Admin Review of Exam Paper

[Kelly]

Hi I received my marks for F7(Int) this morning, I missed out by 3 marks. Can anyone tell me if the ACCA Admin review of marked papers is likely to be of any success to me. Has anyone had their parer remarrked and what was the outcome? I feel that I did well enough to gain a pass mark, so was extremely gutted to find that I failed by just 3 marks.

Any advice would be gratefully appreciated.

[sophie]

Hi

I also failed F7 and even I felt confident so was really upset not to get through.
I don't think getting it remarked is worth it as the final marks will not change, I think it gives you an idea of where you went wrong in the paper. I have not tried it though but its probably quite costly as well.


best wishes

[Kelly]

Hi Sophie,

I've been doing a bit of research on remarking, and it appears that ACCA do not remark the paper, they carry out an admin review, basically they just add up your marks in the paper again. They do not question the authority of the marker.
So you are right, its a costly and in my opinion a waste of money.

I think what we need is more question practice.
Do you mind me asking how did you study for this paper?

[sophie]

Hi Kelly

I went for revision classes at FTC. The tutor was excellent, no complaints.

but because I did not attend the classes I think i did not have the necessary background knowledge of the full syllabus.

I know this next sitting I'll have to do lots more practice questionss.
the funny thing is i don't know where I went wrong. 2 of the 4 qns went really well but I still failed.

Are you sitting any other subjects in June?

[Kelly]

Hi Sopie,

I went to BPP, the tutors were Ok but the material was full of mistakes, which didn't help. I went to all the classes and the revision classes. I will be resitting this one in June and want to do F8, but it all depends on what my boss agrees to. These courses are very expensive.

I aim to complete part 2 and hopefully do paper P1 by December.

I think we need to concentrate more on the 3 big questions, consolidation, IS and BS,and Cashflow with analysis. And make sure we are comfortable with the rest of the syllabus.
Sounds like a tall order, but we've done the course work before so I guess its just a matter of revising again.

[Vandana]

Ok,

I personally want to see both of you get through F7 in June. Let's work on a strategy to do this. If you are ready to commit, GTG is ready to support you (and of course others) to show that you can do it.

I used to run the international division of BPP and I was one of the people that wrote their first IFRS materials (please note - I do not have ANY part in what they currently have!!!). I have also taught thousands of students over the years and our pass rates for F7 (old 2.5 and even older Paper 10) were always in excess of 80%. Also, I think another advantage we have over many other IFRS tutors is that we have all lived, breathed and worked with IFRS, so know many of the practical difficulties that people have in real life. Bringing that to the forum will be useful.

So let's get going. How about we tackle different topics each week and review how you are doing them? Let's start with consolidation as it is so important. For this next week, can you revise consolidation and your methodology. I will then post a question on the website that I would like you (and any others to do). Can you then scan your answers and send them to me. I will post up on this site, what you are doing right and what you are doing wrong.

Are you in?

[Vandana]

Just another point for you all.

ACCA exams are generally marked a number of times by different markers - especially if you are borderline. Although it may seem unfair that you have missed out by 'just' 3 marks, this means, in ACCA's opinion, you do not know enough to justify a pass. I know that this sounds really harsh, but you have to take it in a positive way. Believe me, if you only got 50, you would REALLY struggle with P2. So please look on the positive side - it is better to fail F7 and study HARD for it again, than fail P2!!!! Now, you have 4 months to make your base for P2 as strong as a rock (even though you are not doing it for another sitting or so - if you learn it well, it will stay with you).

So get it remarked if you want to understand where you went wrong. In the mean time, let's use this forum to show you how much you know and how you can do better!

[tracy]

Can you put me in on the questions, I need all the help I can't get, as I can't afford to attend courses.

I am so glad I found this Forum as its so much better then the other ACCA student forums and everyone is so helpfull.

I need to wait for my new textbook to arrive but I will be ordering it today so hopefully it will arrive in time for the first question.

Just one question, will you let us know the email address to send the answer's to.

Thanks

Tracy

[Vandana]

Why don't we start with the Dec 07 Q1, which you can download from the ACCA website?

I will give you until Sunday evening. You can send you answer to reviseF7@GetThroughGuides.com

This goes for anyone else doing F7 too!

[Kelly]

Hi Vandana,

Please count me in... I would very much appreciate any extra support.
I'll do Q1 of Dec07 sitting this weekend and upload my awnser for any comments. As I said earlier your help is really appreciated.
Kindest Regards,
Kelly

[tracy]

I just want to double check are you doing the int steam.
Thanks
Tracy

[Kelly]

Hi Tracey,

Yes my stream is International.

Kelly

[micmarton]

This is my first attempt at F7 and I intend it to be my last, i.e i hope to pass.

I would like to join your question and answer process mentioned above so how do I get the questions from the website.

I know you have all started but I will struggle along.

[tracy]

I've taken a look at my FTC book and am stuggling to follow their method with consolidated balance sheet, so I am going to start from the beginning again when I get my new GTG book. I've look at December question and not sure where to start, probs why I failed?.
Is it ok if I start doing the questions when my new book arrives, I'm sure it will explain things better.

To fin the old exams go to the ACCA website under student.

Cheers
Tracy

[sophie]

Thank you, it will really help to find out where I am going wrong.
I have done the question and will scan and send it through tomorrow.

Many thanks

Sophie

[sophie]

Hi Vandana

I've done the question and will send it through tomorrow. Sorry I know you said the deadline was Sunday, but I'll try scanning it at work, if not you will ge it by tomorrow evening at the latest.
Hope that's ok.

Thanks

[Geetanjali]

Hi Sophie,

Will be waiting for your scanned answer!

Regards
Geetanjali

[Geetanjali]

Hi Jemmot,

You can send your answer to us by the end of Wednesday.

Regards
Geetanjali

[Geetanjali]

Hi there,

If you have problems starting with the question, look at the thread - "Answering Consolidation questions". It might be useful for you to begin with your solution.

Regards
Geetanjali

[Kelly]

Hi Vandana,
Could you please tell me when we expect to get feedback on the Dec07 qn?

Also, when are you going to post the next qn?

Many thanks
Kelly

[Geetanjali]

Hi Kelly,

We will get back to you with your marked answer sheet soon.

Regards
Geetanjali

[Geetanjali]

Hi,

The marked sheets for the answers given by you for the Dec 2007 question will be posted by Friday.

Also be prepared for the next question, which will also be posted on Friday.

So be prepared... :)

Geetanjali

[Kelly]

Hi Geetanjali,

Thanks for the info, could you tell us the topic for the next qn?

Kelly

[Geetanjali]

Hi Kelly,

Since the consolidation question is a compulsory one, and will gain you 25 marks, we will stick to it only.

So your next question will also be on consolidation.

Regards
Geetanjali

[Vandana]

Hi there,

For this round, I marked 2 questions - one from Sophie and one from Kelly. Unfortunately I am having a technology blowout, and my scanner is not working. I will try to get it fixed by Monday and send you your full answers then. I will also post them up here.

Kelly - you got 10 out of 20 for part (a) and Sophie you got 7 out of 20. Kelly on part b you got 2 out of 5. Sophie, you did not answer part b. You both lost lots of easy marks, which you will be able to see when I send your papers back.

Overall, I think you both have a reasonable understanding of what is going on, but your workings are not organised well enough and you are not cross referencing enough. Infact there were times where I was struggling to see where the numbers came from. The examiners have to know where your numbers are coming from in order to give you the marks!

Some brief pointers of where you could have scored easy quick extra marks:

Kelly:
1) when you calculated consideration for buying Savannah, you did not read the question fully - it was a 1 for 2 share issue.

2) You mention a PUP adjustment in your retained earnings working, but you did not explain which PUP this relates to.

3) many easy adjustments missed in retained earnings eg depreciation, PUP on non current asset etc

4) In part (b) you are not really explaining WHY the subsidiary's assets are at fair value - the main reason is the assets at fair value are what the Parent is buying! We need to show a true picture of what has been paid and what has been acquired for that money. What has been acquired is the assets and liabilities at fair value.


Sophie:

1) Your tangible fixed assets has various 500's in it - you need to explain where they come from

2) you missed off adding the additional shares issued by plateau when it purchased Savannah to the share capital of Plateau in the consolidated balance sheet.

3) the sale of the plant happened AFTER acquisition so should not be counted as a fair value adjustment, but an intragroup sale.

4) Your goodwill working - you took 75% of the consideration paid - but remember Plateau paid the whole amount to acquire Savannah. You are right to take 75% of the net assets of the subsidiary, but not the consideration.

OK - I hope this helps give you an idea.

Instead of giving you a new question to do, I want you to do this question again, but I want you to try doing it in the following format:

1st set up your consolidated statement of financial position (let's use the new lingo now for IFRS stream!)

2nd set up a retained earnings working, with 3 columns - 1 for P, 1 for S and 1 for A. Put in the figures per the question and every time you do a working, transfer any relevant figures to this working

3rd set up the next working for goodwill. Do a sub working for consideration as there is some calculation involved.

4th now start working through the adjustments line by line and do a working for each one of them. So you will have workings for fair value adjustment, non current asset sale, intragroup inventory, impairment of goodwill and available for sale instruments. remember to transfer any adjustments to retained earnings as you do your calculations.

5th now transfer all your figures to the Consolidated Balance Sheet/SOFP.

Try this approach and see how you feel with it. Feel free to send it back to me so i can look at it again.

Vandana

4th

[Mark]

Hi

Can someone advise as to which stream I should be doing. I thought it was the UK syllabus but it seems that most people do the International stream.

Thanks:o

[Kelly]

Hi Mark,

I had this dilema when I had to decide which stream to study. I was advised to study the international stream as everything will soon geared toward the international stream (i.e. exam papers, and studies rules and regulations). As far as I know there isn't much difference between UK and Int stream.
There is some terminology difference, Profit and loss is the Income Statement, payables and receivables become the debtors and creditors.
I guess at the end of the day, its what you prefer.

Not sure any of this helps...
Kelly

[tracy]

Hi,

Is it OK if I attempt the Dec question using the method given and send it in, when do you want them in by.

Cheers
Tracy

[sanjana]

considering the above post that u all amde..if i cud be part of the group it would be nice of u..me too didnt get through my F7 paper last sitting..nd i really wann amake it this time..

[Geetanjali]

Hi everybody,

All of you who would like to attempt the consolidation question can do so (Tracy and Sanjana even you two).

You can send us your scanned answer copies by this weekend (not later than that).

The question to be solved will be: Dec 2007 Q1 - consolidation.

You can follow the steps suggested by Vandana in her previous post or you can visit the thread called "Answering Consolidation Questions" on the F7 forum section.

So all the very best to all of you.

Regards
Geetanjali

[Geetanjali]

Hi Sanjana,

You can definitely join in on this exercise.

If you have any queries re F7 please post them on the forum and we will get back to you as soon as possible.

We are here to help you Get Thru your exams,
and we will help you in any way we can.

PS: Waiting your scanned answer copy for Dec 2007 question 1.

Regards
Geetanjali

[Geetanjali]

Hi All,

Please find below some marked answers we received for the Dec 2007 Consolidation question.

[Geetanjali]

http://getthroughguides.co.uk/forum/imagehosting/3447cce0d52e8c1.jpg


http://getthroughguides.co.uk/forum/imagehosting/3447cce0d570f48.jpg


http://getthroughguides.co.uk/forum/imagehosting/3447cce0d5b2624.jpg


http://getthroughguides.co.uk/forum/imagehosting/3447cce3aca7703.jpg

[Geetanjali]

http://getthroughguides.co.uk/forum/imagehosting/3447cce3acf2a27.jpg


http://getthroughguides.co.uk/forum/imagehosting/3447cce3ad41dfe.jpg


http://getthroughguides.co.uk/forum/imagehosting/3447cce4dfc2b7b.jpg


http://getthroughguides.co.uk/forum/imagehosting/3447cce4e02b4dd.jpg

[Acid]

WOW!! This is Wonderful!!!!!

I hope we can have such thing , atleast a great feedback system in F8 Bringing it together bcoz in F8 we doesnt know that what we are writting does it hit the marks!!!

Acid

[sophie]

Hi Vandana

I know I must re-do this question in the format that you suggested. I don't yet have the GTG UK version as the text is not out yet. It's difficult to re-do the question in the format suggested as I have not practised questions with the GTG as yet.

Is it not possible to please show us the solution to the exam question using the format you suggest? Once the study text arrives, I can practise more questions and will be able to answer future consolidated questions we may do together.

Many thanks

[Asif]

phewww....... BUMPED !!! :D BUMPED :D

[chiheni]

i am in. This will be great.

[sanjana]

hey me too i failed my paper..nd am i dont really know how tomrevise that f7..can anyone help me out with it

[sanjana]

geetanjali am nt able to downlod the dec 07 paper frm acca website

[Geetanjali]

Hi Sanjana,

Please download the question paper from the following link.

http://www.accaglobal.com/pubs/stude...2007_dec_q.pdf

If you still facing any difficulties, please PM me your email id, and i will mail it to you.

Regards
Geetanjali

[Geetanjali]

Dear All,

I thought you all were interested in solving the questions on consolidation. But I have not yet received any solutions to the Dec 2007 Consolidation question (except one)!


Could I request you (those interested) to send me your scanned answer sheets by this week-end?


Thanks & regards
Geetanjali

PS: I will be posting the solved copy of the solution on the forum next week.

[tracy]

Hi,

I am still working though section D in the study guide, as soon as I have finished I will attempt dec question, I off this week so hopefully will have it done by Wednesday

Cheers
Tracy

[jibz4u]

Hi geetanjali, can u please tell me where should i post the scanned copy of the dec 07 qs.1 and how?

[sophie]

Hi

I will submit my revised answer by tomorrow or Thursday at the latest.

The UK version of GTG is not out yet and am really hoping the text will be published soon, so I can have a look at the format of the Consolidations.

[Geetanjali]

Looking forward to your answer sheets.

Regards
Geetanjali

[Kelly]

Hi Geetanjali,

For those of us who have submitted their answers, when can we expect the marked sheets? Also do you have anything planned for the next question?

Kelly

[sophie]

Hi Kelly

I started doing the consolidation question on the pilot paper.

may be you could also start with that and we can submit as soon as we get our marked answers back for the Dec 07 qn.

all those who also want to try the pilot question to submit, should also do so as its a good practise qn.

[Kelly]

Dear All,

I thought you all were interested in solving the questions on consolidation. But I have not yet received any solutions to the Dec 2007 Consolidation question (except one)!


Could I request you (those interested) to send me your scanned answer sheets by this week-end?


Thanks & regards
Geetanjali

PS: I will be posting the solved copy of the solution on the forum next week.

What happened?

I thought we were going to get some sort of feedback to those who answered and submitted qns.
Is it that no-one else has submitted their answers?
If this is the case may I please have feedback to my answer sheet via private messages?
Many thanks
Kelly

[Ulysses Kwaku Nubueke]

Vandana,

Please I want to be part of Revise F7. So enrol me in.

I'm grateful.

Thanks

Ulysses

[Asif]

hey Enrom me too....so which question we will solve nd send to you ?>??

[Kelly]

Hi Guys,

We were asked to attempt Q1 of Dec07 exam.

[mcemir]

Hello evryone I'm new to the forum which seems so interesting

[mcemir]

Sorry i don't have assess to the Dec07 paper

[jrggraham]

Sorry i don't have assess to the Dec07 paper check the ACCA Website

[Kelly]

Hi Guys,

This is the link to download ACCA past papers for F7, FOC.

http://www.accaglobal.com/students/study_exams/qualifications/acca_choose/acca/fundamentals/fr/past_papers/int
INTERNATIONAL


http://www.accaglobal.com/students/study_exams/qualifications/acca_choose/acca/fundamentals/fr/past_papers/uk
UK

There are a couple more qns posted in the F7 question bank.

[Geetanjali]

Hi Kelly,

Please find below your marked answer sheet for the Dec 2007 question on consolidation.

Apologies for the delay.

We will try not to let this happen again before.

http://getthroughguides.co.uk/forum/imagehosting/3448119d2d2d5e4.jpg


http://getthroughguides.co.uk/forum/imagehosting/3448119fe114a9f.jpg

[Geetanjali]

http://getthroughguides.co.uk/forum/imagehosting/3448119fe151365.jpg


http://getthroughguides.co.uk/forum/imagehosting/3448119fe18fb68.jpg



Thanks
Geetanjali

[Kelly]

Still along way to go..... Will keep practicing....
Many thanks for your support
It is very much appreciated.
Kelly