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Hello,
I intend to submit my RAP in May 2024. Please what period will that be (48?) and is there any information available for next year periods that may indicate any change to the current period topics or will the topics still apply, so that I can start with my research process.I bet you are right @acca789. I thought I saw 6 NEDs were appointed to join the 3 EDs…it felt like acca was trying to confuse me….or maybe it was because there was so much reading to do on the paper that I started seeing things that weren’t actually there. Iol
Yes @odean but the qxn went on to say the directors weren’t going to change financial statements because of the expired inventory and it was a subsequent event matter ie after reporting date I think? Shouldn’t the audit report be qualified “except for” then??
I had to number my audit risks to be sure they weren’t more than 8, I hope I don’t get penalized because the boxes were more than required.
The qxn that threw me off on the corporate governance section A part was the one about the hubby as the new chairman after 25yrs as the former CEO and then the wife as the new CEO, I didn’t think either of them were qualified to chair the audit committee as they weren’t even NEDs…and the number of NEDs was fine and 1 had experience in the company’s field so why would we need more? Neither of the answers were correct to me, I was confused.
In Section C, the variable cost and fixed cost questions were 3 marks, the optimal pricing and profit Calc was 7 marks, the learning curve question was 4 marks and the market skimming pricing strategy was 6 marks.
Then the 2nd question which was to explain what the 3 Es are, was 3 marks, while the tabular part for calculations and discussion was 17 full marks. Crazy stuff!
I also got confused about the fixed costs and variable cost question that was asking for minimum number of units to be produced. Certainly, that wasn’t a breakeven question neither was it a total cost question or even price demand. Very confusing to me.
Hello Catherine,
So the question shows that the provision was made 5years prior to the dismantling happening thus the figure 2.63m given at Jan 1 20×1 is a discounted figure from the main expense due in 5 years time.Every PV is usually lower than the main value and as the year passes, that value increases (compound interest) until it matches the main value in the estimated year thus the 2,630,000 should now be multiplied by the cost of capital to get the interest accrued on the previous PV which added together will give the new value at Dec 31, 20X1 (it’s compounded ie compound interest) which is 1 year later. So 2,630,000 x1.08 = 2,840,400.
Remember,the present value of the final cost is supposed to increase as the year inches towards the estimated number of years.
@ ABDULLAHI312 I’m not sure it’s a good idea to combine PM wit Tax… Personally, I feel it’s alot of info to handle and might mess things up.. You might want to combine either wit FR…. Think about it but then, good luck with your next attempt, that’s the spirit!
@jbasir94 yea I get the feeling. I had 49 too last year and I felt so bad because I was so sure I’d pass tax. I even want to opt for a review… Then I changed my mind and started to prepare to resit… Then I started to see things I omitted in the initial paper and I also reviewed my exam technique….. I passed this time and I am so proud of myself…. And of OT ofcourse??
Yes I got the partnership question too however 1 of the cars was FYA as it had only 40g/km CO2 emission… I wasn’t sure if the allowance was supposed to prorated to its 30% business use.
I also ran out of time computing the trading profit for the 15 maker… So much info to process! That’s the question with the AIA already provided.
Thank you Mr. Moffat.
The question does not specify any rule for the company so I guess that is why the opening net asset figure was used.
This makes a lot of sense.Thank you for your wonderful lectures and also taking out time to answer questions. I am actually looking forward to my exams next month ie December!
