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Yes, I was exactly the same. Hated Q1, I spent so much time re-reading. I wouldn’t have scored any professional marks as my answer was all over the place.
I was happy with Q2 and Q5 then completely rushed Q4 as only left myself 20mins.
I found section B fairly ok and think I should get 50% on this section, although I was very pushed for time and rushed my last answer.
I thought Section A was tricky and to make an educated guess at a lot of those questions. I hope it doesn’t pull my mark down too much.
@drice99 said:
Is the minimum transfer price 740+extra cont lost 30=770.max tp 800?I believe minimum transfer price is the higher of suppling division’s lost contribution (850-770=80) or marginal costs (740), therefore I got it as 740.
@melitachester01 said:
Oh right, I get you now, yet I added materials & labour separately, I didn’t, bulk them together, is that ok to do that? I did like a statement at the end ????It doesn’t matter whether you included labour and material costs into High/low or just added them at the end, you end up with £21 total variable costs either way. I forgot to take fixed overheads off the final profit figure at the end oops.
Q1 ABC I recommended not to implement as costs were so similar and implementation costs would likely outweigh benefit.
Q2For transfer price question I got the transfer price as £740-£800 and stated that for overall company profit the actual transfer price is irrelevant so long as it’s between that range, e.g. higher divisional profit for one division = lower divisional profit in equal measure for the other division.
For the same reason I got Div M to supply full quota of 35,000 to Div S and 25,000 to external customers. My understanding of Transfer Pricing is that by improving Div M’s profit by supplying external customers you would be reducing Div S’s profit by forcing them to buy externally, therefore reducing overall company profit.
Q3 Was this the learning curve/variance questions? I can’t remember my calculations but consequences included:
– incorrect selling price due to cost-plus pricing method so will affect demand.
– negative affect on sales manager performance as harder to sell it higher price so he may not achieve bonus.
– production manager rewarded with bonus incorrectly
– appointing of temporary workers unnecessarily resulting in higher costs
– demotivated workforce due to easy task
– workforce and fellow managers may question production managers judgement in future.Q5 – just gave text book answers, rambled on and didn’t particularly link it to the organisation.
@dskinner83 said:
I did overall profit too, so hoping that was the question! Now I’m starting to doubt myself and wondering if I misread the question!I also thought it was overall profit based on optimum price and quantity.
I really struggled with the MCQ on Cashflows. None of the answers I kept coming up with were an option. In the end I gave up and guessed, spending far too long on 2 marks!
@gazeboz said:
Me too for the Inv MCQ question!For Part B Question 3 Was the apportionment fraction 9/12 months for the subsidiary P&L figures – (9 Months)
Yes that sounds familiar to me, I know I did 9 months on one of the questions but can’t remember exactly which one.
@vinayemraz said:
The MCQ on inventory210000 /0.7= 300,000
300000 * 0.8 * 0.75= 180,000cost= 210,000
NRV= 180,0001000,000-210,000+180,000
=970,000 recorded as inventoryDid you got the answer
Yes I got exactly the same answer.
I chose Military Coup to be excluded from Consolidation as no longer in control.
I think I got 160000 on CGU impairment (can’t quite remember question but thought it was 250000 not 100000 impairment). Anyway I basically did 50 from Goodwill then 80% of 200000 against P,P,E as PPE represented 80% of CGU after Goodwill.
Thank you for that.
Yes, I get that now. Using the Bonus fraction has the effect of the bonus issue existing all year.
I have also been using Kaplan text and it makes no mention of this at all.
Thanks.
SarahHi,
My understanding is that an Accounting Period relates to incorporated Companies and is never longer than 12months. It is the period that Corporation Tax is calculated for.
A Period of Account relates to sole-traders, partnerships and unincorporated businesses. They are usually 12months but the individual may choose to have a longer or shorter period of account.
Sarah
Hoping I did enough to pass but doubt it’ll be a high percentage.
@aleem pretty certain the figures were VAT amounts so didn’t need to calculate 20%@adam I agree regarding QCD, I didn’t transfer it either.
But I realised I made a major mistake when I got home, I transferred Capital Allowances not Capital Losses Arrrrhhh! Q2 was the last Q I attempted and my brain was fried, not sure how many marks I will lose for it, whole part was worth 17 marks.
@Aleem, I also ignored CLT in Q5 as more than 7years.Q1 There was a part c, to recalculate Goodwill using UK guidelines (completely threw me so I left it).
I think the marks were 6, 15, 4 for Q1.
I don’t think it matters because all questions are compulsory. I think the tick boxes on the front are more for papers where you can choose which questions to attempt.
Q4 topic revaluation reserve & asset disposal I think, but I left this question until the end and didn’t get time to do it.
Q5 topic was contingent liabilities. 3 scenarios and had to say how you would deal with each.
F3 was very timed pressured. I found most of the exam questions ok but struggled to get through them in time. I rushed 9 questions in the last 15minutes.
How did others find it.
Sarah
That’s very reassuring, I thought I was missing something. It also means my pass mark was a little higher!
Hi,
I couldn’t give you a definite answer as I am quite new to the ACCA but my advice would be to look at job websites etc for your location and see what jobs are advertised, what experience they require for certain salaries etc. This may give you a better understanding of what’s expected.
Good luck
Sarah
