June 10 Exams Paper F7 was…. Post your comments here

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.

how 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

@dragon76 said:
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??

I adjusted the retained earning before the acqusition, and add it back for post acquisition

part (b) of Q.3 and Q4 & Q.5 are very typical………40% theory paper….:(

Do you have amout of PAT of income statement of Q2, I got 15,050, what’re yours??

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

@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

@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?

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

@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.

@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….

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?

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 !! 🙂