Cap 2 2017

Rocketdog1905 · 02-05-2017 12:45PM

Is anyone else finding the tax exam papers very tough? I'd thought it was one of the easier subjects but I'm learning the slides and still haven't a notion when it comes to answering papers!!

Are ye attending the revisions days? I feel like they are a waste of time that could be spent studying!

ACA2017 · 03-05-2017 11:32AM

I don't think i am going to go to the revision days held by chartered accountants house as i didn't find them good for Cap1s'

I signed up for chartered grind school SFMA and tax so hopefully that helps

thefox1982 · 13-05-2017 11:25AM

Rocketdog1905 wrote: »

Is anyone else finding the tax exam papers very tough? I'd thought it was one of the easier subjects but I'm learning the slides and still haven't a notion when it comes to answering papers!!

Are ye attending the revisions days? I feel like they are a waste of time that could be spent studying!

I am going to go to them. I found them really helpful last year, with the exception of law, left after about an hour. If I don't find them useful, I will leave during and go home to study.

I am too finding tax hard, a lot hard than CAP 1. But I am working my way through revision of the lectures and the session packs now. I didn't find the lecturer that good. For the mocks I just concentrated on corporation tax, only did about five hours study for it and got 28.5%. I was chuffed with that, obviously there are a lot of marks for attempting the question and filling in numbers.

thefox1982 · 13-05-2017 11:37AM

There are a lot of people here asking what approach to take, there are many ways to do it. This is what I am doing and it may not be the approach that other people want to take. I think that the best way to approach study is to do up the notes first, and then do the exam papers. This way you can do trial runs on your notes to see if they are up to standard. I will be updating these when I find gaps when doing the exam papers.

Best advice is to put a study plan in place for the next few weeks. I have done this for the full seven weeks that I am off. I start study at 7am and finish at 7pm Mon - Fri (two 30 mins breaks and one hour lunch). I study all four subjects each day for 2.5 hours each. I find that this breaks up the day really well and worked great for CAP 1. At the weekends I am doing two subjects on both Saturday and Sunday - 2.5 hours each, starting early so that I have the rest of the day to do something.

A&A - I am working on getting my notes in order first, particularly the types of substantive testing for each different area. I planned to have all of these done for the end of the month so that I can start exam questions after the June bank holiday.

FR - I am working my way through the different standards, in order of how they were done at the lectures, updating my notes with the different types of journal entries and scenarios. I have been doing the session questions for each of these which include exam questions. I plan to have these done within the next week or two and then concentrate on the first question and consolidation questions and then the full exam paper.

SFMA - Working my way through the different lectures and answering the session questions. When finished and notes all in order, I will do past papers.

Tax - Working my way through the different taxes - SD, CGT, CAT and CT. I am doing the session questions as I go along. Will start exam papers in the next week or two.

shanmo · 13-05-2017 12:07PM

thefox1982 wrote: »

There are a lot of people here asking what approach to take, there are many ways to do it. This is what I am doing and it may not be the approach that other people want to take. I think that the best way to approach study is to do up the notes first, and then do the exam papers. This way you can do trial runs on your notes to see if they are up to standard. I will be updating these when I find gaps when doing the exam papers.

Best advice is to put a study plan in place for the next few weeks. I have done this for the full seven weeks that I am off. I start study at 7am and finish at 7pm Mon - Fri (two 30 mins breaks and one hour lunch). I study all four subjects each day for 2.5 hours each. I find that this breaks up the day really well and worked great for CAP 1. At the weekends I am doing two subjects on both Saturday and Sunday - 2.5 hours each, starting early so that I have the rest of the day to do something.

A&A - I am working on getting my notes in order first, particularly the types of substantive testing for each different area. I planned to have all of these done for the end of the month so that I can start exam questions after the June bank holiday.

FR - I am working my way through the different standards, in order of how they were done at the lectures, updating my notes with the different types of journal entries and scenarios. I have been doing the session questions for each of these which include exam questions. I plan to have these done within the next week or two and then concentrate on the first question and consolidation questions and then the full exam paper.

SFMA - Working my way through the different lectures and answering the session questions. When finished and notes all in order, I will do past papers.

Tax - Working my way through the different taxes - SD, CGT, CAT and CT. I am doing the session questions as I go along. Will start exam papers in the next week or two.

Hi thefox,

All I can say is wow. You have a great level of determination and concentration . I mean 10 hours of study a day, I don't know how you do it.

You sound like you've got things on point. Obviously you have and are working hard.

If I could do what you're saying, I would but I cant even get my head around certain things. No matter what I try there are things in each subject that I can't grasp. This is in turn is making it hard for me to fill in the gaps in the notes. It's also making it hard to link things in.
Addionally, I'm struggling and I mean really struggling with journals.

Plus the amount of information in each subject is so vast, without anyway to really narrow it down. I find it quite overwhelming.

Good luck to you. You sound like you'll win awards for your results

con89 · 15-05-2017 11:30AM

Hey lads, sorry a bit random, I cannot find the "start a new thread" button, I have finished my college exams just today and next week will be taking the CAP one Paper one Finance exam, I have been looking through the past exam papers and find one or two bits very confusing, was just wondering who I should email for help?

con89 · 15-05-2017 11:40AM

Here is an extract from the Question (2014 Autumn Cap One Finance) :

In addition to this, BRIGHTON also has €/? 800,000 6% bonds which are redeemable in 5 years time at par (€/? 100). These bondholders require a return of 10%

And an extract from the answer:

Market Value of Redeemable Bonds

Year Cashflow DCF (10%) Discounted CF
Interest 1-5 4.8 3.791 18.2
Redemption 5 100 .621 62.1
80.3

For every €/? 100 the bond is trading at a discount of €/? 80.30

= €/? 800,000 * .803 = €/? 642,400

Cost of Redeemable Debt = 10% (as provided in the question).

I have no idea where the 3.791 or the .621 figures come from. The lecture examples are not provided with any answers.

The redeemable Bonds market value formula is given as:
I1 I2 Rn

+

........

(1 + Kd) (1+Kd)2 (1+Kd)n

con89 · 15-05-2017 12:29PM

Never mind lads FINALLY figured it out

KKathryn · 23-05-2017 03:58PM

Hi All,
I am only coming across this forum now! I am also doing CAP 2 through distance and the pressure is massively on now.
I am finding SFMA the hardest to study, the management side of it is fine but as for the finance side foreign exchange, interest, dividends etc i am really struggling with, I have watched all of the lectures and went through the notes and done some questions however it just seems to be not sticking. Anyone any advice on how best to tackle it or what you's are finding is working best.

Tgt16 · 26-05-2017 02:56PM

I too am finding SFMA the toughest as there seems to be a vast amount of topics to get through. Out of all 4 exams I will be spending the most time on this.
Fx risk and interest rate risk are the most technical in nature and I've only touched on these in my study so far. I think to prepare for these I'm going to try prepare a template on it/sample answer/approach etc..because I don't think I'll fully understand or memorise the approach.

How is everybody's studying going? I feel the pressure beginning to build alot esp with only 3 weeks left :-/

KKathryn · 28-05-2017 10:17AM

Tgt16- for SFMA that's what I am going to do today prepare templates/steps for FX, Interest, Variances and Divilisation, i think that's the best way forward for it. I don't find the lecture notes particularly helpful and the solutions to the past papers specifically finance are so confusing as majority of time they haven't shown how they have come to certain figures.
The pressure is massively on now and as I am in industry and we don't get study leave, I am juggling studying with work 3 days a week which is a nightmare!

thefox1982 · 07-06-2017 07:05PM

Hi all,

My god the pressure is defo on now! I just can't wait for these to be over and get my life back!

I have attached the notes that I have done up over the last number of weeks. I know that my notes have helped people before for the IAs, so I hope that these will be of use to someone out there and help get you over the line to pass the modules.

These notes have been compiled from notes taken at lectures, slides, revision classes, session questions & notes and past exam papers. The FR notes are mainly based on the consolidation question with the remainder of the notes and approaches contained within the standard notes. For all past papers so far for FR and A&A, I have not had to refer to the standard books at all, just to these notes.

Tax notes are a lot shorter than the others as this is closed book and are therefore not as organised as the rest. I do find the diagrams I made up in the first few pages very useful and have been using these as a memory jog while doing past papers.

Please feel free to print these and pass around. Only caveat is that they are my notes and contain what I feel I need to know and remember, so might not suit everyone.

I hope that these help someone at least!

Ponyface · 11-06-2017 05:44PM

Hi all, literally a week to go and I'm freaked out. Can someone please tell me if it's healthy to take a day off at this stage? My head is absolutely melted and can't even bare to look at a book today.

Tgt16 · 11-06-2017 05:51PM

Ponyface wrote: »

Hi all, literally a week to go and I'm freaked out. Can someone please tell me if it's healthy to take a day off at this stage? My head is absolutely melted and can't even bare to look at a book today.

Hi, what kind of study are you putting in? I've only be doing in Monday to Friday so far, no weekends - with the exception of next weekend of course, considering exams are following week.

Ponyface · 11-06-2017 05:58PM

Tgt16 wrote: »

Hi, what kind of study are you putting in? I've only be doing in Monday to Friday so far, no weekends - with the exception of next weekend of course, considering exams are following week.

Monday to Friday prob like 11 hours a day and then a few on Saturdays. It's just I don't particularly feel like I am competent for any of them even though I feel like I've worked hard. Was just hoping to hear other people feel the same and need to take breaks as well, lessens the guilt haha

Tgt16 · 11-06-2017 06:06PM

Ponyface wrote: »

Monday to Friday prob like 11 hours a day and then a few on Saturdays. It's just I don't particularly feel like I am competent for any of them even though I feel like I've worked hard. Was just hoping to hear other people feel the same and need to take breaks as well, lessens the guilt haha

Well done, that is a lot of study, so fair play. Some days I have put in a full days study and others not so much. I guess we can only do what we can do. I for one can't seem to be able to do anymore that 6 hours without becoming completely lethargic. I'm hoping to just get over the line and no more.

Ponyface · 11-06-2017 06:10PM

Tgt16 wrote: »

Well done, that is a lot of study, so fair play. Some days I have put in a full days study and others not so much. I guess we can only do what we can do. I for one can't seem to be able to do anymore that 6 hours without becoming completely lethargic. I'm hoping to just get over the line and no more.

I know it's mad that it's just like a week away. We'll have to study loads this week. I'm hoping to get three, really can't see tax going well. I've tried to study it but I just keep making stupid mistakes on CT and then keep getting cgt and cat mixed up!ðŸ˜¬

shanmo · 11-06-2017 06:40PM

Ponyface wrote: »

I know it's mad that it's just like a week away. We'll have to study loads this week. I'm hoping to get three, really can't see tax going well. I've tried to study it but I just keep making stupid mistakes on CT and then keep getting cgt and cat mixed up!ðŸ˜¬

If you've been doing that many hours a day I'd say you Defo need a break. You must be burned out.

I commend your stamina . I could not do 11 hours a day. I'm the same as the person above, all I seem to be able to do is about 6 hours and even at that there are days when during them hours I'm very productive.

Give yourself a day off. Refresh your mind.

Hopefully, we get the pass. I personally don't like my chances at the minute but I'll keep my fingers crossed.

I haven't even looked at audit.

How are you with the papers?

Ponyface · 11-06-2017 07:16PM

shanmo wrote: »

If you've been doing that many hours a day I'd say you Defo need a break. You must be burned out.

I commend your stamina . I could not do 11 hours a day. I'm the same as the person above, all I seem to be able to do is about 6 hours and even at that there are days when during them hours I'm very productive.

Give yourself a day off. Refresh your mind.

Hopefully, we get the pass. I personally don't like my chances at the minute but I'll keep my fingers crossed.

I haven't even looked at audit.

How are you with the papers?

Thank you. I certainly have enjoyed lazing around even if the guilt is starting to get at me.

So I only looked at audit myself for the first time Friday and it's actually tough, a lot tougher than I had expected. Hopefully we can spoof a pass though. Have done a lot on tax and fr, consolidation is very hard, putting money on a disposal to come up. Sfma is tricky but if variances and fx risk came up then could be passable. How about yourself?

KKathryn · 11-06-2017 07:17PM

I would recommend taking a break as the more pressure we put on ourselves the less our minds retain so a days break does ye good to refresh the brain!

I also haven't looked at audit I'm hoping 2 days flatout at it gets my across the line! I am finding tax impossible my mind is not retaining the info at all!!

shanmo · 11-06-2017 07:30PM

Ponyface wrote: »

Thank you. I certainly have enjoyed lazing around even if the guilt is starting to get at me.

So I only looked at audit myself for the first time Friday and it's actually tough, a lot tougher than I had expected. Hopefully we can spoof a pass though. Have done a lot on tax and fr, consolidation is very hard, putting money on a disposal to come up. Sfma is tricky but if variances and fx risk came up then could be passable. How about yourself?

I had a full day like that yesterday and half a day like that today. Just watched loads of tele and ate snacks. Just think in two weeks time we can do that guilt free

I'm regretting neglecting audit! I don't even work in it but o well. It's so boring!

Funny you say that, I too am thinking a disposal will come up. Do you think it'll be p/l and sofp or cf? I can't decide what Id prefer. They're both tricky. Still can't nail them. I don't feel great with q 1 either. Adjustments cause me trouble.

Ya for sfma I'm hoping for variances too and them maybe a simple enough performance evaluation q. After that I don't know.

I have good and bad days with tax. It's all about the memory and some of it is similar but different.

I think time will be a big issue. Plus as the week goes on I think my brain will just get more and more tired.

We can hope for nice papers. Haha

Ponyface · 11-06-2017 08:12PM

KKathryn wrote: »

I would recommend taking a break as the more pressure we put on ourselves the less our minds retain so a days break does ye good to refresh the brain!

I also haven't looked at audit I'm hoping 2 days flatout at it gets my across the line! I am finding tax impossible my mind is not retaining the info at all!!

Tax is so hard, but if we do well on say the addback and the ct part then that should be at least 15 marks, only need to do say half decent questions after that to pass, please god. Defo think revised entrepreneur relief will come up cos it changed in Jan so make sure u go over that for cgt!

Ponyface · 11-06-2017 08:19PM

shanmo wrote: »

I had a full day like that yesterday and half a day like that today. Just watched loads of tele and ate snacks. Just think in two weeks time we can do that guilt free

I'm regretting neglecting audit! I don't even work in it but o well. It's so boring!

Funny you say that, I too am thinking a disposal will come up. Do you think it'll be p/l and sofp or cf? I can't decide what Id prefer. They're both tricky. Still can't nail them. I don't feel great with q 1 either. Adjustments cause me trouble.

Ya for sfma I'm hoping for variances too and them maybe a simple enough performance evaluation q. After that I don't know.

I have good and bad days with tax. It's all about the memory and some of it is similar but different.

I think time will be a big issue. Plus as the week goes on I think my brain will just get more and more tired.

We can hope for nice papers. Haha

Audit is probably the hardest to tell how it will go, like I know loads in my firm who work in audit but they all failed last year. It's quiet hard to know what to put down. I'm just going to through ISA and IAS references everywhere and hope for the best!

For fr would love a consol cashfolw, they are all the same every year. It will most likely be a pl and sofp disposal. The only problem with the disposal paper from aut 15 the solution is absolutely terrible, can't follow it at all.

The adjustments are hard but I found ias 36 and 38 and 10 seem to come up loads so I'm going over them as much as possible. also th questions on disclosure notes, the solutions are pure wrong, like I can't see us getting marks for writing ias straight from the book like the solution does, going to have to try wing those!

GoldFour4 · 11-06-2017 09:57PM

I took today and yesterday off - I've been working Monday - Friday with some Saturdays since study leave began so knew I needed to clear my mind a bit before the next two weeks. No harm with taking a break at this stage in my opinion. Your brain needs a chance to relax too in order to function properly on the big day.

thefox1982 · 12-06-2017 01:58PM

Ponyface wrote: »

Tax is so hard, but if we do well on say the addback and the ct part then that should be at least 15 marks, only need to do say half decent questions after that to pass, please god. Defo think revised entrepreneur relief will come up cos it changed in Jan so make sure u go over that for cgt!

Yeah the entrepreneur relief will def come up. The lad at the revision was saying that it will have to come up as it has changed. That and retirement relief and business relief.

shanmo · 12-06-2017 03:23PM

Does anyone have hints for audit? Like any steer of what topics most likely to come up?

Or is that impossible to judge?

Also for FR?

Thanks.

thefox1982 · 12-06-2017 03:53PM

shanmo wrote: »

Does anyone have hints for audit? Like any steer of what topics most likely to come up?

Or is that impossible to judge?

Also for FR?

Thanks.

I think it's impossible to judge. At the audit revision the lecturer said that there is no way to predict what is going to come up and not to use analytical procedures on past paper topics! It is a given that audit report (as in the different outcomes) and ethics will come up. They are on every paper.

In terms of FR, obviously consolidation comes up but cashflow consol or fx consol or consol changes in equity don't come up that often and are probably due to come up.

In terms of the standards, Changes in FX(IAS 21), PPE(IAS 16), impairment(IAS36), provisions(IAS37) nearly always come up. Deferred tax(IAS12) is one to look out for.

shanmo · 12-06-2017 04:25PM

thefox1982 wrote: »

I think it's impossible to judge. At the audit revision the lecturer said that there is no way to predict what is going to come up and not to use analytical procedures on past paper topics! It is a given that audit report (as in the different outcomes) and ethics will come up. They are on every paper.

In terms of FR, obviously consolidation comes up but cashflow consol or fx consol or consol changes in equity don't come up that often and are probably due to come up.

In terms of the standards, Changes in FX(IAS 21), PPE(IAS 16), impairment(IAS36), provisions(IAS37) nearly always come up. Deferred tax(IAS12) is one to look out for.

Consol changes in equity? I don't even recall doing anything like that!

This is not good. For any subject.

Thanks for the reply

Deeman1991 · 12-06-2017 06:21PM

Just take a day off if you feel your level is dropping.

Don't burn out on the day of the exams anyway.

Not an insult, just a fact of life

GoldFour4 · 12-06-2017 06:40PM

shanmo wrote: »

Consol changes in equity? I don't even recall doing anything like that!

This is not good. For any subject.

Thanks for the reply

Don't think I've seen that at all either, presume its changes in equity for question one?

Cap 2 2017

Comments