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Q1 got the same 20% and 18% a lot of people had I recon I got 17marks on the first question.
Totally messed up Q2 but going of the comments I may have done better than I thought, I estimate only 3 marks on this one.
Q3 Loved this question but my NPV was $450,000 and everyone is quoting $2m+ (Did everyone forget the $2m spent on machinery at the start of the project?), I was estimating 20mark on this one.
Q4 Hmmm! I have no idea how I did but unfortunately I only estimate 4 – 10 marks on this one.
So I recon I have between 46 and 50% – See you all at Christmas!What a Nightmare!
Q1. 100% probablility I got it wrong
Q2. WACC a Day (Timmy Mallet style)
Q3. Easy, Traniee Accountant had it all correct
Q4. Your What’s Itchy?- Topics: 0
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paper was very conceptual. im impressed by the examiner. one who just study the bpp study text could do it easily. in many questions examiner just judged our common sense and that is required of an accountant.
sidra shahab- Topics: 0
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I thought it was considerably fair, and a lot of the stuff which came up was usual and kind of similar to past papers. The only unexpected stuff was the EV and probabilities which is more F5 related rather than F9 in my opinion. Everything else was covered under the F9 syllabus. Hope you all get the marks your hoping for. I really hope I’ve passed!
Fail to prepare….prepare to fail. Everything that was asked today was on the syllabus so had to be a fair paper, although there is a trend of examiners tending to ask the same things but in a different way (tax this time last year and f7 at christmas). Anyway, if the exams were easy everyone who wanted to be would be an accountant. Suck it up and get on with it people! (and best of luck in the results to all)
we need to work harder for next session now… lets forget about it, have a break and enjoy Summer now !
eh.. what was that paper all about.. I thought I was sitting a different exam completely after everything I studied!!! I’ll be happy to re sit it though.. don’t mind!!!
@maegabriel said:
OMG. It’s the first time i’ve taken F9 and at the new exam format and i’ve just remembered, i forgot to mark the front page of the question attempted!!! Do you think it matters so much? I’m so scared i won’t get marked now… oh, i could cry.. 🙁Ooops, me too, Butterfly, although to be honest I didn’t have the time. I’m sure that although not ideal, it should not be so bad that they couldn’t mark our papers.
I am very disappointed with question one i was like IS THIS FOR REAL
I can recall probability and expected value was a topic in the F5 paper its not fair
And i know for sure that Question 3 i made a terrible mistake there goes another 2 marks down the drain.- Topics: 0
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@funshine98 said:
The f9 paper was really a disaster can anyone tell me in the npv question did we had to take the interest payment of the loan into account the stupid trainee accountant confused everyone lol and what rate did u guys use for discounting the nominall wacc of 12% or the reall WACC of 7%. And how the helll were we supposed to calculate the capital gains and total returns to shareholder. The f9 paper was a disaster really. Sad paper by the examiner.the discount rate was indeed 12%
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I was very disappointed with the standard of this exam. Tony Head (the examiner) is generally considered by many lecturers as being one of the fairest on the ACCA circuit.
However I feel the balance of this exam was a significant departure from his previous ones. I have spent the last 4 months focusing on the BPP text (twice), CD’s and every past paper including the pilot but the 2010 sitting is nothing like any of those before it.
For those of you who felt it was easy I congratulate you – you clearly prepared well and also have a natural aptitude for adapting to unusual situations. For the rest of us who struggled and are simply hoping we have done enough to pass we have to accept Tony Head decided many of his past papers were too easy and he wanted shake things up a lot this time. This surprised me bearing in mind the pass rate dropped by 5% in Dec 2009 and I would thought he would want to move it back to over 40% asap.
The EV question was not easy nor covered like that in BPP – it is for an investment and not a cash flow. This question was more in application style and probably (no pun intended) more suited to the professional stage at level three intellect. I suspected EV would come up but not in a cash flow situation and I struggled with it myself. I also feel this has been used to separate the brighter candidates as a discriminator but could backfire based on comments on here. EV is also not very common in real world situations for many students and seems out of date in modern thinking.
Overall the easier marks like Miller Orr, EOQ, full WACC calculations, TERP etc. were missing and not enough on working capital structure and capital funding strategy on the paper. The requirements were also somewhat inferred rather than clear in many written parts. I am surprised the paper was passed by those who scrutinized it – I understand it goes through several re-reads and checks. i am left wondering how much – if any – moderating will be required when marking this time around.
I wish all those who sat F9 good luck (including myself!) and I hope we won’t be required to sit it again.
I can’t really remember what I did in the exam hall. I would’nt say the questions were difficult, It was just too easy to be expected. I hope for 50 marks
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Questions were too easy but not answers.. LOL
Examiner should assess students concept not math……..
ARIJ KAZI
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I think the examiner really test the student understanding of the key concept and key syllabus area in the exams.
Except for examination condition and time pressure which may not work in some student favour, i feel an average student should be able to scrape a pass mark.
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I felt happy with questions 1&2, 3 was ok, 4 was a disaster… until I read all these posts! Now I’m realizing I might not have done as much right as I thought! But I thought it was a fair paper, not as awful as I expected. Definitely hope I get a 50!
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@sidrashahab said:
paper was very conceptual. im impressed by the examiner. one who just study the bpp study text could do it easily. in many questions examiner just judged our common sense and that is required of an accountant.
sidra shahabAre you having a laugh? The paper is not there to test our common sense as you put it but the syllabus. Hence why we study and just dont turn up to the exams. You are entitled to your opinion but you could you some common sense yourself.
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One the most difficult and confusing F9 Exams as of late, the pattern of the paper and the topics examined have swayed away from the way it is in the pilot paper or the 2007 2008 exams. Whoever said Tony Head is fair, he’s gone Head over heels this time round!. I mean 10 Marks for probability(which there were no practice questions or such scenarios in the book) and 60% theory!.
Let’s just Hope for the best(which is getting a 50 :P)
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My Review:
Q1)
req 1 and 2 were quite straight forward op-balance+(cashflow*probability%) = closing balance
i messed up with 3 and 4
Discussion was quite simple, ie e.v doesnt not represent actual cashflow, limitatons etc and a bit introduction to scenario planning which is better simple probability analysis ie it consider effect of variables on each otherAnd for the Factors to consider for reciable Policy Management:
(4 points , 1 mark for identification and one for explanation)
Current Financing Options (eg cost etc)
Working Capital Structure
Industry Norms
and few otherQ2)
Mistakes:
-Inflation considered for 1st year only
-Fixed Cost Included (rnd)
-Interest Payments Included
-Dep Deducted
-Tax Calculated on Accounting Profits
– Discounted @ 10%– as at the start of the question it says that the new project have same risk , a hint that Nominal Wacc should be used to discount
-The NPV calculation were quite straight Forward
– Discussion Between Liquidity and profitability (eg effects of both on business)
Q3) Simple Bonds Calculation that are redeemed at premium
– Calculate Its IRR make sure to include tax effect and consider premium
-Wacc calculation and discussion:
-Take market Value of Equity 10000 *4 )
– M.V of Debt which is considered as trading at PAR because examiner has not give any discount rate(ie securities tarded with same Risk Features) rate and we must include it in our assumptions since the question requires it– The Discussion Includes that it hardly changed the WACC because of the tax effect and a bit discussion about intrest cover and gearing and its effects
Q4)
A) Gain is Calculated as 2008 Share Price – 2007 Share price (same with 2009 and 2010)
Dividend Yield = Div/Share PriceAnd The Actual Share Holder Return (for comparison with capam) = (Capital Gain + Dividend) / Share Price At Start (ie last year closing)
Discussion would include the decrease in share price due to decrease in dividend (some theories)
🙂
MKT Price on historic Basis (with growth
(Dividend in 2010 / Dividend in 2008) ^ 1/2 -1 (answer was around 4 %)Price = CurrentDiv * 1.04/ 0.10-.04
ii) For New Policy calculate same price as before and discount it 3 years back @ 10 % also discuss the limitations ie (cost of equity may change)
The Last part was a bit easy here are some heading
– Main Object = Profit Max
– Investment Decisions to Achieve This Objective
– Financing Decisions To Make Investment (some discussion of soruces of finance)
– Dividend Policy To Signal Investor About +ve Npv of projects (some discussion about Traditional Theory MM etc)Guys lets just pray for 50% and if we are lucky we would get 51%
Have a great June guys at least whats left of it that is *sigh*What a hell paper.. I work out question 1, then try others and left after just 1.30hr in the exam hall… Acca is not working with its tuition providers.. I never expected those question… Shit…
Q.1 If u know probabilty simple with simple working capital theory.
Q.2 ok
Q.3 Easiest every tested for Investment appraisal . Piece of cake….
Q4. Tricky but the 12 marks theory was a bonus for this Q.12.5 marks in every question will make 50 …… I Hope this will not be difficult…
Did all, ppr tested concepts at a greater extent…..Examiner proved that rote learning is not enough , we have to use concepts and apply….Nothing was out of syllabus…..
Rest my GOD will pass me INSHALLAH !
i have an ARREST WARRANT for the f9 examiner! he or she just commited a crime against humanity! lol. that was hot fire! question 1 was a complete disaster.2 to 4 wernt too good either.hoping for a major miracle,though
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