ALL, the software write-off will be affect the acquisition or post-acquisition ? I do write off to Sub.'s net assets value at acquisition date, how about you??
16y ago#79Can you explain me why you add it back to post acquistion, due to the wrte-off of software will be net off with the revaluation surplus of Plant, is it right ??
part (b) of Q.3 and Q4 & Q.5 are very typical.........40% theory paper....:(
it was very very lengthy. not even an alien could complete the entire paper. it would take more than 30 min time to just read the questions once carefully. whither to attempt in the remaining 2.5 hours!!!!. but it was a good, quality paper & i enjoyed attempting it more than my previous acca papers. whatever i attempted i did it nicely without panic. thanks a lot to opentuition without which many of my concepts in consolidation wouldn't have been clear. lectures on final accounts will be welcome especially by the same current tutor.
Do you have amout of PAT of income statement of Q2, I got 15,050, what're yours??
Terrible exam, failed miserably, definitley the hardest exam i've sat so far in the ACCA having done, F4, F5, F6 AND F8. Ended up focusing on the Q1 and Q2 but made a mess of them both, Cashflow i had a go at and Q4 and Q5 i hardly bothered, will do well to get 30!
16y ago#85BOTTOM LINE is " TIME MANAGEMENT " paper was not difficult. i prepared all standards, i knew about about subtance over form, borrowing cost, but unluckily due to spending more time on Q1,2,3, i didnt manage to attempt 4 &5. few adjustments were difficult like contigent consideration, leasehold property, contruction contract plant. well ready to take it as a challange in dec 2010
Does anyone remember what the main parts of the cash flow were? I had depreciation, working captial, 8.5m loan, 4/5m leased plant, dividends ....?
Am praying for a pass!! I thought the questions were too long, the amount of information to read and then process was just too much!
Am praying for a pass!! I thought the questions were too long, the amount of information to read and then process was just too much!
16y ago#87@ruby said:
it was too much to do in 3 hours, you are so worried about hurrying up that your never going to take in every single issue in each question. also question 5 was a bit mad. i don't think we even covered it in class! such a small topic.
one thing i'm really worried about is the fact that i didn't reference my workings. i did all my workings and then say for example the statement of financial figures but didn't reference the figures i used to my workings. is this ok?
also i handed up 4 answer books and i'm really worried that this will piss off the marker and they will mark me hard! :(
any feedback greatly appreciated!
four answer books? did you have your format first and your workings to the question at the back of each question? if you did the adjustments in order, you should be grand, four answer books tho, you have me worried now!! i only did under a page under one book
I've sat f4,5,6 and 7 this sitting and this was the hardest for me, even harder than F6.
I think a pass may be too much to hope for :(
I think a pass may be too much to hope for :(
16y ago#89@needshelp said:
@lawrence1979 said:
How did u guys do for Q4? In the income statements for the three years, I only put the interest expenses (which were given)....
For Q1, anyone remembers whether the parent sold the goods to subsidiary or the subsidiary to parent?
Thanks.
please tell me how u all did this. i charged a gain on disposal in legal and did the interest on implicit rate in substance.
also, for q5, i forgot to subtract the capitalised borrowing cost from interesst calc
Was there any unrealised transfer profit in q 1? i took the goods in transit and then it said something about the mark up on the goods but not saying that any was left at year end?
yES, we should eliminate URP this good-in-tranist, 600K shoud be excluded from Group Reserves ?
Sign into reply to this topic.