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FRPaper F7 Dec 2010 exam was
The F7 paper was catastrophic this time...I wish an Acca examiner himself writes the paper then we'll see how much time he takes....such bullshit
@manjula93 said:
I did 4 month apportionment. was it right or wrong. hope to get 50. did lots of mistakes. it was OK, but do not whether i will pass or not
That's right.
From June - September
4 months apportionment.
15y ago#63easy paper na..
q4 so nice
nice
q4 so nice
nice
Was que. 5 (IAS 5 & IAS 37) any one knows
15y ago#66@rajad2010 said:
Q1 Goodwill I got 9,300. anyone else? BS was around 150 or 154
Q2 Retained earnings does anyone remember what their yearend figure was?
got the same goodwill... something like 9,300 didnt manage to balance my SOFP though.
Q2 i got 155000++ balanced it, but actually not sure if its correct.
15y ago#67q1 - ok, got to 40 min and totted everything up, moved on. fair value reduction was sneaky
q2 - ok, again 40 min, moved on. deferred tax, was the 25% the reduction amount or the year end amount???? i left it as year end amount, put the diff off the i/s amount.
q3 - ratios were ok, had 15 min to summarise, i did a working adding back the amortisement and loss on fair value, and said that they actually had a positive cash flow. gearing relative the same, debtors and inventory days more or less the same, payables rose,meaning co taking free short term finance, no assets disposed or bought. loan went down 1000, so the company is struggling at the min, but will be ok.
q4 - disaster. timing. i talked about accounting policies and estimates. depreciation sl vs rb. the inventory & dep i messed up
q5 - ifrs 5 non current asset held for sale. i tried to do the income statement & bs for the 2 years, but it was messy.
praying for 50, but not too confident when there is a 28% pass rate.
q2 - ok, again 40 min, moved on. deferred tax, was the 25% the reduction amount or the year end amount???? i left it as year end amount, put the diff off the i/s amount.
q3 - ratios were ok, had 15 min to summarise, i did a working adding back the amortisement and loss on fair value, and said that they actually had a positive cash flow. gearing relative the same, debtors and inventory days more or less the same, payables rose,meaning co taking free short term finance, no assets disposed or bought. loan went down 1000, so the company is struggling at the min, but will be ok.
q4 - disaster. timing. i talked about accounting policies and estimates. depreciation sl vs rb. the inventory & dep i messed up
q5 - ifrs 5 non current asset held for sale. i tried to do the income statement & bs for the 2 years, but it was messy.
praying for 50, but not too confident when there is a 28% pass rate.
15y ago#68All in all i think the paper was fair. Consolidated & Published Accounts, but No Cashflow :) was expecting one.
Q4 is ok.
Q3 too lengthy almost got 1hr of my time
Q5 was it dealing with discountinued operation??? do you need to disclose in 2010 F/S that the company is considering discontinuing the segment in Jan 2011? i have included that in my comment on year 2010 though i didn't explain that i was held-for-sale.
Q4 is ok.
Q3 too lengthy almost got 1hr of my time
Q5 was it dealing with discountinued operation??? do you need to disclose in 2010 F/S that the company is considering discontinuing the segment in Jan 2011? i have included that in my comment on year 2010 though i didn't explain that i was held-for-sale.
15y ago#6915y ago#70I think you needed to deduct one off impairment and redundancy costs from expenses. Then profit was positive and ratios more comparable to previous year.
@syedasara said:
first 2 qs were fair but Ratios i dint comment much plus i think interest cover ratio n debt ratio for 2010 could not b calculated as PBIT was negative loss Right?? n last qs could not complete :( i hope for 50 +
15y ago#71Got 9300 as Goodwill for Q1. Got 63500 for BS
i thinks question 5 was on 1AS 37.
Hoping for the best anyway.
i thinks question 5 was on 1AS 37.
Hoping for the best anyway.
15y ago#72Q4 Dep is change of estimate ands therefore cannot be adjusted retrospectively
Inventory is a policy so it could but the profit was just 0.6 not $2m as suggested.
I think...
Inventory is a policy so it could but the profit was just 0.6 not $2m as suggested.
I think...
@tzxsean said:
Q4 I agree with dep as it increase profit ..disagree with inventory as decrease profit
Q5 is about adjusting event and non adjusting event
15y ago#73does anyone know, the second part of the fourth question on inventory valuation? was it a loss of 0.6 millions and not a profit of 2 million as per the assistant accountant....plzzzz respond
15y ago#74Again another exam where timing was an issue for me. The exam had me - I feel very worn from this one. I am hoping for a pass I will be totally devastated if I fail.
15y ago#75@derrickagyiri said:
i made a huge mistake ... i apportioned the month for the consolidation wrongly
Pre inquisition is said 4 month and post acquisition i said 8 month
how bad have i fuck up mates .. someone tell me :(
15y ago#76overall, i think the questions were fair...as with the rest,i was also suffering from the timing issue...actually all the questions were bits and pieces from the the Kaplan/BPP exam kits,especially for Q2...btw, what is the PURP for Q1?
@norhayati66 said:
overall, i think the questions were fair...as with the rest,i was also suffering from the timing issue...actually all the questions were bits and pieces from the the Kaplan/BPP exam kits,especially for Q2...btw, what is the PURP for Q1?
it was 400 of mine 320 for G.R and 40 for NCI
400 came through 2000 *25/125 = 400
The answer to question 2 was SOCIE= 83890 and Balance sheet tallied at 150200......
Rest of the paper went just fine hoping for a positive result .
Its was post consolidation 4 months and pre consolidation 8 months mate.
Rest of the paper went just fine hoping for a positive result .
Its was post consolidation 4 months and pre consolidation 8 months mate.
@derrickagyiri said:
i made a huge mistake ... i apportioned the month for the consolidation wrongly
Pre inquisition is said 4 month and post acquisition i said 8 month
how bad have i fuck up mates .. someone tell me :(
Very good paper this round, sadly dont matter how hard i tried i could not manage my time well, so i'm pretty sure i failed and wasted this nice paper.
Time to buy new books, pay for new lectures and get ready to learn the new syllabus.
Time to buy new books, pay for new lectures and get ready to learn the new syllabus.
15y ago#8015y ago#81okay..for Q3..I din take out those 1 off cost and etc.. din mention bout loan ..the rate and etc...
am I screwed? I only discuss based on the ratio as stated in FS.
am I screwed? I only discuss based on the ratio as stated in FS.
15y ago#82was it really 4 months and 8 months , i got 3 and 9
15y ago#83jus glad dats over..merry xmas everyone!!!
@lawless75 said:
was it really 4 months and 8 months , i got 3 and 9
3?? how it was 1st June to 30 Sep
15y ago#85The paper was ok but like everyone else time is the issue with this one.
2x SOFP, 2 x SOTI, SOCE, Ratios & Interpretation, Two theory questions....in three hours! I would nearly rather have three hard questions in three hours.
Glad to be finished and am praying for a pass...This is my only exam left before I do P2!!! Not looking forward to June either way!! :)
Well at least I can put up a tree today!!
2x SOFP, 2 x SOTI, SOCE, Ratios & Interpretation, Two theory questions....in three hours! I would nearly rather have three hard questions in three hours.
Glad to be finished and am praying for a pass...This is my only exam left before I do P2!!! Not looking forward to June either way!! :)
Well at least I can put up a tree today!!
Great exam, easy I would say but could only really attempt and finish 75% of the paper so just looking up to God!
Easy exam but time was the BIG issue!!!
Easy exam but time was the BIG issue!!!
I agree with you guys totally that the exam paper was easy. But for me (sat 4 exams this sitting) this was the most time consuming and demanding. Yes the questions were fair in terms of difficulty level but what is the point of giving a paper that is too hard to finish in time. I'm talking about overall, because there will be ppl who could finish this within 3hrs but not too many.
2 sets of complete accounts with one being a consolidation, the examiner is having a laugh. Overall I think this was a bad exam for Steve, pass rate will probably remain the same. Easy paper:Very short time so lots of ppl will lose marks which they wouldve got otherwise, including me. Conclusion? easy but if you can't finish in time then it's not really fair. Q1 should've only been an SFP or SCI not flippin' both.
Let's hope we can pass, I only attempted 80% of the paper. God willing I'll be smiling come February next year.
2 sets of complete accounts with one being a consolidation, the examiner is having a laugh. Overall I think this was a bad exam for Steve, pass rate will probably remain the same. Easy paper:Very short time so lots of ppl will lose marks which they wouldve got otherwise, including me. Conclusion? easy but if you can't finish in time then it's not really fair. Q1 should've only been an SFP or SCI not flippin' both.
Let's hope we can pass, I only attempted 80% of the paper. God willing I'll be smiling come February next year.
15y ago#88The paper overall was a fair paper. but 3 hours to do all that work is really asking alot.
Q1. balanced the SOFP at 63,000. not sure i dealt with the negative FV Adjustment properly though
Q2. didnt bother to tally the SOFP. took too much time on workings for provision and the other adjs
Q1. balanced the SOFP at 63,000. not sure i dealt with the negative FV Adjustment properly though
Q2. didnt bother to tally the SOFP. took too much time on workings for provision and the other adjs
15y ago#89Fair paper. I managed to attempted all question but i did mess it up on the time apportioned. Am i going to loss a lot of marks?
@sahanaj1
Yeah there was a greater loss of $0.6m using AVCO. The $2m that the assistant got was from switching the beginning and ending inventory around and mixing up AVCO and FIFO.
You will def score some marks for working that out. :)
Yeah there was a greater loss of $0.6m using AVCO. The $2m that the assistant got was from switching the beginning and ending inventory around and mixing up AVCO and FIFO.
You will def score some marks for working that out. :)
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