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Yes I did. Very hard to say without actually knowing the answers to the questions obviously. I don’t mean pitfalls as in somewhere where they are trying to trip you up per say, more a long the lines of the fact of forgetting to do something, just as a general example, forgetting that the first 500 of savings income is taxed at 0% if you are a higher rate taxpayer and 1000 if you are basic.
What I’m saying is sometimes a question can seem easy and you think you have hit the nail on the head, and you then realise you forgot to do one small aspect that gave you another answer etc… I think that is just a problem with tax not acca overall though.
I always would just put a bit of workings in but I don’t think it will go too hard against you if not. If you have the answers there and you have discussed appropriately I’m sure it will be fine.
The whole thing is a giant racket though. The amount of money they make from each sitting is insane, as the cost for someone to mark it is just a tiny fraction. It is in ACCAs interest to limit the amount of people passing and increase re takes as it earns them lots of money/
What strikes me is the amount of people who said it was okay in the poll above. I just know from my personal experience of practicing questions over and over, thinking I’ve nailed it and then… oh yeah theres that pit fall, theres this pit fall. I think its a paper that can look easy on the surface but theres always something. Section A was okay though fairly nice.
well I did it that way, my mate did it that way so I’m hopefully scoring 2 at the very least haha
The section B or C question I forget which and can only remember the latter part of it was.
Contractors need to be tendered for the boiler fixing. This was 3,000,000 in last year. One third was allocated to the boiler checks. Every boiler older than 3 years required checking. Of the boilers in that year 62.5% (this % could be wrong) needed to be checked as they were older than 3 years.
This year new legislation means every boiler needs to be check yearly.
This is affected by the economy:
(NOTE: Cant remember exact probabilities but the end % figures I know are correct)
Recession = 0.6 probability – this means the amount tendered is -20%
Stays the same = 0.3 probability – the amount tendered is at 0%
Boom = 0.1 probability – The amount tendered will increase by 40%
I won’t say what I did for all of it but the first part. I took 3mil divided by 3 for a third. (£1mil). Then treated the 1 million as 62.5% and made it 100% for all boilers (£1.6 million – added back the 2 million to give 3.6 million and ran from there…
The high low question for F5 was as follows:
They had 5000 Units and it cost £23000.
They had 7000 Units and it cost £31500At 6000 Units Fixed costs go up £500.
At 8000 Units Fixed costs go up £500 again.What would it be at 9000 units.
I subtracted 500 from 31500.
Then I ran the high low calculation with those figures.
I believe the fixed costs were 3000, Variable cost was £4 per unit.So 9000 * 4 = 36000 + Fixed costs of 3000. Then add fixed costs of 500 and 500 again for the over 6k units and over 8k units.
Basically £40 000
Thats what I did anyway and if it is wrong oh well 2 marks
