Forum Replies Created
- Posts
That question about the Dolphin group offering the subscription services, was it just me or did anyone else find it impossible to work out whether various aspects were material to the financial statements? It only gave the total assets didn’t it? I don’t recall it saying what the total group turnover was at all anywhere? Or did I miss it amongst the 26 Windows you have to have open at the same time to make any kind of sense of what is going on in the question ?
With a paper exam, hundreds of people can sit the exam in a centre, they all get the same exam and there are no complications with CBE centres being oversubscribed and these technical issues which simply add to the stress for students. It’s an old fashioned way to sit an exam but well tested and works.
With CBE’s everyone seems to get different questions which means we are not all on a level playing field. It surely is more difficult to moderate the results.
I can see the merit of CBE’s for the F papers which have multiple choice and maybe some written elements etc but for complex exams like ATX which involves several “exhibits” it just does not make sense to run this kind of exam on computers. These papers are clearly not ready to be put on CBE either as is clear by the issues that many students suffered during their sitting today.ACCA need to restore the paper option for Professional level exams for the sake of everyone.
I found the exam v difficult and extremely time pressured as expected. Wearing a mask in a stuffy room for 3.25 hrs whilst concentrating hard was torture.
There seemed to be lots of bitty parts to each question, the manager’s email went on and on and on. I understood the aspect of each question but couldn’t articulate it all onto the screen.
Professional level exams should on paper and not computers. It got so damn confusing opening the different attachments, emails, requirements etc. You can’t draw timelines on a computer screen which is imperative for IHT questions, you could potentially pick up a few marks for that if the examiner can see what you’re trying to do, can’t do that with CBE’s. They are just not appropriate for professional level papers.
I don’t buy the whole thing about reflecting the workplace doing it on a computer. It’s an exam. There’s no correlation.
I know I’ve failed but I wouldn’t have passed with any more time to study either.After that exam which I didn’t even come close to finishing I had never been more certain that I had failed SBL. Incredibly I passed with 54%. My ACCA journey is an emotional rollercoaster. I pass all the exams I think I’ve failed and fail all the exams I’m sure I’ve passed.
The strangeness of this paper is summed up by the fact that if I had the study text and course notes open in front of me they would have been no help whatsoever. You spend all that time practicing questions and trying to plan answers using models etc but when it comes to sitting there in the exam it all just goes out of the window. There just isn’t the time to consider these things you just have to get it down on paper and try to pick up some marks. It’s a mad panic to the finish. SBL is a weird subject anyway and this paper was equally odd.
Passed with 61, first attempt – over the moon as I was convinced I’d failed. Multiple choice must have saved me as I made a mess of both section C q’s.
Does anyone remember the answer the mcq question 1 about the working capital cycle and whether to use closing receivables or av receivables. Was the answer A or C?
I went for sales as the element not related to working capital but the more I think about it now the more I think it’s cash. This is a typical ACCA mcq where you think the answer is obvious but it turns out not to be! So many of this type of question in this exam to trip you up.
Surely all 3 were relevant for financial management, including financial appraisal?
I agree re cum div subtract the div just paid.
I put A for MCQ question 1. I was fairly sure I was right on that but starting to doubt my own name nowI was going to do 4 years aswell but into said that from year 5 the cash flows are expected to continue at maximum capacity into the future. Does this not imply a perpetuity beginning in year 5?
My wacc was 11.8%
I always say I’m not gonna come on this site after the exam and get depressed that my answers were not like anyone else’s but just can’t help it…..
If I fail I hope it’s a good fail and not 40 bloody 9.@carocnn said:
Failed i got 49, i feel so badI know how you feel, I failed F5 with 49 on the first go. It’s hard to get over it when you miss it by 1 mark, but you just gotta forget it and try again. If you came close this time you’ll get it next time for sure.
I passed this F6 exam with 78 so I’m happy today.
I agree with your figures for mileage.
I don’t think she has exceeded the pension annual allowance because even though the pension allowance is capped at £10K for that year and her employer has contributed £30k taking her £20k over, remember there is £20k unused annual allowance b/f from 2013/14 to use in 2016/17 (you can go back 3 years) so once you utilise that – she hasn’t gone over the limit….
Only 2 of the 3 bonuses are included in the computation as the first one Petula became entitled to in the 15/16 tax year (01 April 2016). The payment date for this bonus was in the 16/17 tax year but as you take the earlier of these dates, this bonus is excluded, so I agree with huzaifa 11 on this.
Accrued income from the gilts I calculated as 4/12 (3% x £250,000) = £2,500 but it’s anybody’s guess what the correct answer actually is!
@ratanasoff said:
“On disposal of the asset, a balancing adjustment is computed by deducting sale proceeds from the tax wdv (there is a balancing charge if sale proceeds exceed tax wdv, and a balancing allowance if sale proceeds are less than tax wdv).
Having computed the balancing adjustment, the amount assessed or allowed is then reduced to the business proportion. A balancing allowance is then added in to the capital allowances of the period whereas a balancing charge will reduce the
capital allowances. If a balancing charge exceeds the allowances available then the net balancing charge is added to the adjusted trading profit of the period.”I am not sure if this solves the question, but I am quite sure I have seen that if there is a sale of the full amount of the asset – the computed balancing allowance/charge is the only WDA computed in Capital Allowances.
If it is not the final year of trade you do get a balancing allowance but only if the asset is de-pooled, ie it is in a single asset pool on its own. This is the only time you can get a balancing allowance/charge if it is not the final year of trade. When it comes to the main pool or the special rate pool, as is the case in the question, you can only ever get a balancing allowance if you are in the final year of trade otherwise the pool just continues until the trade ceases. As the company in the question is in a continuing trade and no mention of it being in it’s final year of trade, there is no balancing allowance available.
I am only a student so am no expert but I am just repeating exactly what is written in the bpp study text for F6 (UK). Anyway this point is probably only worth 0.5 – 1 mark max.
@ratanasoff said:
“Sale of plant and machinery
When plant and machinery is sold in the accounting period the sale proceeds, up to a maximum of the original cost of the asset, is
deducted from the balance of the unrelieved expenditure of the relevant pool.”Agreed, which is why the car in the main pool is disposed for £17,200 rather than £18,100.
I agree with you on that but at no point does it mention that this company is in its final year of trading therefore no balancing allowance is permitted in the first place only a writing down allowance.
I disagree with your capital allowances calculation. My understanding is that the special rate pool continues to be written down at 8% even though everything in it has been disposed. You only get a balancing allowance (£3100 in your calculation) if the company/individual is ceasing to trade. The WDA on the special rate pool is 8% x 3100 = £248. Total capital allowances = 9576 + 248 = £9824.
It’s so tempting coming on here to compare answers but I think now I’m just going to wait for the results as coming on here only serves to undermine each other’s confidence!
Hi all, I found the exam ok on the face of it but there were traps everywhere.
The q about deemed occupation I can’t remember the options but i put A. It said he couldn’t return to the house by reason of his employment, so even though he didn’t physically return it is still classed as deemed occupation, it’s one of those techy rules.
The iht one about skipping a generation – I put that first but then changed it to “reduces inheritance tax payable”. The q said what advantage would there be giving it as a lifetime gift rather than death estate. The skipping generation answer applies to both, but I think the q was about taper relief and the fact that there is a reduction to the iht payable giving the gift during her lifetime which would not be the case for death estate.
The employer made pension contributions since 2009 so she was part of a scheme. Employer contributions count towards the annual allowance. I made it that the Allowance in 16/17 was tapered to £10k the c/f was £20k, cos can c/f 3 years.
Accrued income : 4/12x (3%x 250,000)
Agreed the 1st question was a giveaway – A indirect tax.
I found the 2 15 mark questions ok but hated the 10 mark one. I forgot the annual exemption in the rollover relief question about how much capital gains tax he saves by claiming rollover relief.
Hope we’ve all done enough to get to
50!This was my 3rd attempt at this hellish subject. First attempt failed 43%, second attempt failed 49%, 3rd time’s a charm – finally passed with 62%.
So relieved as couldn’t face taking this one again.
I found the 2 long questions were v do-able, but the multiple choice was fiendish.
@heychi said:
I know how you feel – the syllabus for this paper is so much, and all the topics don’t really connect. The paper was very doable but you’re right, so many tricks and not enough time. It is upsetting the McQ’s are either all in or not..I almost put the CD as well but like you said I realised the question said they were leaders in the industry. So then that also meant they couldn’t use junior trainees because they would produce a substandard work. I chose to use the standard components where they can, and the last option was something reasonable as well which I chose. So that was D for me options 2 and 4.
What did you put for the performance that isn’t to do with target costing? I had a guess and put Variance Analysis because I thought that is to do with standard costing when setting budgets not target costing? – had no idea on this one.
Pretty sure I didn’t get the ERP system question right as I put the rapid response on Inventory count. Didn’t get the ROI question right, and for value of perfect information I guessed whatever option C was but probably not right. Totally forgot how to do that.
Another tricky one was the Flexible budget cost question? When you flex it at 80% capacity they asked what the labour cost was? I put either A or B which was £2,770,000 or £2,035,000 – something like that.
How many pages did you write for question 31? I wrote I think one page including calculations.
I came out of the exam feeling okay about it till I came on here haha. Now i’m not so sure!
The flexed budget question I put D for the 1st one I think.
I sat the June F5 paper and found it very difficult, much more difficult than the September one we just did. I barely answered either of the 15 mark questions and struggled with the multiple choice (and I felt v prepared going into that exam!) I failed but with 47% which I still find astonishing that I was only 3 away from clearing it. This time I felt happier with the exam and gave it a much better shot but I will put money on my score being lower than last time.
I think they’ll make the December paper rock hard as this one was actually quite kind when you think about it.
I can’t think about it anymore – it’s driving me (not to mention my wife) crazy!
Like everyone here I’ve been going over the questions and the answers I put over and over again. Pointless really. It’s torture but I can’t help it.
Closing cost gap – I nearly put the option about using cheaper plastic but the question specifically stated the company make high quality products so didn’t go for that in the end. there were lots of little things like that to throw us throughout the whole paper.
With the Maximin/Minimax regret – Were we meant to muliply each entry in the profit table by the associated Expect value or was the profit table after those EV’s had been taken into account? I went for “A for Maximin” and “A” for minimax regret which I realise must be wrong now.
There were so many multiple choice questions where I felt happy that question had come up as I knew the technique of how to get the answers but then the answer on my calculator matched none of the options available!! That’s the worst. Then you end up guessing. It’s the multiple choice aspect that is the hardest because it’s all or nothing.
I agree that 3060 was the shortfall but I didn’t have time to do a production plan so not much good.
I’m upset because I’m sure I’ve failed again when I’ll never have a better chance of passing as that F5 paper was very do-able.
This was a weird one. I felt prepared after hours of question practice and revision, was comfortable walking into that exam and felt confident enough that I could get half of it correct. I came out so disappointed as I have certainly failed. I felt that the questions were harder than any previous year (except the ABC one and the graph with revenue, fixed costs and total costs). I spent a good deal of time on the last question trying to work out what part of the syllabus it was testing. The multiple choice questions were v theoretical and guessed many of them. Didn’t like the variance question either, have they ever asked for these before, market size and share? Some parts of the syllabus were ignored completely eg linear programming.
I guess you can feel prepared but then the examiner can test you in such a way that it exposes that you actually aren’t.
Oh well, will try again in September.
