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I found the whole paper to be easy, especially the MCQ.
Good that I decided to do Q31 Financial analysis last because I ran out of time due to writing too much.Now on to P3 preparations, not a fan.
Good luck to us all.Moodley, I agree… MCQ’s were pathetic.. just impossible really.. the last 10, I would be lucky to get 1 or 2 right
Plus. question 32 (b), I had no idea either…
Does anyone remember the answer to the MCQ’s ?
My brain is fried now, but I will try and remember one..
EUR 43,400 was the revenue on the split product / service thing; correct ??
I didn’t think it was too bad but the MCQ’s do feel like they are constantly trying to trip you up so always second guess myself. The ratio analysis Q was abit tough in the sense that the narrative didn’t really give much information to be able to give valid explanation of the ratios.
The winter thing allowed me to talk about seasonal trading in part C
Also, the fact that the parent supplied the goods, seems to have effected the cost of sales, negatively
Yes I mentioned seasonal trading but didn’t seem to know where I was going re purchasing off the parent company as there wasn’t a big difference between my gross profit ratios for both years. Maybe I worked them out wrong!
Does anyone remember what that foreign currency question was?
I’m getting worried i read a few questions wrong ?
I will advise you hope for the best. The exam is over. Just focus on what’s ahead.
What did you guys get for Q32 profit and total OCI?
I got roughly if I remember in my head ~11-12k profit and ~15-16k TOCI.
Quite a nice question imo.
I honestly think the exam was fair enough. I found most of the MCQs quite easy and thanks to MCQ practice, I was alert to most of the kinds of trick the examiner tried to play such as questions on EPS, impairment of assets etc.
Very hopeful for a pass. How did anybody calculate the value of NCI for goodwill calculation?? Most questions I treated had this given or required to use proportional method. There was no info on share capital too.. I got lost..
It was OK I think. I did the CBE version in the morning. My section C questions were a single company P&L and balance sheet, and a ratios/analysis plus calculation of profit on disposal.
No cash flows or consolidated statements which I spent a fair bit of time revising! However my balance sheet balanced first try which I hope means I got it more or less right!
Some of the MCQs were tricky and I think I may have slipped on a few banana skins. I had quite a lot of time going into the last question but I wrote quite a lot for the analysis and calculated pretty much every ratio going so I didn’t have a lot of time to check my answers at the end.
@mjibola said:
I honestly think the exam was fair enough. I found most of the MCQs quite easy and thanks to MCQ practice, I was alert to most of the kinds of trick the examiner tried to play such as questions on EPS, impairment of assets etc.Very hopeful for a pass. How did anybody calculate the value of NCI for goodwill calculation?? Most questions I treated had this given or required to use proportional method. There was no info on share capital too.. I got lost..
Are you on about Q2?
If so I believe you didn’t need it since I remember the question saying they owned 100% of the sub hence no NCI.
Share capital was mentioned as it said they bought 100% of X share capital.
The point on that question that I think a lot
Of people may have missed is the pre acquisition reserves.I did it this way:
Profit at year end figure x 6/12 (as we only want 6 months of the year when the sub wasn’t part of the group)
And added that to the retained earnings (since these were given to us at the date of acquisition so no adjustment needed)
Hey Nathan,
Oh not the question 2 of mcq, i meant the second 20 mark question in section C. Question 32
Hey Nathan,
Oh not the question 2 of mcq, i meant the second 20 mark question in section C. Question 32
And does comparability require uniformity?
Oh, in that case see my answer above.
I got around 11-12k for profit and 15-16k for total OCI. What about you?
And for that MCQ, I went with that statement only as true, to me in order to
Improve the comparison of figures, having uniform accounting policies etc would achieve that.But there was no goodwill calculation!
For profit for the year attributable to NCI:
20% * profit for year of subsidiary * 3/12
Less: NCI share (20%) of (impairment loss + unrealised profits + under-depreciation)@kumboo said:
But there was no goodwill calculation!For profit for the year attributable to NCI:
20% * profit for year of subsidiary * 3/12
Less: NCI share (20%) of (impairment loss + unrealised profits + under-depreciation)Yeah that’s what I did! ^^^
What yall for the the goodwill MCQ? i got negative goodwill of 350K in my calculation but i only saw 350k as an option . did it matter negative or positive ?
@nathan488 said:
Yeah that’s what I did! ^^^Which question yall talking about ? because 32 was a P&L and they said goodwill impairment is charged to cost of sales
Q32.
Yes that’s correct and you needed to have increased the cost of sales by the amount
But the good will impairment also was due to the subsidiary.
Thus, when doing NCI working, you have to adjust it there again by reducing the profit by the impairment of good will.
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