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

i hope the examiner will read these comments and give them more concern in future

yaar i can understand what examner wants....
he gave 15 marks question on substance over form... its is impossible for me to write for question 4 & 5... i wish that i would get 50 marks in paper

@gwen2000ie said:
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?

The goods are still in transit so appearently the subsidiary can't sell goods that it hasn't even received yet. So logically all of the goods are still there at year end. It's kinda tricky though, I noticed about it when I was finishing up my answer.

The exam was sure tough, but I guess thats always the reaction to F7 exams. I guess I will pass cause I did everything, didnt try to balance my SFPs cos I knew they would not balance, just trying to score points off individual postings and trying not to fail any question.

@jamal_tahsin said:
BOTTOM 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

I totally agree with you - i was thoroughly prepared for this paper studied and read in detail all the standards & practiced a lot of questions - i was excited during the 15 minutes planning time coz i knew i could do all the questions very well.
But poor time management proved to be my downfall :(

In Dec 09 i wrote F9 could not finish it (i did only 3 questions) but i passed with 56% !! so hopefully i will repeat the same feat with F7....

@lawrence1979 said:
The goods are still in transit so appearently the subsidiary can't sell goods that it hasn't even received yet. So logically all of the goods are still there at year end. It's kinda tricky though, I noticed about it when I was finishing up my answer.

The parent has booked profit on the sale so it does not really matter whether the subsidiary had recieved the goods or not.
Two things needed to be done in relation to the goods in transit :

1.Eliminate recievables balance in Parent books,recognise stock-in-transit & finally eliminate the payables in subsidiary's books.

2 Calculate URP and eliminate it from consolidated reserves because the parent sold the goods,not the sub.

easy one this one.....

Frankly I'm getting more than a little concerned about ACCA becoming more about money than anything else. If the vast majority of students are going into these exams confident and very well prepared and coming out despondent and mentally resigning themselves to having to resit, what does that say? And if time after time the cry is too much info, not enough time to make a decent effort, what does that say? Are we ALL that poorly prepared? Are we ALL such dismal students?

Tough but fair - without the time pressure - you can sit and hazard guesses and double check. Without the difficulty - you could slap down some pro-formas you rote-learn of financial statements and score marks.

Time pressure caused me too lose my nerve and screw things up and make mistakes on simple things - would prefer 3 REALLY hard questions with tons of adjustments than 5 as i got too tied up in waffling, question hopping and entered into poor exam technique.

or how about 1 massive question involving published accounts of a parent, consolidation of a subsidiary and analysis of its performance via cash flow and ratios....no doubt that will be Q1 of 5 on P2...!


Better exam technique and i would have been guaranteed a pass.

I think the toughness & near impossibility (time wise) of the F7 exam is an example of where some of the value of the ACCA lies - if it was easy then any Tom,Dick and Harry could become ACCA qualified and the qualification would not command such high respect and the high salaries !

Some people are failing not because they are not good accountants/students,but their exam technique needs to be improved ( i am one of those people ! )

After assimilating all the knowledge,i think as students we must pay close attention to exam technique especially time management and aiming for that 50 mark (so what if you got construction contracts wrong - you wont be penalised twice ! )

The feeling of passing such a demanding paper is well worth it in my own opinion.
I cant wait for December i will show Steve Scott what i am made of !! :)

time time time

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

Ha ha!!! Same thing happened to me, I discovered during the reading time, they did not allow me go into the car to pick it so I simply looked arround and located two people with extra on their tables and simply signalled an invigilator and asked him to borrow one for me!! Don't be slack with that kind of thing again o...........its very demoralising!

In Q1. Share premium of newly issued shares were 19,800. Should it be added to the already existing premium of 19,800

I had done enough practise.. i really studied hard and still i found the paper difficult! i have done so many mistakes!!!!! our lecturer had given us notes on borrowing cost fr abt 4 lines..with no calculations whatsoever being taught!
From now on im not relying on any college or lecturers...! But OT u guys are good.... failing this paper or any paper for that matter will be too unbearable...
Its so demoralising....! i hope the examiner will be very leniant..! F7 why are you being so difficult????????

@mrash

I think the question stated that the company had already recorded the share issue so the share premium and everything was already in the financial statements presented. Which would mean you probably dont have to add the 19,800 to the existing share premium (I think...Plus considering the fact that the two amounts are the same - but you never know with the examiner, might just be trying to confuse us). I didnt add it, I could be wrong though..

i go acca website today , there have yesterday past paper question.

do you know when have answer ??

@pandaki said:
i go acca website today , there have yesterday past paper question.

do you know when have answer ??

Answers are posted normally after the results.....

This exam was not a fair paper. The examiner planned for us guys. It was too difficult to do in 3 hours

ACCA feedback for exams, which they use for cnsideration before marking:

https://www.accaglobal.com/allnews/students/2010/NEWSQ2/News/3331775

For question 1, the urp is 600, we would need to minus 3400 from receivable of parent and 1600 from payable of sub, deduct parent's profit of 600 and add inventory 1200 at cost. The balance sheet should be 111200 if I am not mistaken.

Hello. I think Q1 is ok except consideration;
Q2 is confused by deferred tax(net asset is less), construction(Jun 09),Held for sale(First time)
I did not do the loan good, because 5% loan should paid 1,000 per year, but the TB said 500
I basiclly fogot what I have answered.
Q3 I do not understand the 1 for 10 bonus from premium....
Q4 The interest of easyfinance is extremly high if you may noticed;
Q5 5 points shall be meet when capitalise. I don't have time to calculate that......

The exam is not like what it is in 2008. More tricks every year.........
Pray for everyone.

Dear all,

I want to know what is consideartion for Q1??.Is it 2.7 or 4.2??I took 2.7??I am i correct??

I was about to click Borrowing cost video lecture on OT, but then i realized that it would be too much to do that....
so i left it :(
i wish i would have done that .....!

Guys, how did you treat:
Q1, intangible assest in the amt of 500.000 that directors of parent co. believed to have no recoverable amt at the acqusition? Negative adjustment when calculating goodwill?
Q1, question about a customer that needed a large order and three months credits and submitted consolidated FS of its mother company...we should comment on the importance of the consolidated FS when deciding on whether to grant credit terms do that subsidiary...What the examiner wanted us to answer?Something like that the parent is not liable for a debt of the subsidiary?Any ideas?

Thanks.

Hope most of us will get more than 50 points.

It was awful, I only managed to answer three questions, I was terrible at time management, So much information to take on board, Nothing was straight forward, It was like the examiner was on a crusade to fail as many students as possible.

q 4 n q 5 were horrible! never been through those IAS -.-

Hey Guys, we need to fill in the exam review feedback form to ACCA, and state that you felt time was an issue (if you did!) as it seems to be the general feeling on the post. They wont know if we dont tell them! : )

I agree with butterfly21. Do the exam feedback and let them know how u feel!

i did the feedback. They should get a lecturer to try under exam conditions to complete the paper in 2.5 hrs (cos they're experts) and see whether the lecturers have problem finishing the questions on time.

firozlalawala

You said I want to know what is consideartion for Q1??.Is it 2.7 or 4.2??I took 2.7??I am i correct??
Well, I have read other's post here, they said there are two ways.
Using 2.7 to calculate GW, OR using 4.2to calculate and then impairment at the end of the year.
I used 2.7.........

Generally the exam was too demanding, It needed a lot of time to read, think of the treatment and write them. I think the 15 Minutes of reading is not sufficient to enable us plan well, I wish it was 20 to 25 Minutes. All the same hoping for a pass