FRPaper F7 Dec 2010 exam was

big time

Can someone tell me if we really need to get new books? I am asssuming that any changaes in the syllabus are of a theoretical nature and the examiner will write about it in student accountant? Please shed some light

new in this site and on ACCA, i will be registering tomorrow...

Is it just me or does anyone else think that these exams are really just about people's ability to perform under a ridiculous amount of time pressure (the art of accounting seems seconday). Where is the value in rushing through five questions with no time to think, doing a paper which is practically impossible to finish unless you are a robot, and just spilling out adjustments you hoped you've memorised and chase marks like a demented person!! I just said 45 mins per question, rushed like maniac hoping that the hours of study were not a complete waste of time. Does this make for a good accountant....I think not...if I treated my clients accounts this way I'd be fired!!!!!

Does anyone know when the exams will be out? I want to see mark allocation.
And one more question:
Have anyone written about impairment loss in question five? I remembered that after the property is held for sale if the fair value less costs to sell is less than carrying amount than the impairment loss should be recognised.

Thanks in advnace for responding

Guys despite the horrors of examinations, we are aspiring accounts with a Professional Code of Ethics and Behaviour which guides our behaviour. We need to watch our language derrickagyiri ! We don't want to damage the image of Open Tuition which has been quite helpful to students.

@uid0191 said:
did anyone get 150200 for qn2?:D

Yes!

Time was the main killer for me. Took way too long on q2 and didnt get to answer q4 at all. Just a quick one....do you get marks for the actual balance sheets and p/l produced or are the marks given for the calculations before hand?
Hope the examiner doesnt give himself as little time for xmas shopping as we got in the exam, or there'll be a few disappointed people at xmas.
Happy xmas folks. See u in june.

Q1 and Q2 have been easier than previous years , but I have noted that combined consolidated statement of comprehensive income occurred for the first time , I am puzzled how to cope with other comprehensive income and attributable to NCI and group . Another material point is that post-aquisition time is 4 months , easy but really very important , a lot of my friends did it wrong .
No previous experience previous questions can be referred to for me to deal with it .For ratio analysis , it's fairly new requiring plenty critical thinking and time . Ratios have to be choosed by ourselves wiout any comparative numbers . We may find nagative ratios incurrent year numbers compared to positive to previous year . All the non-financial information is useful in comparing .
Qustion 4 and 5 ,is about accouting treatment and accouting standards , some new point occures .
Generally speaking ,this session F7 have been easy in calculation , harder in analasis .

Fair paper however I failed on time management, didnt attempt the final question - too bad!!

the paper was so fair jus time management seem to have messed me up, maybe its the technique i used in answering i startred with q5 then q4, q1 then to finish 2 and 3 was a hussle i half done them!

..........................question number 4 &5 were mother.......fcker one............

i ddnt finish but the paper was easy ddnt write question 4, hoping for 50

it could have bn a fair paper bt qn 1&2 were too long and consumed most of the time.yet the other 3 qns required also alot of time for analysis

year post aquisition was 4 months question to I forgot the time value of the $4000 deferred for the mine, question 1 b still have aproblem with retained earnings tomany adjustments that are usually hard to master but, kudos to opentuition......com, thanks guys with you guys the best things are for free God richly bless you for changing peoples lives. Just in case you didnt quantify the effects of your site now you know that lives in africa wil change because of you free site.

proved disastrous coz failed to manage time.

Q1, Q2 & Q3 were ok, tho I 4got to apport post aquist.loss/profit by 4/12 wn cal ret.earnings.also on ratios I didn't comment much if anything at all but managed to calculate them. Q4 @ 5 were a mess for me I was time pressured. its 50/50 chance , i hope i make it. wouldn't want to go thru it again.

the marks allocated for q3 was confusing as u would write only for 10 marks yet the whole question had more than 10 marks

The exam was okay. the parts that I was scared of did not come out. So many things to memorise. But I thank God for helping me. It was not as difficult as I could imagine. However, the requirement is to ATTEMPT all questions. And the Accounts balancing doesn't earn up to 5 marks so don't sweat it. It rarely balances for students because at that point you are under a lot of pressure. My major issue was time constraint. I attempted all.

*phew* its over! dint do well in the last two questions.. first three wernt bad! *fingercrosd*

@fionazenonos said:
Is it just me or does anyone else think that these exams are really just about people's ability to perform under a ridiculous amount of time pressure (the art of accounting seems seconday). Where is the value in rushing through five questions with no time to think, doing a paper which is practically impossible to finish unless you are a robot, and just spilling out adjustments you hoped you've memorised and chase marks like a demented person!! I just said 45 mins per question, rushed like maniac hoping that the hours of study were not a complete waste of time. Does this make for a good accountant....I think not...if I treated my clients accounts this way I'd be fired!!!!!

100% agree with you, this was my third time sitting it, knew 100% more than the last time in which i got 41%, read paper, hand out, started into Q1, got stuck and went over 15 mins on it, Q2 then went into it in a complete panic, couldnt think that even a 2+2 was coming out four getting more and more stressed, did all the adjustments but then couldnt figure out what i had done to plug them into the balance sheet, complete state of total panic, Q3, only had time to do a few ratios and then commented on the face of the B/S and moved almost straight onto a conclusion, didnt write enough only had a few mins to do Q4 which i quickly scanned the Q and wrote down what i knew not referring to the question. no time for Q5 which i knew before the time was up, absolutely devastated as wasnt a reflection on what i knew in any terms. had P3 the next day but couldnt pull myself together for it. I am giving up on the whole thing as nothing is worth this!!! life is too friggin short.

I would argue the need to think quickly, to manage time effectively and to rapidly understand what is required and how to produce it are integral skills to being a successful accountant. If you can't follow the basic advise repeated ad nauseam in the examiners' reports; to manage your time and attempt all the questions if you want to pass. Perhaps you're not really suited to the profession?

the paper was fair but as usual time management was an issue. qsn three requirements were rather time consuming

@bridmw said:
I would argue the need to think quickly, to manage time effectively and to rapidly understand what is required and how to produce it are integral skills to being a successful accountant. If you can't follow the basic advise repeated ad nauseam in the examiners' reports; to manage your time and attempt all the questions if you want to pass. Perhaps you're not really suited to the profession?

After 10 passed exams its a hard pill to swallow but one I have to

Can anyone remember if Loan notes issued as a part of Consideration in Q1 were issued to shareholders or to subs. company?
Also, how much was your total consideration?

did many people do a cash flow statement for Q3? I know it didnt specifically ask for one but it may be relative (hopefully!)??? I read the 10 marks for ratios bit and assumed the rest was for the cash flow statement - not thinking about the interpretation marks!!!

Why would anyone do a CF statement in Question 3? The question asked for an interpretation of the accounts and the additional information in the chairman's statement with a maximum of 10 points being given to ratio computation.

I did one mainly to show a cash inflow from operating activities after adding back the revaluation etc, and also to show the confidence of the shareholders from the premium made by way of the rights issue?? Seemed more appropriate than a lot of the ratios (which i also included!).

I naturally commented on cash balances and the rights premium as well as the working capital management - but didn't waste the time putting together a CF statement that wasn't asked for. The examiners' reports are very clear that they don't give marks for stuff that they don't ask for.

TIME - there it is folks, practically every post refers to it, so I rest my case that the only thing this exam was about was watching the clock and only spending the advised time per question. So long as you picked up the critical marks that was all that mattered. I agree a good accountant has to be aware of the time constraint definitely, but ....these exams are a bit extreme, how many of us are fantastic at our job but dont have the robot skills for this type of ancient examination process ???? Maybe the accountants of Enron were right after all, damn the outcome but lets make the client happy!!!!!!!!!!!!!!