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@jobinthomas said:
Anyone took the revised standard quantity as 2.2 in sec c 31st questionyes, I took it
@anano said:
I agree, I thought, accountant-related part was key part in question. I think revised budget means adjusted budget. Accountant was responsible to set new price and new quantity of material. Budget would be prepared with old standarts, because new standarts weren’t updated.
But everyone here has solved Q31 with planning and operational variances, so maybe I’m wrong.I saw this info as basically telling you, that you must use the original standard cost to calculate variances, and not the revised cost. I think this was put in, because with the recent examiner change since Sept16, they prefer you to use the original standard and not the revised standard when calculating variances. I could be wrong, but that’s how I understood the final paragraph
@rohvj said:
I had seen a similar question before in one of the practices I had done and the answer scheme needed both the operational and planning variances to be calculated and under discussion to evaluate production manager’s performance, it was important to point out that the planning variances existed because the standard cost card was not updated and as such the production manager should not be held responsible for the adverse planning variancesthis makes alot of sense now. ur probably right. i hope i do get some markes for basic variance and assesment i did though.. every mark counts right?
and i did 3 variances not jus two lol. hoping for the best.
how did you understand in the q32 actual incidence of fraud being below target? is that good or bad? they planned wrong, software is not good or what?
@jasv said:
how did you understand in the q32 actual incidence of fraud being below target? is that good or bad? they planned wrong, software is not good or what?fraud being low than target is deffo a good thing for the company
@jammy109 said:
I saw this info as basically telling you, that you must use the original standard cost to calculate variances, and not the revised cost. I think this was put in, because with the recent examiner change since Sept16, they prefer you to use the original standard and not the revised standard when calculating variances. I could be wrong, but that’s how I understood the final paragraphThats exactly how i understood it
One more argument from my side))))
“the planning variances existed because the standard cost card was not updated and as such the production manager should not be held responsible for the adverse planning variances” – as i remember from theory, planning variances are depended on external changes.. Manager should not be held responsible for adverse variances even if standarts were updated… because change of uniform design was decided by school, if i remember correctly… But im not sure))))
Anyway))) i think i should break down into operational and planning variances)))I agree with you 100%. I relied so much on the lecture notes and the videos to better help me understand the topics. Granted, they were understandable but I realized the actual practice questions from the revised kit were on a more difficult level.
This is my second attempt with F5 and I can only hope that I did better! Good luck to you 🙂
@petraicon said:
Q31 for material planning usage variances:
I did actual production at standard quantity by standard price
24000*2m(2.2m/110*100) * €3 (2.85/95*100) = 144000
and
actual production at new design quantity by standard price
24000*2.2m*€3 =158400
144000-158400= €14400 Adverse planning usage
Is this really wrong?will I get any marks?Anyone remember the actual quantity used in production? I think it was 54,000 or close?
Q-31 : according to me, we cannot calculate planning variances as standard cost data is not given. what you all did?
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i just needed an extra hour….*sighs* but praying for the best, it was tricky
@mika84 said:
Q31 – variances and evaluation of Operational managers performance
Q32 – Financial and non financial performance and Balanced score cardHi meruyert,
Thanks for your reply,may I know how was it the MCQ s overall?was it hard?
@umer147 said:
Q-31 : according to me, we cannot calculate planning variances as standard cost data is not given. what you all did?there was revised std cost which was given and the original std cost which was not given(we were to calculate it and use it against the actual one).
I feel the question quite familiar, and I did my best, even checking the answers twice. I hope I can pass after all these effort. And want to thank Mr. Moffat deeply.
Looking at everyone’s comments regarding q31, it’s safe to say I don’t think my basic variances will get me many marks but hopefully they are not too harsh with marking.
April 17th seems so far away!
thanks richardsebok.In previous comments many people said about mc no.4 the answer was 4.can anybody remember which question was?no.4 mc.
I admit some of the question in MCQ section were time consuming, but some of them were relatively simple and it was just a matter of second to answer those question. Like there was a question where VC was 230, and question was to provide the price at which profit is optimum and the answer is 230 because optimum profit is there where MC = MR, and if anyone has gone through the Breakeven point analysis then he should be answering such questions in very less time. Overall the Exam was OK.
Q31) a) students were supposed to give detail material variances, Material Price Variance and Material Usage Variance.
Based on someone’s comment earlier on truffle co question which was on sept 2016 specimen paper, I think we were supposed to break it down to planning and operational variances.. but I maybe totally wrong.. April 17 really seems so far away!
Please have a look at question 269 Secure Net in Kaplan book. I hope it’s correct number cos I have no book in front of me. There was only information given by a manager and planning and operational variances were calculated.
As I know standard cost card does not have to be automatically updated if any operational issues arise. This is a reason for calculating planning and operational variances. So a manager can be held responsible for a part of a variance which he had influence on.
As I remember a trick could be that there was no information about actual price. Only actual total usage. So operational price variance could not be calculated, only planning.
But as you all say: I may be wrong 🙂
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Q1. I picked “growth”
Q2. I picked “revenue less fixed costs”
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