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Passed first time with 55% and am now an affiliate. Quite shocked because I didn’t write anything for about 12 marks in Q2.
But I think I was quite strong in Q1 where core marks just have to be scored (you need to be very comfortable with Audit Risks / RoMM / Business risks and luckily they are all quite formulaic)
Harmon process 2 has to be process improvement not automate, owing to the fact that providing care to vulnerable people and low income families is the reason for this public body in the first place. It’s strategically important to them.
Also the people on the panel should not be doing the visits either which was a clue that the process needed an overhaul
Yep, content still the same. Thank God it wasn’t cashflow, but slightly strange to see very little on SFP given this is the examiner’s main focus
74%. I thought it was a fairly reasonable paper and so they would be strict markers…
Remember you just need 50% to pass. Do not stress about every last detail. Unless you have a god given gift in financial management, everyone will make mistakes. Very rare to get 75+
I said use forward contract instead of money market hedge for Q2. Because it was a payment and forward contract produced lower figure. Q3 was all about difference in redemption values for convertible bonds – for 4% you would redeem at par and for 6% you would convert. You generally only divide by annuity factor for asset purchases to work out EAC.
I agree with acca145.
They give you a fairly easy NPV to start off with so you fret over the little details and then hammer you at the end with that interest rate calculation based off a tricky working capital computation.
MCQ’s definitely harder than most past papers and BPP ones I’ve done.
Some observations and tips from looking at the samples they’ve chosen from the December exam (I didn’t sit the September one btw)
1. Relatively straightforward capital gains tax question for an individual explained. Therefore unlikely to see a similarly generous one in March exam. I feel they will be nastier next time as CGT has options for being difficult!
2. Relatively straightforward IHT question explained. We weren’t required to do the full three comps as is often the case and there were easy marks for questions on marriage rules. More likely to see long version in March?
3. Seems to be from September exam? Basically revise as many rules and penalties and deadlines for VAT! Seemingly important are cash and annual accounting schemes rules. Be prepared to ‘learn’ and ‘churn’ in the exam as well as possibly doing the basic VAT computations.
4. Partnerships and basis of assessment always seem popular. Disclaimer though: This Q is the ‘wildcard’ 10 marker from September so it’s hard to predict what might come up…
5. Dec IT computation. Not too difficult but the key marks will ALWAYS be in the quirks of IT. For example looking at the marking guide – it was in computing the ANI, handling treatment of partnerships and payroll giving (NOT Gift Aid). Basics of IT are assumed but regularly tested (lots of half marks everywhere) but the REAL marks are in having a wide range of knowledge as every single sentence in the syllabus is examinable and they could pick any one bit to be worthy of 1, 1 1/2 or 2 marks.
6. Looks like the Sept CT question. Basically DO NOT WALK IN TO THAT EXAM HALL WITHOUT CONFIDENCE IN
– Recognising how long a period you are asked to computate as this has implications throughout your answer
– Having a sound knowledge of Capital Allowances including closing year treatment and time apportionment where relevant.
– Recognising if corporation tax is due in another FY at a different rate
– Being able to handle group, rollover or loss relief scenarios. This may be sticky but if you don’t understand these beforehand you are likely to make a mess, like I did in Dec one.
– Applying marginal relief in your liability computation having worked out size of the company (it will be assumed you know how to do this and should be easy marks)I’d always look on official ACCA website before asking for materials.
ACCA has already stated full past papers are not being published in the future as there are four exam sessions per year instead of two. Therefore only samples will be taken and made available.
https://www.pqaccountant.com/pmag-FFFF0050018002628E673041.html
Pass rates if you’re interested.
@mike0943: get a hold of at least two revision kits, one BPP and one Kaplan. Not too expensive. Practise as many questions as possible and under exam conditions. Take notes when you get things wrong, possibly in another pen colour so you can review later. Be a harsh marker.
Anything which still sticks out as a major problem, watch OpenTuition lecture again.
67% – beyond delighted. That exam was brutal, I’ve never felt like that coming out of an exam hall before.
Ok I’ll watch that again, thanks. However I feel like I’m missing a piece of information in order to get price/demand function? I don’t have any selling price with which to find ‘a’ although I can get ‘b’ ok. I’m therefore unsure what to plug in.