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2016年12月 exam tips of F7

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MCQ’s can come from any syllabus area.

Consolidation of Financial Statements

For the consolidation question you will benefit from having the proforma/standard workings of your final answer set up first.For example if the question requires a consolidated SFP then drawing up the SFP with open brackets beside those numbers that do not need a standard working can get all the easy adding across 100%of the Parent and subsidiary figures.The other headings can have the standard working number written beside them instead.A couple of lines would need to be left for each section of the SFP in case other things come up in the additional information.

In addition to this setting up the standard workings can also be done.The subsidiaries’share capital figures and the year end retained earnings can be put into these without reading any of the additional information.In addition to this the parents retained earnings figure can also be put into W5(Retained earnings)without reading any additional narrative.

With all of the proformas and standard workings set up,it means that you are able to tackle the issues in the order that they are presented in the question.It also allows you to deal with both sides of any adjustments as everywhere is set up to make the adjustments.It hopefully prevents non-balancing accounts and means that each issue only has to be addressed once;thus helping with time management.Also if you run out of time,you will get full credit for all that you have already done provided everything is referenced through.

A similar process can be applied to the income statement equivalent of setting up final answer and workings to help tackle the issues that come up.

Single Company Financial Statements

As with the groups question,it may be possible to get the proforma of the final answer set up,particularly if the data in the question is set up with the draft financial statements rather than the trial balance.If possible it then means that open brackets can be used and the draft figures placed in them,ready for adjustments as they arise.Generally speaking there are often more adjustments required for cost of sales figure in the income statement and the PPE figure in the SFP.As such I would suggest these are likely to need separate workings rather than just a bracket beside the final answer.

If there is a topic/adjustment that you are unsure of,come back to it.You are better to get the adjustments that you are comfortable with done first.It is easy to get bogged down and waste time on a difficult adjustment at the expense of doing an easier one that appears later in the question.

Performance Appraisal

With a performance appraisal question you may be asked to calculate ratios or prepare a statement of cash flow or both.When calculating ratios,if you are unsure of a particular calculation always have a go,as even if the calculation is incorrect you will be awarded merit for your discussion of the incorrect number in the written section of the question.It also really helps the marker if you note your formula down so that your working is clearly identified.

When preparing a statement of cash flow setup you proforma immediately and begin to get the easy marks in the cash flow such as finding the movement in the cash and cash equivalent balance,and finding the movements on basic shares and loans.You will also find the operating activities section familiar and useful for scoring marks.If there are any cash items that you are unfamiliar with come back to these at the end after you have dealt with the items that you can do.

Finally,when appraising the performance of a company ensure that you always refer to the scenario provided to ensure maximum credit is awarded.


Section A

Fifteen 2 mark multiple choice questions on a wide range of topics including several on consolidation and interpretation of financial statements.Expect a few questions on non-core areas(e.g.inflation,specialised entities)

Section B

Case questions

Three case study questions each with five 2 mark questions.

Each scenario could be a mix of topic areas or focused on one topic and will usually consist of two/three calculations and two/three narratives.

Questions are not dependant on each other and can be answered in any order.

Long questions

Two twenty mark questions,one covering interpretations and the other preparation of financial statements.

One question is likely to be in the context of a single company and one in the context of a group,so you could have a single company interpretation and a groups preparation or vice versa.

Accounts preparation questions may include extracts or stand alone calculations or full statements of profit or loss and other comprehensive income and/or statement of financial position.

Both questions will cover the accounting for items from other areas of the syllabus.

May include a short separate part,e.g.with a statement of changes in equity,statement of cash flows extract,earnings per share calculation or linked written topic.

A consolidation question would include one subsidiary and often an associate,with adjustments,e.g.fair values,deferred/contingent consideration,PUP on inventories/PPE,intragroup trading and balances,goods/cash in transit.

A single entity question could be preparation from a trial balance or restatement of given financial statements with the usual adjustments for depreciation,revaluation and current/deferred tax(including deferred tax on revaluations)plus a mixture of adjustments on other syllabus areas,e.g.leases,substance over form issues,financial instruments(change in fair value or amortised cost),share issues,government grants,inventory valuation,revenue recognition or construction contracts.