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CAP 2 Exams 2011 Feedback

KingEnda

Good luck to everone starting the exams next Monday. Last few days of sweating ahead of us over the weekend, stay going for the last gallop:)

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Username2011

BESman wrote: »

Jaysus, don't know what to make of Tax. There was nothing overly difficult but think I made a balls of a lot of the reliefs. Be interesting to see how they mark it. I'd have a lot of the basic rules and computations for most of the questions but would have mistakes all over the place too.

For CGT in Q1 I went off calculating deferred gain which I dont think applies at all. Didn't know what to say about the share buybacks, skipped that part of the course last night. As for tax relief on the patent, I spewed shite about intangible assets and R & D reliefs. Didn't mention the obvious point about capital allowances. Out of 44 marks be very lucky to get 20.

Q2 was fair, only got stumped on part (d) about the group companies and tax efficient way to dispose of property. I skipped it and when I got back to it at the end just said to transfer it to a company with capital losses. Any marks for that I wonder?!

Q3 was probably the most do-able. There was very little calculations for the agricultural relief and I expected something to catch me out but there didn't seem to be anything really.

Skipped Q4, didn't cover loss relief.

Q5 was poor but I had no choice but to answer it. I didn't refer to the various rules on directors' loans, just made general statements about each of the transactions, i.e. allowable or not and why. I also tried my best to describe how the individual should account for each transaction. Be lucky to get 5 marks in this!

I've been trying to calculate my overall mark and its anywhere between 35 and 50. I think a pass is probably beyond me though. I kind of neglected Tax because it wouldn't be the worst one to repeat in October.

Now to Auditing on 36 hours without sleep...

My guy failed the 80% test and didn't qualify for agri relief so gave him business relief instead.....

Pawwed Rig

BESman wrote: »

Q2 was fair, only got stumped on part (d) about the group companies and tax efficient way to dispose of property. I skipped it and when I got back to it at the end just said to transfer it to a company with capital losses. Any marks for that I wonder?!

Was there an error in Q2 part D? I took AGA as having three subsidiaries but after reading in again It could be interpreted as CGC being a parent of DGD. Which really changes the conditions for the CG group. Thoughts?

Username2011

yep i think youre right
i think they meant to say 80% subsidary of the other company

all the companies said "x% subsidary of AGA" except the last one that said "x% subsidary"

I threw down an assumption

KingEnda

One down, a load of Tax stuff now to dump from the brain. Hoping for a bit more CT to be included on the paper but I think I will be there or there abouts

Now for the Audit and then .....................

:eek::eek::eek::eek::eek::eek::eek::eek:

Username2011

Shtumped! Don't know how I did with that audit paper...

Tricky1979

Very tough paper - more like a Financial Reporting / Double Accounting exam.

Don't think any of the wasted hours in lectures helped today.

No sign of internal controls? Lectures and examiners and in turn students are on completely different planets.

There's always October - €€€€€€€ for Chartered Accountants!!

R0N BURGUNDY

thought i was doing sweet until had to decide between question 3 and 4 and ended up changing my mind half way through 4 and doing 3 instead. hope first 2 questions will put me over the edge because on 3 id say i got about 5 marks.

thought question 1 and 2 were dead on. question 3 tricky. 4 - blank.

prinz

Yup bit of an odd paper. Wasn't too bad, but I was caught for time by about 5 minutes or so. Were a few sections which were more Fin Rep than Audit & Assurance esp. sections in Q1.

Didn't really get the "substantive analytical procedures", should it not be subtantive procedures and/or analytical procedures? What's a substantive analytical procedure? Ended up just doing a quick numerical calc for that part.

Q2 on the Bank Confirmation piece.... was there supposed to be two separate bank accounts? Why would the bank statement of one account include an overdraft figure from a second account? If they are relating to one account why would the bank confirmation letter deduct one account from the balance of another... is there something I missed on that....

The same piece seems to indicate that there is one account... and two accounts...

QueenV

Section A was okish

Section B -OMG

The audit report question was ridiculous!!!!!!!!!I mean WTF was that?????

After the disaster that was the continuous assessment,I really hope I have done enough to pass! Fingers crossed

R0N BURGUNDY

haha - the audit report question was a bit mad alright. i messed up the depreciation of the buildings and then didnt have time to amend it when i realised later what was meant to happen.

toobeyshaw

I thought Q 1 was fair enough, I did question 2 and then 4 which were mixed. I was a bit crap on time at the end despite my best efforts so I messed up Q4!! Glad it's out of the way, I am not going to analyse it now because I just never know what to expect with audit

For SFMA tomorrow I am just going to read through notes this evening and try get a good nights sleep and hope for the best.

For FR on Friday

I think I could spend a year studying for it and still not have a clue :eek:. Roll on Friday at 1.20

thisguy

prinz wrote: »

Yup bit of an odd paper. Wasn't too bad, but I was caught for time by about 5 minutes or so. Were a few sections which were more Fin Rep than Audit & Assurance esp. sections in Q1.

Didn't really get the "substantive analytical procedures", should it not be subtantive procedures and/or analytical procedures? What's a substantive analytical procedure? Ended up just doing a quick numerical calc for that part.

Yea for that all i did was a depreciation recalc, and compared it to the actual result...and then said some ****e about comparing year on year as well.

Not to sure about that paper, its so hard to tell with auditing but I'm not overly confident after it

Username2011

For Q1: how were you supposed to do the depreciation on the disposal??
i figured out the additions, and other fixed assets ok but for the disposal i was a bit stumped so just reveresd the accumulated depreciation (i think thats what I did) by deducting cost -nrv?

Prinz - I didn't figure out the FX forward contract account but the other overdraft a/c (i think) was linking it to disclosing directors loans which is required by the Companies act

Ron: Did you figure out the depreciation in the audit report? I was stumped and said something along the lines of they should revalue it to year end and then revise the uesful expected life

As well.....the bank question. Turns out bank ISNT always the nicest area! or is that me?

You guys are right about the time. I got it done but only cause I was ruthless on moving on. Don't know how people last year did without the 20 mins

prinz

Username2011 wrote: »

For Q1: how were you supposed to do the depreciation on the disposal??
i figured out the additions, and other fixed assets ok but for the disposal i was a bit stumped so just reveresd the accumulated depreciation (i think thats what I did) by deducting cost -nrv?

You didn't have to. There was no depreciation charged in the year of disposal. All you needed to do was a quick calc of what the depreciation charge was approx and compare it to the actual charge per in the IS which was €130,000. There was a big enough difference to say the €130,000 charge was not reasonable and needed further investigating. That's all I did. Maybe picked it up wrong.

Username2011

prinz wrote: »

You didn't have to. There was no depreciation charged in the year of disposal. All you needed to do was a quick calc of what the depreciation charge was approx and compare it to the actual charge per in the IS which was €130,000. There was a big enough difference to say the €130,000 charge was not reasonable and needed further investigating. That's all I did. Maybe picked it up wrong.

Ah as with all the audit answers, seems so simple when you read it back. Thanks for that!

BESman

R0N BURGUNDY wrote: »

thought i was doing sweet until had to decide between question 3 and 4 and ended up changing my mind half way through 4 and doing 3 instead. hope first 2 questions will put me over the edge because on 3 id say i got about 5 marks.

thought question 1 and 2 were dead on. question 3 tricky. 4 - blank.

Same thing happened to me. After the case study (which was ok to be fair) I attempted Q3 because it looked similar to some questions I had with me but when I got into it, it was a complete disaster, didn't know what I was doing. Time was pushing on so I only attempted part (a) and went onto Q4 which I belted out as quick as I could. God help the examiner trying to read that. Didn't have time to go back to Q3 so I've pretty much foregone 25 marks there. Hopefully between the continuous assessment (which I did alright in considering the poor marks overall) and a good Q1 & Q4 I might get over the line.

Whiplash85

What are people thinking with regard to sfma tomorrow?

R0N BURGUNDY

if sales variances come up, i will cry. for some reason i always mess them up. no doubt they will defo come up.

Whiplash85

Having major headaches with them myself.they'll probably throw in a sales mix as well along with market share.might be best just to avoid them because it's either 0 out of 20 or 16/17 out of 20 with them.if you are forced to do them leave it until last.you can seriously get bogged down on them.

louise1985

I hope variances come up of they dont Im screwed!! more computational and less theory is what Im hoping for!!!

Username2011

R0N BURGUNDY wrote: »

if sales variances come up, i will cry. for some reason i always mess them up. no doubt they will defo come up.

ah after the variances shenagians of summer 2010 i dont think it would be too bad if it came up as he couldn't go too mental on them

tumbling_dice

BESman wrote: »

Jaysus, don't know what to make of Tax. There was nothing overly difficult but think I made a balls of a lot of the reliefs. Be interesting to see how they mark it. I'd have a lot of the basic rules and computations for most of the questions but would have mistakes all over the place too.

For CGT in Q1 I went off calculating deferred gain which I dont think applies at all. Didn't know what to say about the share buybacks, skipped that part of the course last night. As for tax relief on the patent, I spewed shite about intangible assets and R & D reliefs. Didn't mention the obvious point about capital allowances. Out of 44 marks be very lucky to get 20.

Q2 was fair, only got stumped on part (d) about the group companies and tax efficient way to dispose of property. I skipped it and when I got back to it at the end just said to transfer it to a company with capital losses. Any marks for that I wonder?!

Q3 was probably the most do-able. There was very little calculations for the agricultural relief and I expected something to catch me out but there didn't seem to be anything really.

Skipped Q4, didn't cover loss relief.

Q5 was poor but I had no choice but to answer it. I didn't refer to the various rules on directors' loans, just made general statements about each of the transactions, i.e. allowable or not and why. I also tried my best to describe how the individual should account for each transaction. Be lucky to get 5 marks in this!

I've been trying to calculate my overall mark and its anywhere between 35 and 50. I think a pass is probably beyond me though. I kind of neglected Tax because it wouldn't be the worst one to repeat in October.

Now to Auditing on 36 hours without sleep...

Transfer to a company with capital allowances was the way to go - nice one! I hate Capital Taxes. Looking forward to some CT in September.

SMFA: Just been reading the reports from last year. Seems like we're going to get the same stuff (hedging, variances (hopefully planning and operational), with an increased focus on numeric calculations so I guess that looks good for a case study on ratios, valuations, financing and the like. Not that there's much we can do about it now.

Username2011

SMFA: Just been reading the reports from last year. Seems like we're going to get the same stuff (hedging, variances (hopefully planning and operational), with an increased focus on numeric calculations so I guess that looks good for a case study on ratios, valuations, financing and the like. Not that there's much we can do about it now.[/QUOTE]

Feels like I've forgotten everything I ever studied for SFMA. Hopefully it comes together tomorrow

thisguy

What are the chances of getting questions on transfer pricing and company valuations...would that be to much to ask?

....im just hoping i can avoid answering an interest rate risk question, wont be to bad then!

toobeyshaw

Feels like I've forgotten everything I ever studied for SFMA. Hopefully it comes together tomorrow[/QUOTE]

That is exactly how I feel this evening - I have done work for this but I can't remember anything at the moment! Tiredness has kicked in, hopefully I can get it together tomorrow :rolleyes:

prinz

Best of luck with SFMA tomorrow all. Luckily I can sit tomorrow out.

KingEnda

Half way there, happy enough with the audit paper lot of on the feet thinking required today

Could be anything in the SFMA, hope it all comes back on the day this is where it being open book helps as we go into day 3

Good luck

Whiplash85

Well lads, what did ye make of that?Time was a killer but I cut my losses on some questions and started the next.Again the sheer volume of information and numbers in the case study was overwhelming.Attempted question 3 first followed by question 4 and then the case study.Hopefully its a case of third time lucky and I pass it this time.Got 46 in the Autumn paper and felt I did better this time out.This is where the continuous assessment will help me hopefully.

tomfoolery60

Yeah the timing was a killer. How on earth did anyone do SFMA without the 20 min reading time? Must have spend 15 min reading it and still ran out of the allocated time to do it.

I thought the paper was fair enough, nothing mental in it. Time pressure quite bad though and I was very rushed for the option questions. My script starts off very neat and then rapidly deteriorates!

R0N BURGUNDY

Whiplash85 wrote: »

Having major headaches with them myself.they'll probably throw in a sales mix as well along with market share.might be best just to avoid them because it's either 0 out of 20 or 16/17 out of 20 with them.if you are forced to do them leave it until last.you can seriously get bogged down on them.

tried to find an example of market share / volume last night and couldnt find it in my file anywhere but when i seen today it was sales/markets i was thinking - oh dear... but put my hand on a past paper question near enough straight away by some sort of divine intervention. time was the killer yeah. talked some major crap in it on the written parts - hope theyre not gonna murder me for it. got 47 in it last year and feel like i defo did better there today.