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@darthvader001
For those of you who in the UK (or in Glasgow), why not arrange a protest…against Alex Watt….I don’t think a letter would not do any better, they would simply consider it a piece of paper. On the other hand, a protest would at least show them that students are the main stakeholders and does have power to influence the decision of ACCA. Some one here also said that on the physical protest of a Big 4 firm, they re-passed the failed student. A simple group of 100 people and 2 or 3 channels cameraman would suffice. You know how media guys are.
@bvp123 said:
I think ACCA should have a rule for when we are tested on lower papers or knowledge required from other P papers, that it should not carry more that 4-5 marks. Otherwise we are wasting time learning P5.
Can someone please tell me where the hell the article on Benchmarking is and when it was published as I have only seen on Performance Prism.
Also where can I find more information on Q1C, as this topic was not mentioned once in any of my P5 course or on revision.Benchmarking article is there but that is pure theory, it was a computational question more like ABC, given the 3 cost drivers…and cost pools. It was like taking cost pools and costs of other 2 universities and dividing them by their respective cost driver (coming up with a weighted average) and multiplying the same with the drive of GU (so like Flexing the budget thing).
Q1(c) is like:
How the quote “WGMGD” could apply to Metis can be assessed using performance pyramid, involving financial and non-financial indicators under the following headings:
And then the performance pyramid headings:.
You can notice the last paragraph pf the question relates to Part c, 2nd last with Part b, etc
What would Alex lose if he had asked Q3 (a) straight as the benefits of Six Sigma for Thebe Co. and what he would have gained by twisting it in a rough style.
What would happen if we had passed. ACCA would have got more and more students, which they are getting, without any marketing efforts, without getting us jobs.
The so-called Exam Technique Thing, which ACCA itself teaches us, has made us all rote-learn. And I’m sure there must be many P2 Passed candidates, who cannot prepare Contract Accounts, they can’t do Hedge Accounting…ACCA is making us rote-learn ITSELF.
The problem is not the football players (ACCA EXAMINEES) but the problem is the COACH (ACCA).
In the beginning, Alex set easy stuff but as the time is passing by, sitting by sitting, he is setting it more difficult. And rather than passing the “ADVANCED PERFORMANCE MANAGEMENT” exams, our own performance has flattened up and decreasing sitting by sitting.
Unfair ! Absolutely unfair.
Q4 Benchmarking Exercise and Benchmarked Position of so called GU Uni…there is no where in any official study text the computational example of benchmarking. If he is saying “Cost Drivers” at the end, why he hadn’t given a simple example of one cost pool and its cost driver.
What Alex wants from us ? What ACCA wants from us ?
I had a students, whom I thought the very first day that you “MUST” sit 4 exams per sitting has reached in the P Level Optional Papers in just 3 sittings and I am still there because of the so-called “CHALLENGING STYLE” of Alex Watt.
Now I think ICAEW and CIMA are better than ACCA as they ask questions under 10 marks and not more than 20 per question.
This is too much now.
ENOUGH IS ENOUGH
Why the examiner hasn’t set clear requirements. What makes him think that we have time for that in exams. The assessor may not be able to say to examiner that the paper is lengthy so please adjust it but we can.
I am sure they won’t bother our complains and in the Exam Review Board sitting, they will come up with those same ugly comments like every sitting that x% of students thought paper was, this that….WE MUST RAISE OUR VOICE because under the auspices of Performance Prism (which ACCA is trying to teach us) and Mendelow’s Power-Interest Matrix, STUDENTS are the most powerful force and have HIGH interest in ACCA.
What we want from ACCA:
Clear, manageable chunk-sized scenarios with clear requirements and we don’t want to see in the examiner’s report that “student did not read the requirements carefully” and hence lost many valuable marks and wasted valuable time.
The Honourable Shane Johnson must come back as his style, scenarios and requirements were very clear.
@darthvader001 said:
This passive attitude will not get us anywhere. Let me explain why:On Dec 11, I failed the exam with 48 marks. I paid £75 in order for ACCA to re-check my marking. Re-check MEANS: adding up all the points and see if they were correctly transposed to my email !! THEY WILL NEVER RE-MARK YOUR SCRIPT! They just told me that I have pass rating on 2 questions and failed 2 questions. Not even the marks/question.
I made the second complaint, on the Appeal Committee, asking to see my paper or to re-mark it. ACCA reply was, after paying another £65: the exam result is the same, we will not revisit the script.
ACCA feedback online=0. Nothing will happen.
What happened in the past, real case. My company (a Big 4), after all the people in the Company, starting with Managers and below failed one paper several times, addressed an official complaint as a Platinum ACCA Employer regarding the way that an Examiner constructed the questions and ask for a re-marking of the scripts: 60% were granted a pass. This, of course, was not public knowledge.
The power is in NUMBERS. If we are writing a complaint about Alex Watt as a GROUP, we will be HEARD. Otherwise, ignored and have to take this exam over and over again. I have finished 13 papers in 4 years and got stuck with P5 for the last 3 years!!
Please leave me your username from this site, so we can make a complaint as a GROUP regarding Alex Watt and this examination.
WHY: if the pass rate is very low ( as I will expect) ACCA has to raise the bar and push the numbers up, in order not to have an image problem. If we act now, they will likely investigate this BEFORE the marking process will begin.
AFTER the marking is done, IT WILL BE TOO LATE. I don’t want to take another exam in Dec and wait until March next year! Because, ladies and gentlemen, THIS IS WHAT WE ARE TALKING ABOUT: You will be qualified best case scenario NEXT YEAR IN MARCH !!!
Yes, I would like to join you as a group.
Hello Admin !
I wanted to mail you but I noticed that I can’t find my inbox 🙁
Please help
Hi !
Its a practical question. Default is where a firm will not be able to pay its interest or principal payments as they fall due. First calculate the effective monthly rate because we need to deduct monthly interest payment from monthly avg cash flow.
Monthly Effective Rate = [(1 + r)1/12* – 1] (* raised to power)
Monthly Effective Rate = (1.08)1/12 – 1 = 0.6434 % = 0.006434The expected monthly cash flow after interest payment is:
= $14,400 – (0.006434 x $1.5 m) = $4,749
To get the annual cash flow = $4,749 x 12 = $56,988
Apart from this, we have $8,500 cash in hand, so the total 8,500 + 56988 = 65,488
Now we need to divide this amount ($65,488) by another amount, which incorporates annualised (annual) volatility (standard deviation).
First, calculate the proportion of fixed interest to monthly cash flow:
(0.006534 x 1.5m)/14,400 = 67.02% = 0.6702
Second calculate the monthly volatility after this fixed interest. Here we use this 0.6702
13% / (1 – 0.6702) = 39.42% = 0.3942 (This is the monthly volatility, we need annualised)
The Annualised Volatility = 0.3942 x ?12 = 136.55%
So the volatility (standard deviation) of annual cash flows = 56,988 x 136.55% = 77,817
Now divide 65,488 by 77,817 = 0.84 (keep it to 2 decimal places to find the relevant value in distribution tables. There in row 0.8 and colum 0.04, you have 0.2995 (or 0.3 if rounded).
But if you take that 0.84 (and round it just 0.8) , that means there is (1-0.8 = 0.2 or 20%) 20% chance of failure within 12 months.
Put another way, the distance to default is 0.8 x 12 = 9.6 months
In part b, you have to justify the rate of 8%, the bank is charging using the elements in he formula. Just follow that and you will get the point.
HTH
Welcome
Hello !
There IS Goodwill in Associate (A) if the cost of investment is more than the net asset assets of A acquired.
As far as the Investment in Associate is concerned, there are two ways (methods, if you wish) to calculate it:
Please refer to June 2009 question: “Pacemaker“
Method 1:
$’000
Holding % x Net Assets @ Reporting Date
(30% x $340)
$102
+ Goodwill
42
144Method 2:
Cost of Investment—$120
+ 30% x (340 – 260)—-24
144Choose whichever you like and enjoy.
Merry X’Mas
It is absolutely possible to pass this paper based on OT’s lectures and notes. Make sure you are happy with past papers and know the exam technique.
HTH
$—
Direct Materials
300
Direct Labour (50 hours @ $8/hour)
400
Overheads:
Production Overheads (50 hours @ $26/hour)—-1,300
Non-Production Overheads ($700* x 120%)
840
Total Cost
2,840*$700 (Prime Cost = Direct Materials Cost + Direct Labour Cost)
HTH
Quote:PKR 450,000 is not affordable for meI know its huge but compare it with post-training benefits and income you will get. Go for a bank loan or from friends and family as the other courses such as Tally and Peachtree are not that dynamic as SAP FICO or any other module of SAP.
I am just waiting for my ACCA completion. Here the fee is SAR 25,000 for just 25 days and they will help you getting an employment.
So talk to them about whether they recommend you to companies or not. They, as an institute, WILL have commercial contacts.
The choice is yours anyway.
@hamdy hafez
Quote:So can any one advice me which paper (P3 or P7) is better / easier with P4Please find the new syllabus and study guide using the link:
https://www.accaglobal.com/students/acca/exams/p7/syllabus
https://www.accaglobal.com/students/acca/exams/p3/syllabusPersonally I think you should go for P3 and read the examiner’s article on syllabus change as he has outlined a few questions in the past papers, which are no more relevant.
HTH
I would suggest you to use both at this level. The choice is yours.
Using a single book will reflect this:
Using both:
You will be more confident and happy.
HTH
Quote:what do u mean by trying SAP from Siemens in Karachi ?I don’t know much about the course itself from Siemens in Karachi. But from your post, I can assume you are in Karachi. Just go to them and ask them about the course structure and relevance to your background (hopefully ACCA). They will guide you.
Obviously they will charge you and I think its round about PKR 450,000 but the course has huge practical benefits specially in Gulf Region even in European region.
My problem is, I am not in Pakistan and where I am based, the course training is provided but not on professional grounds such as Siemens or Abacus Consulting (in Pakistan).
So I think you should go there and check.
HTH
Why not try SAP from Siemens in Karachi.
Quote:Please help to choose the best combination …It depends on you and your interest. What you want to specialise in.
4 Options:
Quote:Advanced Financial Management – Finance professionals
Advanced Performance Management – Strategic Management professionals
Advanced Taxation – Taxation professionals
Advanced Audit & Assurance – Audit professionalsSo it depends on you, which field you want to be in.
HTH
Quote:Plz advise the best strategy to make most out of the 15mins reading time.also plz share ur own experience abt how u go abt the 15mins read timeHassan !
For me, I would have practised the first 3 questions very well so by experience (and hence confidence), I would know that these questions are not going to be problematic for me.
Q4 and 5 can be any from any part of the syllabus.
What I did:
Quote:3 mins. for Q1
3 mins. for Q2
3 mins for Q3
3 mins for Q4
3 mins for Q5The 1.5 minute in each question include reading time [also seeing if there is something new/unseen (discriminator)].
The other 1.5 minute includes planning time, what I am going to do and how I am going to do.
Paper Starts:
I would always attempt Q1, 2 and 3 first (on the basis of assumption that I have practised these questions a lot – in fact I had practised them a lot)
For Q1 and 2, the saying, “Practice makes a man perfect” would apply for me and I would do them in the easy-to-score approach or easy-marks approach.
My average time for Q1 and 2 is maximum 25 minutes.
Q3, if a cash flow, I would again use the easy-marks approach but would spend 35 – 40 minutes and if an interpretation question, 45 minutes full.
Q4 and Q5, I would divide the remaining time (after Q1, 2, 3) in the proportion of 55% and 45% , as you cannot leave these questions.
However, this is not a standard approach with respect to time. It depends on you. But whatever you do, remember the easy words, “Easy Marks First”.
If you can’t finish within standard time, leave the question and move on. Because you will score most marks early in the question.
Another under-estimated tip is to attempt a mock exam. If you can get mock from publishers, attempt it within 3 hours.
If you can’t, then give yourself 5 questions from past papers and try to finish it within 3 hours.
Another tip, YOU MUST ATTEMPT ALL QUESTION WHETHER YOU KNOW OR NOT.
Hope that is going to help…well I am off now for:
Quote:am i right to say that in the books of prime entry only the petty cash book and the cash book are part of the double entry system?Anitha !
If transactions are recorded in ledger accounts as they occur, the ledgers would become cluttered and it might give a rise to errors.
Hence, different transactions are recorded in books of prime entry to avoid cluttering and making errors.
Sales Day Book, Sales Return Day Book, Purchases Day Book, Purchases Return Day Book, Cash Book, Petty Cash Book, etc. are all books of prime entry.
These books do not record the double entry but double entry will be recorded according to the the recording frequency, e.g. daily, weekly, monthly, etc.
HTH
you welcome….
If you have any further questions, please do not hesitate to mention me @shunmas
Till then:
