CAP 2 Exams 2012

EDudder · 27-06-2012 07:38PM

I would have thought so. It said in the question the profit was the difference between stakes taken in and winnings paid out. As profit is the difference between revenue and cost of sales, I took that as meaning revenue would be stakes, and cost of sales would be winnings.

i.e. I would have thought there is still revenue, it's just that your cost of sales are higher that revenue so it's a loss.

swn · 27-06-2012 07:41PM

Does anyone else feel a bit annoyed we had to spend so much time guessing the accounting treatment of revenue in such a niche industry for an audit exam? Is that not FR?

Shane732 · 27-06-2012 07:44PM

EDudder wrote: »

I would have thought so. It said in the question the profit was the difference between stakes taken in and winnings paid out. As profit is the difference between revenue and cost of sales, I took that as meaning revenue would be stakes, and cost of sales would be winnings.

i.e. I would have thought there is still revenue, it's just that your cost of sales are higher that revenue so it's a loss.

Yup agreed but I'm not 100% certain.

EDudder · 27-06-2012 07:45PM

Any semi seniors on the paddy power audit walked into a gift today.

swn · 27-06-2012 07:46PM

EDudder wrote: »

Any semi seniors on the paddy power audit walked into a gift today.

Ha and ladbrokes for us

lauma · 27-06-2012 07:48PM

Shane732 wrote: »

SFMA is pot luck IMO. Just hope that you're able to do enough to get 50% and get out of dodge!

FR - well you know you're going to get a consolidation question that a minimum will be worth circa 20% and it's likely that it'll be worth a lot more than that. You know you'll probably get some sort of ethical question for 5 marks. I'm hoping that cashflows come up - they didn't come up last year is my memory serves me right so they are due up on the summer paper. If a cashflow comes up that's another 18 marks or so. At that point you're up to well over 50% (as I don't see the case study being anything other than a consolidation or cashflow) and probably closer to 70%. After that just hope to pick up marks.

In fairness you can study for FR and it is passable. Unfortunately I probably didn't give it the amount of time it justified as I did very little during the year. FR is passable.

Consolidated Cashflow came up last year in repeats so I don't know I really doubt it will come up again.

Shane732 · 27-06-2012 07:52PM

lauma wrote: »

Consolidated Cashflow came up last year in repeats so I don't know I really doubt it will come up again.

Came up summer 09, not autumn 09, came up summer 10, not autumn 10, didn't come up summer 11, came up autumn 11.

Only one year it hasn't come up in the summer paper. If it's alternating summer/autumn it's due up this year.

I tend to pay more attention to last years summer paper than the autumn paper when "predicting" what's due to come up.

The Big Red Button · 27-06-2012 07:54PM

Shane732 wrote: »

It was only 6 marks or so wasn't it?

It's not a biggy if you didn't get it.

In audit, most people I know have tended to get low fifties or high forties ... so, yeah 6 marks can be quite a "biggy"!

Shane732 · 27-06-2012 07:54PM

EDudder wrote: »

Any semi seniors on the paddy power audit walked into a gift today.

Yup!

Unfortunately I don't even work in audit. Actually having said that I much perfer tax!

EDudder · 27-06-2012 08:00PM

Shane732 wrote: »

Came up summer 09, not autumn 09, came up summer 10, not autumn 10, didn't come up summer 11, came up autumn 11.

Only one year it hasn't come up in the summer paper. If it's alternating summer/autumn it's due up this year.

I tend to pay more attention to last years summer paper than the autumn paper when "predicting" what's due to come up.

That's in the optional questions isn't it? I thought consol cash flow had only come up once in section A so far.

It's the 64 mark question 1 I'm concentrating on tbh.

Shane732 · 27-06-2012 08:06PM

EDudder wrote: »

That's in the optional questions isn't it? I thought consol cash flow had only come up once in section A so far.

It's the 64 mark question 1 I'm concentrating on tbh.

Yup only come up once in section a.

The year it came up in Section A it didn't come up in Section B.

What I outlined above was overall - Section A and B.

EDudder · 27-06-2012 08:38PM

It really is heart warming that the institute already have an extra income stream set up for resits before we're even finished.

http://students.charteredaccountants.ie/Global/student_services/Dublin%20Enrolment%20form%202012.pdf

FFS.

swn · 27-06-2012 08:42PM

What sort of material are people bringing into the exam tomorrow?

Nermal · 27-06-2012 09:19PM

swn wrote: »

What sort of material are people bringing into the exam tomorrow?

Set of notes and Ward for the discount tables. Probably not bothering with Clarke, which I have never even opened!

ted2767 · 27-06-2012 09:46PM

I'd only open Ward for the tables as I think it's quite long winded and most past papers I've seen are quite practical and applied.
As regards Fin. Reporting I reckon a published set of accounts will come up with consolidation as Q 2 / Q 3

lauma · 27-06-2012 11:06PM

Well I am taking Clarke and Ward books along with my notes. Oh and a toolkit as well .

lauma · 28-06-2012 01:53PM

Well what do you think of today's paper? I thought it was ok but too long in some parts . Ended up rushing trough the last question and only answered half .hope I did enough to pass

ted2767 · 28-06-2012 02:03PM

Yeah could have easily done with more time it's crazy how much they expect you to do in 3.5 hours

CeevieD · 28-06-2012 02:04PM

Me too. i wasted too much time on questions that had little marks considering the workload which it entailed. Paper could have been worse. but because i rushed it i think i will be depending on my CA to get by.
Cannot be wasting time tomorrow exam as it will punish me..

aka accounts 2010 · 28-06-2012 02:08PM

What's the last minute revision plan for this evening folks? Do a couple of questions to get in the flow, revise some standards or simply recharge the batteries?

Shane732 · 28-06-2012 02:28PM

lauma wrote: »

Well what do you think of today's paper? I thought it was ok but too long in some parts . Ended up rushing trough the last question and only answered half .hope I did enough to pass

I screwed up a good bit of it.

I think I managed to f*ck the variances up which will really punish me! Variable costing doesn't include the fixed costs right?

ted2767 · 28-06-2012 02:32PM

Shane732 wrote: »

lauma wrote: »

Well what do you think of today's paper? I thought it was ok but too long in some parts . Ended up rushing trough the last question and only answered half .hope I did enough to pass

I screwed up a good bit of it.

I think I managed to f*ck the variances up which will really punish me! Variable costing doesn't include the fixed costs right?

No just contribution is what you use for all variances asked except for sales price

Shane732 · 28-06-2012 02:41PM

I'll have done very well to pass it.

Really depends on how the couple of big parts in Question 1 are marked.

lauma · 28-06-2012 02:46PM

Shane732 wrote: »

Contribution was sale price less variable costs right?

I think so

EDudder · 28-06-2012 02:49PM

No doubt the examiners report will say people failed to manage time. But for feck sake 6 marks for those variances? The only way you could successfully manage your time with that would be to leave the question out. But then it's needed for the next part.

Was a disaster for time for me. Huge chunks of section B left out. Will hopefully pick up marks for a good question one. But it was far too time intensive.

In the past papers in section B there was usually one question I know I would have skipped. This section B was 3 of those questions for me :pac:

apeking · 28-06-2012 02:50PM

Thats what i did too, SP - VC and left the FC out.

Thought it was a fair paper, i did q 1, 3, 4.

Not enough time to do q4 correctly so I was rushing through it.

ted2767 · 28-06-2012 02:51PM

Shane732 wrote: »

ted2767 wrote: »

No just contribution is what you use for all variances asked except for sales price

Contribution was sale price less variable costs right?

That's the one alright.

Anerak · 28-06-2012 02:53PM

EDudder wrote: »

No doubt the examiners report will say people failed to manage time. But for feck sake 6 marks for those variances? The only way you could successfully manage your time with that would be to leave the question out. But then it's needed for the next part.

Was a disaster for time for me. Huge chunks of section B left out. Will hopefully pick up marks for a good question one. But it was far too time intensive.

In the past papers in section B there was usually one question I know I would have skipped. This section B was 3 of those questions for me :pac:

Time was crazy and to do them variances for 6 marks was crap.:mad:
Section b a nightmare for me didnt know where to start doesnt look good

The Big Red Button · 28-06-2012 02:56PM

EDudder wrote: »

No doubt the examiners report will say people failed to manage time. But for feck sake 6 marks for those variances? The only way you could successfully manage your time with that would be to leave the question out. But then it's needed for the next part.

I don't manage time by the marks per question.

I spend a lot of time looking through the questions, write down an estimation of the maximum marks that I think I can get from that question, and work out time per question according to that.

Going by this, in my CAP1s, I left out a full question in Management Accounting, and still got 72%. (I did do a brief five minute attempt at the "left out" question in the last five minutes, but that doesn't really count.)

It's not like the LC, where you're trying to maximise marks. All you need to aim for is that 50%. No point in aborting mid-way through a question where you can gain marks, just to attempt a question that you haven't a clue of!

Padkir · 28-06-2012 04:14PM

Anerak wrote: »

Time was crazy and to do them variances for 6 marks was crap.:mad:
Section b a nightmare for me didnt know where to start doesnt look good

Time was tight alright, but if you manage it it was ok! Before I started I wrote beside each section the time I should be finished it and the only one I went over was on the ratio analysis question. Took the last 5 mins of reading time to roughly do out the variances on the paper itself!

In general I thought it was a very fair paper, no shocks or ridiculously different parts! Delighted to see a full question in Section B on hedging risk, so I could avoid it!!:D:D

CAP 2 Exams 2012

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