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@jeanmusc said:
I got 3million something ….3 mill?? Serious
If ACCA were aiming to encourage better coverage of the syllabus on the F9 I think they’ve missed the mark. The exam was heavily weighted on risk and valuation with very little investment appraisal, working capital management or ratios relating to a business performance. The MCQ’s were obscure to say the least!
@vipulv , do you remember what your answer for MCQ ” earn abnormal return by reading previously share prices.” ?
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That is what I remember:
Q1 Working Capital – 10m
Cash Budget 5m
Quick ratio – 2 m
Invest cash surplus – 3mQ2 Business valuation – 10m
Convertable – 5m
P/E ratio share price – 5mQ3 – risks – 10m
Fwd market hedge
Interest rate calc
???Q4 Investment appraisal – 15m
NPV calc –
Two revisions –Q5 – WACC – 15m –
WACC market value & book value – 9m
Rights issue to raise finance – 6m- Topics: 0
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McQ was hard and had questions in there, wasn’t even from the syllabus..at least 3 mcqs..the part b was ok, still overall a tough paper compare to previous papers
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Section A was very hard 🙁
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Yes i got a 3million something
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Hong, re:q1 I said that should invest surplus as short-term like bank deposit, so can get it back when needed. I think they suggested to invest into shares, I thought it’s not suitable.
Re: q4 – my understanding was to comment on two things you’ve done differently compare to analysis they had. I talked about fixed costs, interest and depreciation – all excluded from my calculation.
What about you?
What was the answer to the first MCQ? 3.71 or 3.50?
I also found that even by process of elimination I ended up with 2 options…What was the treatment for interest of 150k in NPV question?
I am not happy with this exam 🙁 🙁 🙁Hey all, I’m relieved it wasn’t just me who found the Mcq really difficult, some of those were pretty unfair i thought and covered knowledge maybe mentioned in the text in passing once or twice but not main topics, also a couple no matter how I tried I couldn’t calculate an answer that was on of the options. In contrast in all the mock exams I could score at least 30/40 for these multiple choice, this was not consistent with expectations.
I think the 5 questions were in general easier but some of the discussion parts were pretty vague, like should company invest their cash in shares or why is the P/E ratio not always suitable, 4 or 5 marks each, like is any relevant discussion good here? Seems like there are an endless possible reasons to invest surplus cash or why a P/E ratio based on an industry average would be inaccurate. I find this annoying as these are subjective answers but you can bet examiner will have some F9 model answer in mind.
Semi-strong can not earn abnormal return if I not wrong, regarding text book and my lecturer’s note…
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Npv … Selling price and variable cost needs to be inflated, fixed cost was 150000 plus inflation then calculate tax then tax benefits plus 1.8m investment i got a 3 million something for npv
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@avnisapan said:
What was the answer to the first MCQ? 3.71 or 3.50?
I also found that even by process of elimination I ended up with 2 options…What was the treatment for interest of 150k in NPV question?
I am not happy with this exam 🙁 🙁 🙁I couldn’t work out the first question. Did drive me mad 🙁 I chose 3.71 at the end.
I didn’t include the interest as thought it’s already accounted for within 12% of WACC.
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@vipulv said:
What did people get for NPV ?I had 2million something like say 2457 or similar
Hi Fellow F9 Attempter’s 😛
Ok – MCQ were CFA Level – LOL
i mean wth was that ?? tricky as hell
its normally u feel 1 or max 2 answers out of 4
but this – felt 3 answers were right and 1 was wrong – LOL
Section B
The part where i gained back my confidence
Was fine in my opinion
And as for the MCQ question 1, one of u asked
I got it as option A = 3.50$
I hope i was correct
Now,
Back to Life !! 😀
And off ACCA and OT for a while 😀
Colleagues!!!!! MCQ’s, extremely difficulty and calculations lengthy too. The work-out section – #4 and 5 was the best for me and the 10 marks questions (1 – 3) take more time.
Overall, I attempted more than 75% of the paper and hope by way of elimination; I will get the maximum 40 marks in the MCQ’s. We asked the markers for mercy and love.
Regards,
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@kevikraze said:
Hey all, I’m relieved it wasn’t just me who found the Mcq really difficult, some of those were pretty unfair i thought and covered knowledge maybe mentioned in the text in passing once or twice but not main topics, also a couple no matter how I tried I couldn’t calculate an answer that was on of the options. In contrast in all the mock exams I could score at least 30/40 for these multiple choice, this was not consistent with expectations.I think the 5 questions were in general easier but some of the discussion parts were pretty vague, like should company invest their cash in shares or why is the P/E ratio not always suitable, 4 or 5 marks each, like is any relevant discussion good here? Seems like there are an endless possible reasons to invest surplus cash or why a P/E ratio based on an industry average would be inaccurate. I find this annoying as these are subjective answers but you can bet examiner will have some F9 model answer in mind.
I totally agree about mcq’s – I did really well with exam kit, not on the actual exam 🙁 I couldn’t match some of my calculation with the answers provided. And I thought I knew them 🙁
As for the vague requirements – it might be not a bad thing. They might give credit to any relevant points. At least I hope so 🙂
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