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@curiousmeerkat said:
Is that the one where one party provides the money and the other only the expertise?yes
@curiousmeerkat said:
Is that the one where one party provides the money and the other only the expertise?yes, mudaraba is a form of islamic equity finance. The party who contributes the capital is known as rab-al-mal while the party managing the business is known as mudarib. Profit is shared according to agreed proportions while loss is solely borne by the capital provider.
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i think the 12% was used to discount for the Two machines,(equialent annual cost) and the 7% for the calculation of NPV.
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Of course. The cash flows in the NPV calculation in a) were all after-tax (or at least you were supposed to make it this way – you had to deduct tax and add capital tax allowance). So when you discount after tax cash flows you are obviously supposed to use the after tax discount rate of 7%.
The discount rate of 12% was only used for part b) of the question, as it explicitly said to ignore tax effects.The paper has covered ALL topics and thus it is time constraint. This makes it difficult even to score a pass, without through knowledge of the subject. Question 2 & 4 was my best; theory over flow the papaer- 60%; if anyone fails to express themself, advicing management then you fail the paper. The examiner need to revise the paper – it is extremly difficult. Too much work to be done in that time. I hope god bless me with a pass – anything 50 and above!!!!!
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@nenor said:
Of course. The cash flows in the NPV calculation in a) were all after-tax (or at least you were supposed to make it this way – you had to deduct tax and add capital tax allowance). So when you discount after tax cash flows you are obviously supposed to use the after tax discount rate of 7%.
The discount rate of 12% was only used for part b) of the question, as it explicitly said to ignore tax effects.Excellent. That is what I did. It confused me at first but that is the logic I eventually went with.
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I think its unfair about how they word the questions. Question 4 was a nightmare.. you are expected to work out the P/E which is Share price / Earnings per share.. Yet they didnt give you the number of shares… I think everyone should write to the ACCA ( i have ) and say how unfair this exam was. They probably want us all to fail so we have to pay £80 resit fee. Remember ACCA is a business and need to make money. Maybe they should have given us a question of how Businesses con thier customers… i would use ACCA as my example and definately get 25 marks !!
Please can everyone email ACCA
Hopefully they would take our frustration on board and lower the pass mark slightly- Topics: 0
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to cardine
how did you work out q4 ? the P/E calculation ?Thanks
Personally I’d rather see a lower pass rate, they are supposed to be hard to protect the profession. If the papers were easy everyone would be an accountant and then there’d be no point doing the papers yourself.
If anything the pass mark should be raised to 60%.
Personally ,i think the paper had the right mix of questions and covered the syllabus very well, its just when the examiner throws in awkwardly worded questions that are unnecissarily complicated its frustrating
Like the question on comparing work capital strategy, that could have just been so better put
ACCA: “JUNE 2012 EXAM RESULTS We will release the June 2012 exam results electronically by email, SMS and make available to view online from 8 August 2012. Paper results will follow one week later from 15 August 2012 for those students who have requested to receive paper copies.”
Also, questions are already published: https://www.accaglobal.com/content/dam/acca/global/PDF-students/acca/f9/exampapers/F9_2012_jun_q.pdf
@kamsingh01 said:
to cardine
how did you work out q4 ? the P/E calculation ?Thanks
@kamsingh01 said:
to cardine
how did you work out q4 ? the P/E calculation ?Thanks
PE ratio is MV/Earnings: You are presented with the variables – sector average and earnings therefore, you MUST have 3000×5 = $15,000. Discuss earnings is what is available to equity for cash payments – dividends and sector average is the expected future growth of that earnings.
Cost of equity is 12%, hence value is $5.722mil (risk-free rate 4+(1.6×5)
WACC is 10% and 10.32%. You MUST used the after-tax cost of debt; therefore, 1 – tax rate 20% x 5 and 6 respectively. Discussion the change in capital structure require a higher compansation for equity owners because of the financial risk they face -no dividend and the inability of the company to pay interest cost. WACC will be constant over a period, but change with gearing.@kamsingh01 said:
I think its unfair about how they word the questions. Question 4 was a nightmare.. you are expected to work out the P/E which is Share price / Earnings per share.. Yet they didnt give you the number of shares… I think everyone should write to the ACCA ( i have ) and say how unfair this exam was. They probably want us all to fail so we have to pay £80 resit fee. Remember ACCA is a business and need to make money. Maybe they should have given us a question of how Businesses con thier customers… i would use ACCA as my example and definately get 25 marks !!
Please can everyone email ACCA
Hopefully they would take our frustration on board and lower the pass mark slightlyhi, i don’t think ACCA will lower the pass mark anyway. They will just publish the passing rate based on the raw marks without doing adjustments. Indeed, question 4 is very unclear 🙁
The exam was fair enough.
The requirements of some parts, particularly question 4, was a bit sketchy while feeling the effects of time pressure.Hi kamsingh, I posted my thoughts on Q4 and feel the same, Q4 was so different to previous past papers it was totally unfair! Like you say it is a business so I guess they need the money!! What annoys me is the world is tough, us students try, not not only work full time but study, these examiners have their qualification would it be so difficult for them to make the paper somewhat slightly easier to pass?!
@kamsingh01 said:
I think its unfair about how they word the questions. Question 4 was a nightmare.. you are expected to work out the P/E which is Share price / Earnings per share.. Yet they didnt give you the number of shares… I think everyone should write to the ACCA ( i have ) and say how unfair this exam was. They probably want us all to fail so we have to pay £80 resit fee. Remember ACCA is a business and need to make money. Maybe they should have given us a question of how Businesses con thier customers… i would use ACCA as my example and definately get 25 marks !!
Please can everyone email ACCA
Hopefully they would take our frustration on board and lower the pass mark slightly- Topics: 0
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Q1 was ok.. Q2 was good.. Q3 was ok except islamic finance but i messed up on money rate calculation all because of time pressure.. Q4 was hell also i did rubbished on DVM and wacc.. I hope 4 a passed mark.. The questns was cheap but no reasonable time 2 attempt such questns properly! I need 2 disconnect my phone number from sms results 2 avoid high blood pressure after having time presure in the exam hall..
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This exam was the worst. There should be balance between long answers and calculations. Long answers was like 80% of the exam. Format need to be change
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@kamsingh01 said:
I think its unfair about how they word the questions. Question 4 was a nightmare.. you are expected to work out the P/E which is Share price / Earnings per share.. Yet they didnt give you the number of shares… I think everyone should write to the ACCA ( i have ) and say how unfair this exam was. They probably want us all to fail so we have to pay £80 resit fee. Remember ACCA is a business and need to make money. Maybe they should have given us a question of how Businesses con thier customers… i would use ACCA as my example and definately get 25 marks !!
Please can everyone email ACCA
Hopefully they would take our frustration on board and lower the pass mark slightlyPE is not necessarily share price/eps. You can also calculate it as total ordinary shares capital / total earnings. You don’t really need number of shares to calculate that. Since the question asked for a valuation of the company, you could just take the PE ratio of the industry, make an adjustment to it if you want, and multiply it by the earnings of the company.
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as in chapter buisness valuation the value of company can b calculate by multiplying the current avg p/e ratio of similiar companies to the corhig co into earnings of 1styear and growth rate of earnings
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in Q#4 from the equity beta and the Debt and equity ratios we have to find asset beta then from that asset beta we have to find the new equity beta for the changed position of debt and equity then from that new equity beta we can calculate the WACC….
ahh the q was very easy but to my luck in ke calculation i used equity risk premium as equal to B(Rm-Rf) while it is only (Rm-Rf) 🙁
2nd mistake i did was that while running due to shortage of time i just 4get to apply (1-t) with D in the denominator of asset beta formula…:((
the paper was very very easy but alas i could not manage time well my marks may vary from 45 to 55 🙁All good except Q4. This is to fail the majority of students do that in this hard economic climate ACCA can make some money out of poor students. Otherwise there is no necessity of over complicating the questions. Some one above said you have to be above average to pass but I say to pass you just need to be average , and in real working life computer does it all and the rest are the matter of personal judgement and to remind all dumbos who boast that one need to be exceptional to pass Acca I would suggest them to study rocket science not Acca. Acca is for normal average people like majority of us
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WHEN CAN WE EXPECT THE ANSWERS TO BE OUT
Dear all,
answers are out: https://www.accaglobal.com/content/dam/acca/global/PDF-students/acca/f9/exampapers/F9_2012_jun_a.pdf
Yeah, I confirm I pass already 🙂
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