Paper F7 Dec 2010 exam was

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 .

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!

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

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.

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 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.

@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.

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

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?

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 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.

I was very depressed before coming on to this forum I would just like to thank you all for cheering me up, and my girlfriend also thanks you, nice to know I was not the only one who found it tricky, overall I found the exam was fair a bit disappointed with question 4 and 5 not what i was expecting, shocked by question 3 did not expect a full ratio question this has not happened in a long time and lectures indicated to me it was unlikely for a full one to be asked again, more likely to be a mix of cash-flow and ratios, question 1 was OK, I did the UK version and I managed to recognise the post acq was 4 months, question 2 i made a number of simple errors that lost me valuable marks such as the calculation for the shares and share premium also I put the bank down as an asset rather then an overdraft . question 3 was tricky as when I was calculating the ratios, there was not that much between them when comparing them to previous year. which meant I struggled with my analysis as I did not have much to talk about. Question 4 I did part 1 and 2, while I recognised it as discontinued operations I answered it in parts, part 1 impairment of fixed assets, part 2 discontinued operations, I also managed question 4 part 1 where I put down a defin for accounting policy and estimates i was unable to finish it. did anyone have a similar experience