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What was the answer of Mcqs
1-financial instrument $100000 loan notes 10 years 8% issue cost of $5000
2- Deffered tax which was 3rd mcq i think its credited to p/l cant remember
3- Ias 41 Agriculture second last mcq
4- 4 th mcq related to intangible amotization i marked $5333
5- impairment related mcq
6- ratio important for non profit making i marked cash gain and deficit
7-13 mcq related to disposal of NCI presentation
8- definition of verifiability
9- 1st document to issue in setting of standard i marked discussion paper
10- cash in transit mcq to adjust receivable and cash
11- Provision related mcq i marked for probable and present obligation
12- mcq related to consolidation which would be treated as subsidiary i marked neither
13- I marked for A for 1st mcq
For agriculture I chose 57,000
For provision, I marked probable, present obligation, reliably estimated.It was very fair. Very consistent with what are typically the core topics. I am quite happy with it. I have a busy job so studying was a challenge so I stuck to what are the “usuals”. I think i passed. I am quite happy
@seannyd said:
Hi all,How did we find the exam? It was pretty fair.
From what I can remember:
Section A : okay, wasn’t sure on that group profit and NCI?
Section B: for the revaluation on property and plant, I offsetted the impairment to the gain giving me 225k?
Section C: share issue of 32m loan of 150m and nci of 9m, the provision confused me and ended up deducting from net assets to give me goodwill? Think I should of added and it would of been added to ppe.
Am I right in thinking we had 2 PUPs?? One for the inventory then the additional for the 700k?
Question 31 was okay, I adjusted for the rent and management charges based on the actual figures then took off the non core?
Sean
I missed not having a big cash flow question! I have practiced so much on that.
do u remember in section B, provision contigent, there is a question about restucting in IAS 37, about what can be provision for IAS 37, for 2 option redundancy and retrain. But i forgor the question, i choose redundancy but i consider whether the question is not provision or provision
hi all
May be wrong..was I the only one who had 150M for the loan on Q32? 20m Shares @ 75% = 15m / 100 loan notes issues per share acquired, x $100 a loan note? Again, did anyone get 2 PUPS? (the 700K also)
Ah, I wasn’t sure if you were allowed to net of the revaluation against the same/different assets, lesson learned. Looks like I may of messed up Q32, didn’t disclosure separately, just adjusted for all transactions, then again I was running out of time.
Hope we all pass ! 🙂
@migma said:
do u remember in section B, provision contigent, there is a question about restucting in IAS 37, about what can be provision for IAS 37, for 2 option redundancy and retrain. But i forgor the question, i choose redundancy but i consider whether the question is not provision or provisionRedundancy is the right answer. If you’re using Kaplan, check the material. Chapter 15.
Hi, my response below:
1 – I had 6400 i think. 100K – discount – £5K transaction cost @ 8%
2 – yeah credit 4290 i think
6 – same
9 – same
10 – receive 2500 cash 1500? think it was A
11 – 3 options, think it was D (present, probable, reliable estimate)
12 – A was a sub, think i worked it out as it held 144 of 280 votes, which is more than half. the other wasnt as it held 45% regardless of whoever doesn’t challenge themCant remember the rest, Section b was ok. Interested to know other thoughts.
Sean
There were two questions, one asking you what costs you’ll include for restructuring, which is redundancy only and two, when the provision for the restructuring should be recorded for which the answer is it should be recorded in year 2X06 because it was announced to the press then.
I don’t think that’s right because they specifically mentioned “disposed of” at numerous occasions.
@kishan6398 said:
There were two questions, one asking you what costs you’ll include for restructuring, which is redundancy only and two, when the provision for the restructuring should be recorded for which the answer is it should be recorded in year 2X06 because it was announced to the press then.oh thank i have remember question
@frry06 said:
I missed not having a big cash flow question! I have practiced so much on that.Apart from the marks, cash flows is the only thing that I missed out on.
First paper to issue – issue notes.
Verifiability – Assures users that information faithfully represents the economic phenomena.I got a lot of A and B answers in my multiple choice!
Messed up the loan notes (which I got right first then changed it to the wrong answer)! Never mind
Good luck all for the results
@seannyd said:
Hi, my response below:1 – I had 6400 i think. 100K – discount – £5K transaction cost @ 8%
2 – yeah credit 4290 i think
6 – same
9 – same
10 – receive 2500 cash 1500? think it was A
11 – 3 options, think it was D (present, probable, reliable estimate)
12 – A was a sub, think i worked it out as it held 144 of 280 votes, which is more than half. the other wasnt as it held 45% regardless of whoever doesn’t challenge themCant remember the rest, Section b was ok. Interested to know other thoughts.
Sean
I think you are wrong about the sub in the second case. They were in control even though less then 50 % votes.
Check the OT notes
”
• holds <50% of the voting rights, but the remainder are widely distributed”@macca7777777 said:
Got 15,000 goodwill…
Shares 32,000
Loan Note 15,000
NCI 9000Shares 20,000
FC Adj (4000)
Retained Earnings 25,000 (19,000 + (8000 x 9/12))+1
I think goodwill is 11m, cause in my option, the 4m for provision will increase asset and also increase liability, so the net asset is still unchanged.
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