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@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- Topics: 0
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why adjusy associates profit, should only adjust Subsidaries profit????
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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- Topics: 0
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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;)- Topics: 0
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the same treatment was done in d alst attempt’s ppr too
in dat case loan was given to subsidiary and we adjusted the retained earnings of subsidiary in the same manner s i told above and applied our share den- Topics: 0
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I am not sure… was in such a rush i have missed that…. oh well thats another percent closer to failing…. 🙂
Demonic paper! It was blazing hot. Created by the devil himself. Straight from hell!
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it was horrid! lots of stuff to deal with and yet very little time. i struggled with the consideration for the acquisitons in Q1 and run out of time to make a meaningful attempt at q4. overall, very tricky questions to deal with. praying for a pass this time!
i must say steve scott is one hell of an examiner, he always succeed in confusing students every sitting.- Topics: 0
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it was the 3d time I tried to pass – the exam was VERY EASY comparing with other 2 – June 2009 and December 2008. I’m not sure for reasult, but hope for 60-70 marks.
@salman said:
Q3 was a nightmare, and i had no calculator in the exam, rest you can imagine.dont tell me!! no Calculater??!! omg!!
Paper was fine with me i knew there would be time management probs was mentally prepared for that challenge a lot of practice needs to be done for F7 to achieve that speed needed in F7 Exam.
Those Who tackled with the Time must have done all the questions.
I hope we All Pass
Time management was my main prob for all four of my exams(F5,F7,F8 and F9) Maybe its because I’m an ACCA newbie and am not used to accounting exams that involve so much theory.
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Like : Life is too short to live
Similarly: Time was too short to attempt !!
It was horrible and its nt that havnt worked hard , had put all the efforts bt dont knw what went wrong … Cash flow ws terrible ..
Leasehold asset treatment was : Asset Held for sale .. nw plz dont tell me that i did ths wrong too … 🙁- Topics: 0
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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.
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@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.
It was parent selling goods to subsidiary…
i have done the whole paper, calculation with my own hands, but the invigilator dint let me go out and take my calculator from my car, i was gone for prayer so i forgot it in my car, and they dint let me take it, i have emaild ACCA for it.
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it was the worst exam I have ever sat
I failed in time management(found the questions very lengthy) ,but conceptually the exam was not very difficult…I really hope for a pass…
PS:parent sold, as far as i remember.
i want to ask about Question 1,
What is the total amount goodwill ? ! is positive or negative ?
I think We use $4.2 million on the contingent consideration when calcuate good, because we need calcuate the good at the day of acquisition.
Finally, i adjust the contingent consideration to 4.2 million -2.7million , in the retained
earning,i think Question 3 – Cash flow is difficult,
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most difficult f7 paper if u compare it with the past papers 🙁
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Q1: use 2.7 million for calculation as the consideration and goodwill must be revised within 12 months from the date of acquisition.
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i think q1,2,3 we easy cmpared 2 past papers!!!
q4,5 wer bit tough!!
bt overall easily passable paper i think!!
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