ACCA Students.

[belgarathc]

I just received my acca account. In myacca website, I found the following:

Exam Status
Paper Version Paper Description Result Result Date Mark
F1 Accountant in Business Exemption December 2009

The thing is I didn't apply to be exempted from F1. Can ACCA exempt on your behalf?

 

[McFadden]

if i every exam take one paper.how long will it tk for me to complete?

 

[hongge]

14 papers will take u 7yrs to complete. it is not cost effective as u will be paying membership fee for 7yrs. it is also not time effective as probably u'll fail 1 or 2 in the process and it could stretch up to 8yrs above + ur gap from foundation paper to professional paper is too far apart. most likely u will encounter 1 big syllabus change.

even if u are really perservative and complete in 7yrs time. u will be at least 30yrs old. do u think u can still keep up with the pace in big4? or accept lower pay in new accounting career?

 

[Petrelli_83]

if i every exam take one paper.how long will it tk for me to complete?

You can take F1-F3 in a single semester, even if part-time. Just be disciplined.

After that, take 3 level-2 papers a year. 2 the first sem and 1 the second sem, so as not to burn yourself out.

Follow up with 2 Level-3 papers each year and you should finish in about 5 years with a buffer of 1-2 papers to fail.

Well...ACCA is a "journey". Takes a f**k*** long time to clear. I'm pretty sure i'll be 30 by the time i'm done.

 

[paranoidz]

hi acca guyz,

i've read all the entries for this thread and have few questions because i'm deciding whether to switch to accounting field or not ..hope some of you don't find me immature and can give me your honest opinions.

- do most accounting firms prefer to hire fresh grads with accountancy degrees? if i complete ACCA when i'm age 30, 31, am i still able to find an accounting job with start pay like 2.5K?

- any idea which are the modules require presentation work? or all the modules only have written based examinations?

- are there any forums where ACCA students discuss on practice questions? i forsee i may have questions to ask so hopefully other than approaching lecturers, i can ask fellow members for advice.

thanks a million!

 

[Petrelli_83]

i've read all the entries for this thread and have few questions because i'm deciding whether to switch to accounting field or not ..hope some of you don't find me immature and can give me your honest opinions.

Not at all.

- do most accounting firms prefer to hire fresh grads with accountancy degrees? if i complete ACCA when i'm age 30, 31, am i still able to find an accounting job with start pay like 2.5K?

Depends. I see a few with masters degrees in accounting switching over at the age of 30. But there's a psychological barrier working with much younger people. 30 is stll okay. but you'lll always see 23-24 year olds. Take it that you've a headstart with your years of soft skills in your prevous job.

- any idea which are the modules require presentation work? or all the modules only have written based examinations?

You mean ACCA? it's all exam based. 100 percent. Except for an optional OBU degree that requires a thesis.

- are there any forums where ACCA students discuss on practice questions? i forsee i may have questions to ask so hopefully other than approaching lecturers, i can ask fellow members for advice.

Opentuition.com. Best source of free ACCA materials and audio/video lectures. But you won't find any materials SGP variants of papers such as law and taxation. They're a UK site.

thanks a million!

 

[Konnichiwa]

I think audit is really one of the easiest subjects around. A lot of people find it hard because they cannot comprehend the concept of "auditing". And the over complicated and fancy terminologies don't really help the cause. You can actually try Opentuition.com. They explain the subject in very clear and concise, and digestable terms. I passed F8 listening to their audio lectures. It really helps a tremendous lot.

Thks Petrelli_83.

 

[Konnichiwa]

Period One (1/1/X1 to 31/12/x1)
1/1/x1 -- Purchase Asset Cost= 100, Asset Life = 10years
31/12/x1 -- On Balance Sheet or SFP, show Asset Cost =100, Dep=10(str line), CV=90
-- On P&L, Dep = 10

Period Two (1/1/x2 to 31/12/x2)
1/1/x2 -- Revalue Asset to 180, Therefore Asset Cost =180, Remove Accum Dep by 10, Credit Revaluation Reserve to 80+10=90
31/12/x2 -- On SFP, show Asset Cost = 180, Dep = 20, CV=160
-- On P&L, Dep = 20

Period Three (1/1/x3 to 31/12/x2)
new dep minus old dep = 20-10 = 10
Therefore tnf RR 10 to RE 10

Question is --
(a) Is this the correct treatment?
(b) If yes, how come tnf RR to RE in period 3 and not period 2?

Can anyone help me with this?

 

[Petrelli_83]

Period One (1/1/X1 to 31/12/x1)
1/1/x1 -- Purchase Asset Cost= 100, Asset Life = 10years
31/12/x1 -- On Balance Sheet or SFP, show Asset Cost =100, Dep=10(str line), CV=90
-- On P&L, Dep = 10

Period Two (1/1/x2 to 31/12/x2)
1/1/x2 -- Revalue Asset to 180, Therefore Asset Cost =180, Remove Accum Dep by 10, Credit Revaluation Reserve to 80+10=90
31/12/x2 -- On SFP, show Asset Cost = 180, Dep = 20, CV=160
-- On P&L, Dep = 20

Period Three (1/1/x3 to 31/12/x2)
new dep minus old dep = 20-10 = 10
Therefore tnf RR 10 to RE 10

Question is --
(a) Is this the correct treatment?
(b) If yes, how come tnf RR to RE in period 3 and not period 2?

Can anyone help me with this?

I also can't remember. LOL. But if you've revalued your asset and the buy cost was hundred, why is your revaluation reserve showing 90 when the new revalued asset at 1/1/x2 is 180? Shouldn't the revaluation gain be 80 instead of 90? Getting rusty with my accounting sia. haha.

 

[Usavich09]

Anyone selling FTMS Marty Windle p3 Notes?

Anyone selling FTMS Marty Windle p3 Notes?

WTB the notes. Thanks Pm me.

 

[Biogentic]

Period One (1/1/X1 to 31/12/x1)
1/1/x1 -- Purchase Asset Cost= 100, Asset Life = 10years
31/12/x1 -- On Balance Sheet or SFP, show Asset Cost =100, Dep=10(str line), CV=90
-- On P&L, Dep = 10

Period Two (1/1/x2 to 31/12/x2)
1/1/x2 -- Revalue Asset to 180, Therefore Asset Cost =180, Remove Accum Dep by 10, Credit Revaluation Reserve to 80+10=90
31/12/x2 -- On SFP, show Asset Cost = 180, Dep = 20, CV=160
-- On P&L, Dep = 20

Period Three (1/1/x3 to 31/12/x2)
new dep minus old dep = 20-10 = 10
Therefore tnf RR 10 to RE 10

Question is --
(a) Is this the correct treatment?
(b) If yes, how come tnf RR to RE in period 3 and not period 2?

Can anyone help me with this?

Period 2
Dr Acc Dep 10
Dr Asset 80
Cr RR 90

Depreciation for period 2= 180/9yrs=20
Excess Depreciation= 20-10=10
Dr RR 10
CR Retained Earning 10

S.F.P For Period 2
Asset = 180-20=160
RE=10
RR=80

Period 3
Depreciation for Period 3 = 20
Excess Dep=10

S.F.P
Asset $140
RE=20
RR=70

Am i right? btw, where did you read that excess depreciation can only be transfered from RR to RE on the following year after revaluation?

 

[Petrelli_83]

Period 2
Dr Acc Dep 10
Dr Asset 80
Cr RR 90

Depreciation for period 2= 180/9yrs=20
Excess Depreciation= 20-10=10
Dr RR 10
CR Retained Earning 10

S.F.P For Period 2
Asset = 180-20=160
RE=10
RR=80

Period 3
Depreciation for Period 3 = 20
Excess Dep=10

S.F.P
Asset $140
RE=20
RR=70

Am i right? btw, where did you read that excess depreciation can only be transfered from RR to RE on the following year after revaluation?

Don't quite understand. but i thought when assets are revalued, the accumulated depreciation is wiped out since it is not logical to have a revalued assset carrying depreciation. Then whatever excess over the cost price of the asset should be the revaluation reserve. And we make the adjustments in the RR a/c to bring it in line.
The RR gains are then booked in retained earnings, bearning in mind that the asset's current depreciation has not yet been accounted for. Am i right?

 

[Biogentic]

Don't quite understand. but i thought when assets are revalued, the accumulated depreciation is wiped out since it is not logical to have a revalued assset carrying depreciation. Then whatever excess over the cost price of the asset should be the revaluation reserve. And we make the adjustments in the RR a/c to bring it in line.
The RR gains are then booked in retained earnings, bearning in mind that the asset's current depreciation has not yet been accounted for. Am i right?

yea the acc dep is wiped out. any excess over the carrying value of the asset as at the date of revaluation should be credited to the revaluation reserve. then the new revaluation value will be used for depreciation charge for the year based on the remaining no of useful life left for the asset.

as the revaluation is done on the first day of the a/c year, that why an excess depreciation will need to be computed. the excess depreciation is then transferred from revaluation reserve to retained earning to avoid penalising profit to shareholders because of higher depreciation charged due to higher revaluation of asset <--- am i right? lol, getting confused here...

 

[Petrelli_83]

yea the acc dep is wiped out. any excess over the carrying value of the asset as at the date of revaluation should be credited to the revaluation reserve. then the new revaluation value will be used for depreciation charge for the year based on the remaining no of useful life left for the asset.

as the revaluation is done on the first day of the a/c year, that why an excess depreciation will need to be computed. the excess depreciation is then transferred from revaluation reserve to retained earning to avoid penalising profit to shareholders because of higher depreciation charged due to higher revaluation of asset <--- am i right? lol, getting confused here...

Yah i think so. Remember that part about transferring the excess depreciation. I threw away my F7 already. LOL.

 

[mulderang]

i think we are in the same class haha

 

[IDevil]

I believe there is an easier way to remember

period 2
Dr Acc Dep 10 - clear off acc dep
Cr Asset 10 - (cost - acc dep = 100-10=90)

Account for revaluation next
Dr Asset 90 - now become 180 (CA+Revaluation gain = 90+90=180)
Cr RR 90

Lets account for depreciation next
Dr Dep Exp 20 (180/9yrs)
Cr Acc Dep 20

Finally we account for the RR
Dr RR 10 (90/9yrs)
Cr Retained Earnings 10

Voila~

 

[Konnichiwa]

Period 2
Dr Acc Dep 10
Dr Asset 80
Cr RR 90

Depreciation for period 2= 180/9yrs=20
Excess Depreciation= 20-10=10
Dr RR 10
CR Retained Earning 10

S.F.P For Period 2
Asset = 180-20=160
RE=10
RR=80

Period 3
Depreciation for Period 3 = 20
Excess Dep=10

S.F.P
Asset $140
RE=20
RR=70

Am i right? btw, where did you read that excess depreciation can only be transfered from RR to RE on the following year after revaluation?

From my notes, thats why i am getting so puzzled. I am afraid if i ask my lecturer, he would say, its like that. Anyway I have not approach him yet. Maybe I will do it today. Should the transfer to RE is to balance the profit since increase of dep will undermine the profit, but why it is done in period 3?

I also pour over several reference book about IFRS but they never state which period to transfer and transfer is not a must. Transfer from RR to RE must not go thru P&L and must be directly from RR to RE.

As above.
So the Period 2 Income statement should be:
Dep=20

Period 3
Dep=20

By the way, thanks for all your input.

 

[Konnichiwa]

i think we are in the same class haha

you mean u with same class as Petrelli or me?

 

[Petrelli_83]

Same class as me? I usually sit near the back towards the left, you?

 

[sony1234]

hello everyone

is the workload of ACCA heavy? izzit possible to take a degree and at the same time study for ACCA?