[stacky]

Thanks for your kind reply.

Maybe i should simplify my question, if let say u dispose a company with subsidiaries below which u are currently consolidating it via indirect interest, for your consolidation disposal adjustment, do you only use the 1 company’s financials or do you use the consolidated financials of the subsidiary u are disposing?

Hope you can help.This will solve lots of my questions already.

Thanks alot!

[stacky]

True story. The link theory is crap. Passed with 62. Scoring.was.bad but I will take it as it is. Since I only attempted 82% of paper.

[stacky]

1 more hour to go before end of the world

[stacky]

2.5 more hours to go!

[stacky]

I will not cry once i receive my results tmrow.
T.T

[stacky]

@zehra725 said:
Wats on page 5?

https://portal.accaglobal.com/portal/page/portal/ACCA_PORTAL_PAGES/ACCA_STUDENTS

they say this is only for finalist.

Affliates will see a grey page, those that didnt pass their last exam will see Error Message.

And i saw an error msg

[stacky]

11 hours to go! I gonna lose some sleep tonight

[stacky]

@hufckinger said:
It’s frustrating isn’t it? I thought I had a good chance but feeling rubbish now!

Before i see the link, i was feeling 50-50 of either passing or failing my last paper.
After seeing the link and the fact that it is 90% accurate breaks my heart

[stacky]

@hufckinger said:
Not long now – has anybody been disheartened by the link on page 5?! Still can’t believe something like this would have an impact.

Haven’t failed one yet, but the link suggests i’ve failed either P6 or P7!

AARGH!

ME! I am absolutely devasted. The link basically told me to forget about tmrow’s result and prepare for resit in september T.T

[stacky]

@angele1 said:
I’m feeling terrible, I have been having nightmares these days that I got 48 marks always…
P4 is my last paper and I know I messed it. I just can hope that I pass now, nothing else to do.

And Good Luck to everyone, ACCA results are unpredictable as many have said before.

I have also messed up my last paper, P4. The chances of failing is so high, especially now i also gotten an error msg trying to login into that affliate page they provided in page 5.

[stacky]

Probably too optimistic to hope for a pass.
But i gonna enjoy for my day, before preparing for resit P4 in sept 16!

18 more hours!

[stacky]

19 more hours

[stacky]

23 hours to go!

@sharlene17 said:
Stacky if you have never failed before why think you will fail now . Think positive

Because for the first time ever. i only did 82% of paper, and i did alot of weird mistake. Already almost certain will fail

[stacky]

2 more days to go.

Before seeing that i failed for the first time , in my last paper, P4

[stacky]

@lotak said:
Yes. I’ve, thankfully, never failed an exam and have done well in almost all of them.
I felt fine after the exam and was pretty confident of a pass. Now I’m not so sure.

Anyway, not going to think about it. Not going to change anything.

Hi, Are you doing your last paper?
I nearly had an emotional breakdown after seeing the error msg

[stacky]

@bliss2323 said:
there is a link I think on page 5 that people say if you are an affiliate you can log in if you are not you would get an error. I don’t know how true

I think its true. Cause i get an error msg.
There is no hope left for my P4.
I am no longer looking forward to monday

[stacky]

I virtually gave up on seeing my results on monday already.

Time to prepare for September sitting!

[stacky]

oh dear. I sat for my p4 in June 2016 and i got an error msg from that link.

Means i failed my paper.

[stacky]

1st attempt of P4 in June 2016, this is my last paper too.

I dont think i have done enough to guarantee a pass too. Only attempted 82% of paper

[stacky]

The text msg frm ACCA reminding me of the Sep16 Exam Entry deadline is so evil. T.T

Waiting for my P4 Results, think i didnt do well.
This is my last paper, so near yet so far!

[stacky]

My friday exam was horrible,

I started with Q1 – APV. by 1 hour 30minutes, i have just finished the section A, i sticked to my time limit and left out Part B (8 marks damm it). Did some horrible assumptions on my apv computations. (i) Funds requirements for capex at Y0 and Y2. (II) Capital allowances starts from Y0 and dunno why i did a balancing allowance in the last year (III) PV of tax shield is based on funds requirements at Y0 and Y2, instead of total capacity (IV) Subsidised loan is also based on Y1 and Y2

Then Q2 – Intererest Hedging, again i sticked to 45minutes, and couldnt afford to do the 5 marks Question on how centralized the treasury department need to be. I didnt afford to explain much on the interest rate hedging methods comparisons due to time constraint, originally plan to add in 1 more method of collar, but time is just too little. T.T

Then proceed to Q3 – omgwthbbq question, again i left out the 5 marks on how is the acquiree’s PE gonna change, cause i dunno what they asking. I messed up my gearing computations cause i used book value of equity instead of market value T.T

Overall, i have left out 18 marks of questions.

I already starting my preparation for Sept 16 resit -_-

[stacky]

@hailey11 said:
buy put or buy call?
buy future or sell future?

We are borrowing money, worry that interest goes up. So we need to sell interest futures, so if interest goes up, futures price will come down, since we sell at a higher price, then now we can get a gain when we close the position by buying it back at a lower price.

Put option too, since we want an option to sell

@nkmile64 said:
Did anyone manage the VaR question? It asked the confidence interval for the final outcome not to be negative, which means we first had to find the probability of the outcome being between 0 and the mean of 6.5. With a std. deviation of 1.3, the std. variable is

z = (x-m)/s =(0-6.5)/1.3 = 5

However, the Tables provided in the exam stop at std. variable 3!. Does anyone have a solution for this?

I made the assumption that , the confidence level in which the NPV will be 0. So the maximum loss will be the current NPV of 6.5m

then we need to amend the VAR Formula to:

6.5m = K (1.3m)(Squareroot of the project duration) was it 7 years? sorry cant recall.
you should get the K equals to 1.88/1.89, if u refer back to the SD table, that will gives u between 0.4699 and 0.4706

You could do the exact and get the value, but due to time constrain, i had to do it quick and assume its a rounded up 0.47 (probably lose some marks). Referring back to the normal bell curve, u will need to +0.5 to it, which gives u 0.97 (97% confidence level)

Sorry, i only rmb how it should be done, i am not competent enough to explain why we do it like this.

[stacky]

Hi John,

The question was something like,
A US company need to set up a manufacturing base in a foreign country, which uses currency Dinar (For example)

the international world bank promises a USD loan for all the capital expenditure and initial working capital requirements, at a 2 % rate (The company’s normal borrowing is at 5%)

The problem is : The project needs for example 1.2m Dinar for capex and 0.4m for working capital (random figures), but the capex only need immediate funding of for example 60% , balance 40% at beginning of year 2.

My question is:

1) Do my debt capacity = 1.6m Dinars from the start? I answer it based on actual funding taken, means my initial debt capacity is only the fund i need, then the debt capacity increases by the balance in year 2 onwards.

Any chance my assumption will be accepted? I start to think that i should have started with everything as my debt capacity T.T

2) Since the capex funds requirements is 60% immediately, balance 40% at beginning of y2, how does it looks like during our NPV computation?

I did 60% in Y0 and 40% in Y2, but i have been reading alot of comments on actually it refers to cash outflows in Y0 and Y1. If this part is wrong, means my capital allowances computations are also wrong, because my 40% additional capex is delayed by 1 year

T.T

[stacky]

Guys,

Do you actually calculate gearing based on Market value of equity instead of book value? (Q3C)

Oh gawd, just when i thought there is hope for a borderline 50, now its guaranteed fail T.T

And for Q1, I sulk big time on the timing of funds for the capital expenditure, i ended up with Y0 and Y2 instead of Y0 and Y1.

[stacky]

Honestly speaking.

Topics wise, it was quite easy, but extremely time pressured. I only could covered 82 marks worth of questions. The ones i skipped because i wasnt sure, i do not have time to come back for them! Finger’s crossed, i got a feeling i might marginally fail,

The 1st Q, i messed up the PV of tax shield , i should have used the debt capacity, but i opted for the debt financing required (part of the factory setup cost was only required in year 2)

Then for the capital allowance portion, i did a balancing allowance claim in Y4, cause they mentioned that the machine will be of negligible value, i assumed the project only last for 4 years. Then for dunno what reason, i started my capital allowance claim in Y0 (I dont know why i did that , cause i must have read it somewhere , even tho i dont know why) . Got a feeling i messed up the whole capital allowance thingy.

Had no time on the 8 marks of last part, the environmental issue and how to prevent it. I gonna regret this

I did Q2 and 3 for optional,
Q2 was really straight forward, couldnt be easier, but i only managed to do the calculations, with not much explanation or calculations, probably loses quite some marks there. VAR was straight also nt bad , but due to time limitation, i had to shortcut by not finding the accurate decimal place, i straight away took the round percentage, i calculated 97% if i m not mistaken, probably miss 1 mar there. ok, part 3, i totally skipped this, the way the questions was asked, kinda trick me a little

Q3 : OMGWTFBBQ. ok, the 1st part on advantage/drawbacks of acquisiton , i crap on the benefits as compared to organic growth etc, dunno if its relevant.
2nd part, sorry, i skipped the 5 marks, as i dont really know the impact on the PE Ratio of the acquiree, as a result of the acquisition?
3rd part: i made a mess out of it, i ended up concluding that the earnings differences is the PAT of 2 companies add up, together with the synergy 20m that they created , and additional interest (net of tax) due to additional debt financing, and lesser interest income (net of tax) due to zero cash surpluses (op 2&3). Doesnt feel right and i rushed it through, i had so many amendments, as i wasnt sure what i m doing at the start. No time to comment much, just workings to show all 3 options.

It will be a miracle, if i can pass this.

[Author]

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