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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
@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 not4 month was correct
I believe that Easy paper = strict checking
@stuartkelly said:
I think since it was such an easy paper markers will go very hard on us, pass rate was year was 28% this year I reckon 40% to 50%- Topics: 0
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Ah who knows my assumption was that it was a charge to I/S, acca being subjective as usual
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Q1 Did ok was straightforward,
Q2 Again not too bad but very untidy workings
Q3 Hmm bullshitted quite a bit but gave reasonable answers, the hardest question
Q4 Didnt expand enough just gave theory
Q5 Quite poor ran out of time, completley bullshited
Reckon I passed hough failed last year got 47% but marker will be very strict this time around@uid0191 According to A Student’s Guide to International Financial Reporting Standards by Claire Finch page 64 IAS 16 – “A change in the method of depreciation is only allowed on the grounds of truth and fairnessand does not constitute a change of accounting policy.” If we apply the standard IAS 8 to this extract then only will a change in accounting policy have retrospective effect, which a change in method is not.
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additional 15mins would ve done the trick….fair paper
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I did’t adequately prepare and no showed for the exam.
Q3 I corrected for one time charges in cogs and admin then looked at interest coverage. Also looked at margins compared to previous years before and after the charges. Mentioned rights issue and reduction in expensive floating rate loan balance. As well as lack of gearing prior to the start of the current crises as a reason for firms avoiding liquidity crisis both short and long term.
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?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 notThat’s right.
From June – September
4 months apportionment.
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easy paper na..
q4 so nicenice
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@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.
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q1 – 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.
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All 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.for sure gonna resit 3rd time in june, I have spent too much time on Q1 and then rushed through the rest. I must say it was easier the last one. Hopfully next time…:)
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I 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 +What was the gist for Q3? i pointed out the issue with interest cover and made a point about clearing the debt amongst other things – couldnt really find a theme though, mainly that the co was doing its best to remain competitive
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Got 9300 as Goodwill for Q1. Got 63500 for BS
i thinks question 5 was on 1AS 37.
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Q4 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…
@tzxsean said:
Q4 I agree with dep as it increase profit ..disagree with inventory as decrease profitQ5 is about adjusting event and non adjusting event
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