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I agree, fantastic service.
All the teachers are great, limited class sizes, brilliant materials.
I’ve done F5 through to P1 with them and passed every exam first time.
Thanks for the reply fidget.
Is it a good idea to do both P2 & P3 together then? How many people have done this, considering they seem to be hard exams plus one day after the other.
Am I better off doing one exam in June and splitting P2 & P3 over two sittings?
Any advice from you guys on the forums would be helpful. Thanks.
Thanks for your quick reply ansi.
I’ve never attempted the F3 exam yet, and I’ve always planned to study it myself and take the exam, but I’ve kept being lazy. Now if I want to take two modules in this session, it’ll have to be F3 and F7/F8.
I think it’s best to go for the F3 & F8 combo. It’ll be a challenge, but hey, that’s why we do it.
I’ll just have to put the extra effort in. Thanks again.
If anybody else wants to give their opinion they are welcome to do so.
Do you have any prior knowledge of accounting etc? IAS’s? F8 does incorporate IAS’s and their application, F7 and F8 is an alright combination but without doing F3 and jumping to F8, Im not sure if it’d be a wise decision.
I wish you all the very best.
I haven’t really got prior knowledge of accounting apart from simple balance sheets, profit & loss accounts etc.
Therefore I’m just doing the F9 exam at this session and will study F3 at home for a CBE exam for early next year. I’ll attack F7 & F8 in June 2012.
I appreciate all the responses. Thanks.
Hey guys thanks for your thoughts.
I’ve started tuition for F9 already now, so that’s one definite exam.
I am most likely going to start F8 next week. I am worried though that not having knowledge of F7 & F3 will hinder me in F8.
Do you think I can get by or will it be difficult for me?
No, F3 after the Dec 2011 session, so it’s not a good idea to do F7 in December before I have done F3 right?
Thanks for all your replies guys.
I won’t be able to do the F3 CBE till after the December exams now, not enough time to thoroughly prepare for it before doing two of F7,F8 or F9 in December.
How about doing F8 and F9 in December, then F3 CBE up to 31 Jan 2012, then F7 & one of the P’s in June?
How does that sound? Any better options I should take?
Get in there! 83%!!!
Much better than I anticipated.
Congratulations to all those who passed!
Woohooo! 84%!!!!
The week before the exam I thought I was doomed, I was going to fail.
But I was wrong! Thank God.
@uid0191 said:
optimal quantity to produce at 280000 for the final answer?I thought the optimal production depends on your risk attitudes and the method you use i.e.:
Risk taker => Maximax method => 350,000 bags (highest possible profit)
Risk averse => Maximin method => 200,000 bags (best profit in worst case scenario)
Risk neutral => Expected Value => use the probabilities like somebody above did to find the optimum
@kotesh said:
The F5 exam paper is up on the ACCA website now.
Link
How did people do the EV calculation???
My working
Using the payoff table posted previously.LINK here
For each of the three cement levels produced I put a probability for each profit level based on demand.
So
Produced 350,000
EV = SUM (px) = (0.25*1,750,000) + (0.45*1,365,000)+ (0.30*925,000)
= 1,329,250
Produced 280,000
EV = SUM (px) = (0.25*1,400,000) + (0.45*1,400,000)+ (0.30*960,000)
= 1,268,000
Produced 200,000
EV = £1,000,000Therefore the company would choose to produce 350,000 bags of cement as it would give the highest EV of profit.
Anyone agree?I think I did the same.
Whichever way i used the probabilities I’m pretty sure the answer I gave was optimal production of 350,000 bags using the expected value, as you said.
Listen guys, its done and dusted.
However much you look back, discuss and rue the exam and/or your preparation, our results are out of our control now.
Just remember whatever lessons you’ve gained from this experience and use them for the next time.
None of us has passed or failed yet.
I just hope that I have done enough not to sit the exam again. I wish the same for all of you.
😀Demand function i worked out as P = 750 – 0.015Q
Hours to make the 100th unit and all other units above was 0.99 hours I think…
Marginal Cost therefore was 49.99??
I can’t remember at this time.
Yes! That’s what I wrote! Except the lifecycle bit… 🙁
No competition => Market skimming, you can charge a high price and this is justified because your product is superior to everyone elses both in performance and energy consumption. Recover high R+D costs, breakeven quickly and then spend money on new product development.
When competition enters after 2 years(?) adopt the market penetration policy => low prices as the product declines etc.
Argh, my image didn’t upload. Let’s try this again:
Alright here’s my payoff table from the exam. Let’s see if anyone did something similar (fingers crossed!):
[img]https://imageshack.us/photo/my-images/837/f5exampayofftable.png/[/img]
Maximax choose 350,000 bags to produce
Maximin choose 200,000 bags to produce
I cant remember the probabilities to do the Expected values.
What do you guys think?
Non wasting chattels:
Life of more than 50 years and are not exempt from CGT right?Gross proceeds < 6,000 and cost < 6,000 there is no gain the transaction is exempt.
Gross proceeds > 6,000 you can restrict the gain by:
5/3 x (Gross proceeds – 6,000)
Gross proceeds < cost i.e. you make a loss on the non wasting chattel:
Loss is restricted by deeming proceeds to be a minimum of 6,000.I’m refreshing my memory here, so if I’m wrong somebody please correct me.
Yes and also no tax is paid on PETs during the lifetime of the donor right? Only the death tax on PET’s and CLT’s within 7 years of the donors death.
Regarding the Death tax on the Estate:
Do we deduct (Gross CLTs + death tax), (PET + death tax) within the 7 year window from the Nil rate band (325,000) or just deduct (Gross CLTs), (PETs)?@ali_zia4u said:
In Question 2.I only write that damages are available as common law remedy in case of breach of contact.
Moreover Equitable remedies are available for
1. Specific performance
2. Injunction
Then i explain injunction with a example.
I dont know that it was correct or not?
Yeah I spent most of the question talking about damages then slipped in a couple of lines about the equitable remedies at the end, couldn’t really expand on it.
I was totally unprepared for the question on dissolution of the partnership and distributing the assets, how was it done?
Also the dividends were illegal yes? Because the profit this year was below the dividend payout therefore the remainder had to come from the revaluation reserve?
I wasn’t happy with my attempt. Wrote one line for the accounts produced and maintained section. 🙁
No! It comes under their heading for Torts!
e.g. Spartan Steel v Martin & Co case where pure economic loss not relating to personal injury/damaged property is unrecoverable through damages.
Hey there mate, I was wondering if you could email me a word document copy please. I’ve tried to message you my email but it’s not sending. I’d rather not post my email here, so how can we do it?
Seems like you put a lot of hard work into it and it’d be useful to compare with my own.
I’d much appreciate it. Thanks in advance.
I know it seems everybody is giving different tips on what will come up in the exams. What this tells me is that nobody really knows and we should ideally cover everything!
What topics/areas are examiner favourites i.e. generally come up most sessions?
Implied and Apparent authority are very similar and hard to distinguish between.
Here’s how I understand it, please correct me if I’m wrong:
Express – Principal tells Agent specifically what they can do
Implied – Agent has been appointed with express authority, but it is implied that they can do other things which agents in their position normally do. Or to do things which the principal has not specifically forbidden.
Apparent – The 3rd party gets the impression that the Agent has the authority to act. The impression is given by the Principal either by giving the Agent an office/position or through previous dealings (allowing previous contracts to be made). However in reality the Principal may not have given ANY authority to the agent, whether Express or Implied.
Hence the Principal is ‘stopped’ (estoppel) from denying the “authority” of the agent.How does this sound guys? Please comment and/or correct.
Exclusion clauses are only valid if they satisfy two common law conditions:
1). They must be incorporated into a contract by:
Signature – L’Estrange v Graucob
or
Notice – before making the contract – Olley v Malborough court
or
Consistent previous dealing – Spurling v Bradshaw2). The wording must cover the loss e.g. “we are not liable for loss/damage of property” etc.
Even if they pass the above tests, it must pass the statutory rules:
UCTA 1977 – exclusion clauses made in the course of business. You can’t exempt liability for death/injury. You cant exempt other losses unless they are reasonable.
UTCCR 1999 – one party is a consumer, the other is a business. A term (all terms, not just exclusion clauses) is unfair if they are not expressed in plain english or they cause an imbalance in the parties rights to the detriment of the consumer.
An unfair term is not binding on the consumer, all the other “fair” terms still apply.The party relying on the exclusion clause must prove loss is reasonable (UCTA 1977) or whether a term is unfair or not (UTCCR 1999).
See the text for factors the court has to take into account in order to assess unfair/unreasonable terms.I hope this helps, I believe these are the main facts regarding exclusion clauses.
If I’ve made a mistake or left something out please let me know. I am still learning too!