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This was my last exam and I am so disheartened – I have sailed through ACCA up til now – never under 70 – and actually really enjoyed this syllabus. But this exam was a kicker. I really think I’ve failed and it’s a huge shock and embarrassment. I can usually tell within 5-10 marks how i’ve done, and this one, let’s just say it’s marginal at best.
I got customs unions etc and international NPV.
10 marks was a lot for a really specific knowledge area that was unlikely to be much covered as not related to calculations.Then that NPV – I was really unclear what we were meant to do across the foreign and home currencies – which to include in which section. I started doing it all in the lira inc the royalties etc. Then realised the 2nd part of th question was about that, but didn’t have time to take these bits back to dollars. Really unsure how I’ll do as it was all a big mess and the 5 marks for dollar stuff will be hard to mark for me as all in the wrong currency.
Second was the acquisition thing. I got a really unlikely answer so who knows- I must have gone down the wrong track.
Third was the hedging. I had a nightmare with the hedges despite having it really down before, somehow it all went out the window. Didn’t get the collar at all so that’s 1/3 of those marks gone.
I just feel like it’s one of those exams where because they don’t guide you on how to do something, if you go down the wrong track you have potentially no marks at all.
Also really pushed for time – no time to ‘think through’ answers, so much to read, hard to find the information to use in so much text.
And then those professional marks seem a bonkers system- I have no idea how they award them when your answers are clearly so wrong.
Phew that was full on. So many choice questions in A where I just had to hedge my bets. Section B I had a right panic on. Section C the NPV I think I did well but not sure if tax was starting in period 1 or 2? I think the first year loss got a tax rebate as indicated to do that in the question.
My second C question was accounts receivable offer discount or factor. I had net costs for both with the discount cost huge so feel I might have been off on it by quite some way.
Barely any WACC or Capm etc, so odd to learn so so much stuff that doesn’t crop up then 8 marks on difference between real and money rate – I can’t think of how you can say enough to get to that level of marks – bananas!
Enjoying reading comments everyone
Passed with my highest mark yet -81%
This was a scary one- I was really demotivated so didn’t start study til August. I took a week off work to cram syllabus – the size of the books came as a huge shock when I finally opened the boxes and I thought ‘ohhhh dear!!!!’. A week the exam before I hadn’t managed to pass a mock. but suddenly things fell into place once I’d lined up and memorised the differences between individuals and companies for all the taxes (it was the differences that were scuppering me all the time).
I was also pretty lucky with what came up – I deliberately dropped learning any penalties or timelines, I just got in a muddle, was under time pressure and concentrated on the pro formas instead.
Apologies I know higher scores are annoying to see when you get lower (I’ve felt the same for two years) – I’m just delighted one finally fell into my lap.
75% first time. Genuinely amazed – I’m usually really good at knowing how it’s gone and I would not have bet any money on whether I’d passed or not this time.
It’s an enormous relief not to have to retake, and there’d be consequences at work for me too in terms of progression so doubly relieved.
Congrats to everyone who passed