[shery92]

Hello, can any one please help me with what the general rule about no date citations is ? I feel like I have way too many. For example I referenced something I found on the company website under the history section, now, the in text citation for such would not have a date correct ? because it’s a webpage and there is obviously no date of publication for such information or am I just supposed to date it as 2020 and move on ?

[shery92]

Hello Everyone, I have chosen to go with Topic 8 for my RAP, I understand that suggestions /ideas for selecting company is something to discuss with my mentor but nevertheless I am still looking for some suggestions.

I am keen towards the Automobile sector, Tesla Inc. seems the most appealing but my mentor suggested against it as there is no likely comparator there. Anymore interesting ideas ?

[shery92]

This is most definitely an error, one of many in the BPP kit. The answer actually is C. Question itself needed to be more clear by saying “wish to draw the users attention to a matter which is not presented or dislosed in the F/S but which is relevant to users understanding of the audit, the auditors responsibilities or the auditor’s report”

[shery92]

<cite> @batman1993026 said:</cite>
Yeah I agree, some of the adjustments in Q1 & Q2 were rather odd, which ones in particular did you find difficult?

The fair value going down in Q1 not that tricky now come to think of it but in the exam you just can’t hold it together man. Q2 was all sorts of nutters with the sale on repurchase option,depreciation for plant and bonus provision and rights issue I think I got treatment for sales note right rest everything not at all sure about.

[shery92]

I prepared really well for subsequent events, revenue recognition, frame work etc but was that asked ? ummm NO ! two of the rarest IAS come up as Q4 and Q5, on top of that the weird adjustments in Q1 and Q2 threw me off the tracks. Not even the slighest bit happy about my attempt hope I’ve done enough to get just a pass mark.

[shery92]

Yes but most candidates are not thoroughly prepared. 🙁

[shery92]

If however the totals did agree then you my friend are a magician. 😀

[shery92]

I don’t think that is correct because your actual quantity standard mix total would not have been equal to the actual sales total.

[shery92]

<cite> @youngw said:</cite>
Yeah, your mix total has to equal the actual total of units sold. Then you just split the mix units in the same proportion as the budget does.

You have no idea how happy that little revelation has made me 😀

[shery92]

What I did for the mix and quantity part was that I considered the budgeted sales as the standard sales itself there by based my actual quantity standard mix on that. Not entirely sure that is correct though.

[shery92]

Decision was not to expand (I hope!) at least that’s what my calculations said.

[shery92]

Personally I was expecting some nice 20 mark written question on performance management information systems and sources of management information, would’ve banged that in but sadly got thrown off really really bad by that balance scorecard one.

[shery92]

<cite> @milsaic said:</cite>
Will I get any marks for the variances eventhough I used the standard selling price to value the difference, and the budget did anyone get a suplus . I think I have failed .I didn’t read the questions well I guess.

See the thing is you never use selling price its always either std contribution per unit or if absorption costing system then std profit per unit. Don’t get disheartened though, what is done is done. Concentrate on your next paper(s).

[shery92]

<cite> @unknown44 said:</cite>
in the lifecycle question, all i did was attempt to calculate the direct materials again, and a small learning curve calculation using the equation, then added all the other costs in the lifecycle to it…i ignored note 3 and the notes at the top relating to target cost etc…do we get marks even for adding all the numbers up again like i did?

note 3 was needed for calculating the rework costs but anyhow still marks would be awarded if you considered the other two notes correctly.

[shery92]

<cite> @icedawn said:</cite>
For the Sales mix variance i dont understand why everyone used std contribution oO . It was specified in the question that the company uses a standard costing system which uses std profit as a basis and all information were given to calculate the absoprtion rate!!
Also if i fail f5 im not gonna bring any calculator nxt time since f5 is becoming more analytical and theory 😀

don’t you mean absorption costing system ? 😛

[shery92]

<cite> @abj2513 said:</cite>
variances question i used standard contribution margin did i answer correctly

both sales mix and sales quantity needed to be valued at standard profit per unit as absorption costing was in use and data for overheads was also provided.

[shery92]

Not hard but not so easy at the same time. Overall a fair paper, only got stumped at Q1 perfect information bit and Q2 balance score card, aside from these two managed all the others pretty well still in need of a hand of God though.

[shery92]

@eugeneksc said:
Well I’m not sure but my notes says if the takeover is entirely for shares, the shareholder’s newly acquired shares replace the old shares. Therefore the cost of the old shares are carried forward to the newly acquired shares, so that’s what I did.

i guess you’re right i’m screwed 😉

[shery92]

@eugeneksc said:
What I did in question 3 was whether they sold it or took the share exchange I treat it as a normal disposal, since the exchange was 1 for 1, there should’nt be any special treatment I think…

but they received the exact same amount of shares after takeover so the old cost could not have been allocated to them right ?

[shery92]

q3 was crazzzyyy ! does anybody remember the exact figures they got or how they went about with the computations ? coz what I did was that when the consideration was for cash the entire cash element was taken up less the cost to give the chargeable gain the rest i dont recall the consideration for shares what was its treatment ?

[shery92]

in q2 the capital allowances i put the AIA against the machinery bought instead of SRP items (ventilation system and lift) and second-hand freehold office building is not taken in capital allowance computation it states so specifically in the Kaplan text book i remember

[shery92]

q1 & q2 were core areas with easy NIC marks in q1 but all that capital expenditure items and capital allowances had my head spinning but i think i did manage to get most of them right..then q3 i skipped to attempt q4 & q5 but although q4 was basic textbook knowledge i messed it all up 😉 got most of the IHT calculations right then back to q3 which sucked up about 45 minutes of my time..over all not so happy with what i achieved but hoping for the best 🙂

[shery92]

The paper was as a matter of fact , easy but also kinda lame because certain scoring topics were excluded in this sitting.Overall I hope i’ll achieve a border-line pass mark, this was my first ever sitting of this exam and it seems to be going down the drain 🙁

Dont know why the examiner decided to throw 10 mark Q’s at us with virtually nothing to write about , honestly it beats my understanding that why 10 mark questions on statutory documents and issuance of rights, bonus shares were set ?

As far as Q8 is concerned , to me it seemed that two fundamental aspects of contract law were being questioned that is “sufficiency of consideration” and “intention to create legal relations” so I wrote along those lines , which I hope goes down well with the markers.

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