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My advice would be to wait until you get your results, you never know, plus it will give you much needed rest.
In the event you do fail my advice would be to go practice every question in the BPP practice kit and to read the technical articles. I would aim to do 2 of the 45 min questions each day in the week and 6 on each of the weekend days. Thats 22 45 min questions per week which means you’ll need around 3 weeks to get through them all. As you will have around 6-7 weeks from results to exams I would repeat again for another 3 weeks and then spend the last 1-2 weeks doing 1.5 hour questions (1 per day in the week) 2 or 3 per day on the weekends (Do these under timed conditions). Aside from that during the whole period you should be watching John Moffats videos, he has around 60 on AMF and they cover everything you need and make it very clear. Watch these alongside the 6 weeks you spend doing the 45 min questions.
There is no such thing as reaching your limit its just a matter of practice.
This is just the approach I would take and everyone is different so do what works for you but hopefully you get some value from this.
PRACTICE PRACTICE PRACTICE!
Remember…
“Everything always seems difficult, until it isn’t”The information for how to calculate the government yields can be found on the technical article on the acca website labelled ‘Bond valuation and bond yields’
This was required to calculate the yield for bond A to get the risk free rate, to calculate the bond issue price and then finally to calculate the cost of debt using IRR.On the NPV question it said that tax deductable depreciation of 25% reducing balance was avaliable IMMEDIATELY but the tax was in arrears. I included the tax and tax benefit from years 2-5 but thinking about it now, if the tax deductible depreciation was avaliable immediately then even if the tax was in arrears that would mean it would be charged at the beginning of year 2 and if cash flows are incurred at the beginning of a period then they are included at the end of the previous period for PV purposes so I think I should have included the tax and tax benefit from years 1-4.
Thoughts please.
What dis everyone answer for the inventory related MCQ? You had to select the outcome of the audit report.
Think the options were
Qualified except for
Basis of opinion describe problem
Disclaimer
Add key audit matterCan anyone explain what they wrote on question 32 regarding the profitability and gearing. I wrote that after the adjustments their asset turnover has dropped significantly meaning they may have slow moving stock or stock that is going out of fashion. I also said that they seem to be struggling for cash based on the amount of cash in bank compared to inventory and the fact that they will be borrowing again immediately after the repayment of the loan note. I mention ROCE would still be higher than the new 8% loan note so that was a positive. I went on to talk about the fact that the main competitor has significant incluence over the profitability and could decide to increase prices thus squeezing profits.
In reflection I think I should have mentioned that they should explore other options such as negotiating a contract rather than acquiring the company.
I thinksome of my ratios may have been incorrect from the previous question but hopefully I will still get marks for some of my comments.
What did everyone else write?First was C, protection against litigation. The Americans do it all the time because they are on a rules based system.
With the land and buildings one you should not have depreciated the land. Cant remember the question exactly but remember that at some point only the land increased in value (i think)
This was SOPL OCI was not required.
I x 9 / 12 all values for the subsidiary in P/L
I also reduced revenue by 9 months of intercomany sales ($7,200 i think?) did the same with COS and added 9 months of depreciation ($1,500) for the FVA and added PURP (cant remember how much this was)
Admin was unchanged, I added unwinding of discount x 9 /12 to finance costs.
Investment income I removed the $500 dividend and added 40% from profit on associate.
Think my profit was somethhing like $20,870 but cant remember. NCI was something like $2,600 but again cant remember.
I was not sure what to do with the inventory valuation, have a funny feeling I should have added it in P/L or maybe included it as a movement in FV when calculating the profit and ultimately the amount to NCI.
Anyone else get anything similar?I thought only the price variance would be necessary because the volume would have been flexed therefore if the price is different at the flexed volume this will cause a variance.
I found this exam tough. The MCQ’s were more theoretical. I was did disappointed not to get any questions on demand equation, learning rate (apart from one MCQ which again was theory) and no activity based costing questions.
Overall the questions were not following the trend of the past papers. I was lost on the last question. Think I did ok on 31.
I made a change in my answer for the enterprise resourse system from inputting into sales ledger not being part of it to strategic planning but now I think ot actually was the sales ledger answer.
Overall I found this really tough and will be lucky to scrape 50%