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how do I start preparation for Q2 in F7..i have studied the topics in bits(long ago)….please help me…
Question 2 is best handled in small parts.
1. Start by doing the adjustments found in the notes. This is where the majority of the marks will be gained. Clearly lay them out so that the markers can easily identify the marks
2. Once the adjustments to the financial information have been done, go on to completing whatever it is that the examiner has requested, i.e the statement of financial position, the statement of comprehensive income or the income statement.
– Fill in the information that has not been adjusted. A few marks are picked up for identifying those (though not much)
– Fill in the adjusted figures based on your notesNB: In the case of Statement of financial position (SOFP), do not worry about getting your balance sheet to balance. In many instances, just use the retained earnings as your balancing figure. Just remember the marks are mostly picked up for the adjustments, there is no great marks available for balancing the SOFP so don’t waste time on that.
Also as a tip for doing the F7 exam, do question 2 last. Many students tend to do question 2 after question 1 and spend so much time on it they dont get any marks for question 3, 4 or 5. Most of the marks for question 2 are gained within the first 30 minutes of doing the question. The rest of the time is just wasted as the time could be better spent gaining the marks in other questions.
I do not agree with doing 2nd question in the last order. But it’s my own opinion and it was convenient for me to do questions 1 – 2 – 3 – 4 – 5..
I recommend to allocate time. And thus it doesn’t matter in what order you do questions..Try to solve previous exams questions. Or check them with answers. They are frightening at first sight, but they are pretty methodical. This should help you to calm down and become more confident.
Q2 is a gift in F7! It’s a set of accounts for a single company – no consolidation adjustments as required by Q1. It’s the easiest question in the whole paper.
Do your proformas for whatever examiner has asked put in figures from TB that dont need an adjustment you can get easy marks there. Then do workings for adjustments and slot into proforma if your sfp doesnt balance dont worry it doesnt matter
Recommend watching kaplans masterclass on published accounts gives u good exam technique and has helped me a lot. Masterclass is on kaplan exam tips site.
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