CAP2 Repeats 2012

srm23 wrote: »

Hey,


Something like a joint venture or step acquisition would be a killer.

I agree.

Who knows what will come up...

All I know is exam questions exam questions exam questions.

How much repeat leave are people getting?

Hi,

I have 5 days from my employer, plus I am taking one week's unpaid leave. So I have two weeks off for my FR exam. I really don't want to fail it a second time. Want to get on and do FAE next year.

I am just going to keep doing questions. I really hope it won't be as harsh as the summer paper. What's everyone else doing?

Everyone must be studying really hard...

Boards is gone quiet on the CAP2's.

I'm getting worried myself!

Took me 8 hours to do 3 questions in FR today! It's like having to learn it all over again. I would hate to have to do the whole 4 in two days study leave per subject.

EDudder wrote: »

Need to get stuck in now. Have the next 2 weeks to do 2.

Out of interest does anyone know - if you sign up for resits but one is remarked and upgraded - do you get the money for that resit refunded? Probably won't affect me, but would be interested to know.

It would only make sense that they would refund you.

What re-sits are you doing? I am going nuts having to do this all over again.

Has anybody tried the summer 2005 Q for FR?

EDudder wrote: »

Tax and FR, what about yourself?

Think I'll start straight into past papers for FR, but I'd really need to re-cover the material for tax. Think it was bad time management and a few other things that got me in FR, but I do think it was a lack of knowledge/understanding in Tax unfortunately.

I think tax is manageable enough. At least you can isolate what you need to pass as that which is in the question packs. That's all I done for tax and passed with extra to spare.

FR is a disaster. Time management is critical; there is no time to even take a piss or gather your thoughts at any stage. It's go go go; 110 miles an hour; and you have to know it all.

I got all the workings done the last time illustrating the journals, but no Financial Statements. And I failed. I had all workings right bar the FX equity reserve and it's knock on effects.

Stuck in a quick note saying I would have transcribed the line items and adjusted per my workings, as in it was a time issue and hopefully the examiner would see I had the FR knowledge, but not the time.

The lesson is you really really got to get the statements done!

Does anybody know what the accounting entries are when you find out you made an underprovision for tax?

Do you debit this years SOCI, or do you debit reserves b/f?

I was looking at the 2012 mock Q1 for FR.

In terms of the under provision for tax, this charged to the current year, rather than as a prior year adjustment.

In other words, say in 2010, I made a provision of 320 for tax, so I

DR SOCI 320
CR CL 320

Then I find out few months later that my tax is 340 and I pay it. What I thought has to be done here is


DR CL 320
DR Ret. Earnings b/f 20
CR Bank 340

The way they seem to have treated it is to list it in the TB as an expense for the current year.

I disagree in that the tax expense in the SOCI for 2011 is then overstated. The tax figure they have includes whatever 2011 is, plus the 20 extra we didn't charge last year. That's not the 2011 expense is it; but as a user of the financial statements I would think I am looking at the 2011 expense. But I'm not.

Also, initially thought the figure in the TB was tax prepaid - is this my fault or should there have been a note explaining what the figure represented?

I know, why would you prepay tax, but there's no note explaining.

Anyone else think that for Tax that a Corporation Tax, losses question is due up? I don't expect as much theory this time anyway? Also hoping Financial wont be as difficult this time, Question one was a disaster for me!

thebrad1989 wrote: »

Hey hows it going everyone?...I am re-sitting SFMA next week and I was wondering would anyone have a soft copy of the management accounting revision notes which were initially put up online back at the end of April / May. If anyone has them, I would be appreciative if they could forward a copy on to me. I was able to get the finance revision notes and thus these are not required.

Cheers

Adam

Hi Adam are you looking for these notes?

thebrad1989 wrote: »

Hi Lauma....thanks for getting back to me there. I actually have those notes that you sent across however thanks for sending them anyway. The notes I am looking for relate solely to management accounting. Im not even 100% sure that there were revision notes but I was watching a revision lecture which Bernard Vallely took in May and he kept referring to a revision pack. These are the notes I am trying to get a hold of. If you had those notes I would appreciate it if you could send them across to me.

Thanks anyway for sending the finance notes across, your help is appreciated.

Adam

Unfortunately I don't have a revision pack solely for management accounting . I don't even think I saw one .Hopefully somebody else will have it for you .

thebrad1989 wrote: »

Hey hows it going everyone?...I am re-sitting SFMA next week and I was wondering would anyone have a soft copy of the management accounting revision notes which were initially put up online back at the end of April / May. If anyone has them, I would be appreciative if they could forward a copy on to me. I was able to get the finance revision notes and thus these are not required.

Cheers

Adam

hi, is this them?

Did anyone get any of their marked scripts returned? And if so, did they have any useful points on them? I regret not getting mine now, but at the time I just couldn't afford it with the cost of everything else.

And does anyone that's good at consolidation have any tips/ pointers?

If it's a past paper where Q1 is say just asking for a consol SOFP I can get on OK. But if I'm honest, even having done the exam before, if we got the summer 2012 (even knowing now to do Section B first) paper I still think I would easily fail based on time constraints. I find that when there's so much going on in the one question it's so hard to keep track of the NCI and retained earnings and have time to throw together an SOCE after the SOCI & SOFP within the allocated time. And that's even flying through it and knowingly making mistakes. I tried it again today, and I have to say - fair play to anyone that passed that paper in the summer.

Still on consolidations - I've changed my method a bit since the summer sitting, simply to try and get it done quicker. Does anyone else find it being any use to start a page for retained earnings, and another page for NCI at the very start, and then with each adjustment enter its effect on RE and NCI onto each page straight away? I've started doing this, and I do find it speeds me up a lot, but for some reason I tend to make more mistakes when I use this method. I think it might be that I previously went back over and double checked the adjustments when doing the RE/NCI calculations, but there's just no time for that in the exam.

Tricky1979 wrote: »

Hi National Express - I didn't get my marks scripted.


Regarding you query on Consolidation I'm doing the same by having a page for R.E. and NCI and updating it as I go along. I don't think I'll get everything for these but hopefully a good attempt will get good marks. Time is deffo going to be a factor.

What are people concentrating on for the rest of your F.R. study?

My biggest fear is a cash flow q in Q1!

Yeah I studied cash flows for the summer exam, and found that surprisingly they actually aren't too bad.

But I'm really reluctant to give them time this time given the more likely chance of harder stuff coming up. So now id be worried if it does come up it'll have been too long since I looked at it haha.

I spent time going over foreign fx subs and then realised its probably unlikely to come up as it did on the summer exam.

Struggling to get any ideas of what is likely to come up though.

Cathy0488 wrote: »

Does everyone agree so that the best method is starting with section b in fr?

I'm reluctant about leaving the massive 64% question till last but I know that it's recommended....

Timing was my main problem in June though so maybe it will work.
any advice?

I believe we need to get started on one of the questions in the reading time, ideally the section B as we have no choice with Q1. Move as quickly as is possible.

They say you pick up an average of say 1m per min at the start; whatever it is, it reduces to 0.1m per min in the last 5-10mins.

So the lesson is move on.

I don't see how I can get this finished in time, so need to strategise with the workings, i.e do the ones with the most marks, so nci, goodwill and consol retained earnings, and do the others on the face of the statement. If I've time then I'll rush some workings illustrating journals and a line or two explaining logic.

We need 50, so work on the ones with the most marks first.

I done all the workings the last time but got caught for time on the transcribing/simple maths part.

national express wrote: »

Cathy0488 wrote: »

Does everyone agree so that the best method is starting with section b in fr?

I'm reluctant about leaving the massive 64% question till last but I know that it's recommended....

Timing was my main problem in June though so maybe it will work.
any advice?

That's what we've been told is the best method. And it's the method I think I'll use. But to be honest I still have my doubts about it.

Put it this way, if I time apportion the marks/minutes - I'll just about get the 2 Section B questions done within the time frame. But there's not a hope I'll get a Section A question completed in the remaining time if it involved more than one statement. Realistically I would nearly need to be flat out leaving all the adjustments out.

In any other exam I've done in my life, I'd be inclined to get a good run off the 64% and pick up what I can in the rest. But for some reason, the way they mark this they seem to say it works out better the other way round.

As an aside - I've heard that the Chartered Grind School were still advising people to do section A first, or deciding what suits you best.

Def do section B first I did this in all my exams mainly trying to gain time for section A.
As for q1 have a method and stick to it and whatever you do don't try to mix two methods as it'll only wreck your head.
We had David Ahern for consol lectures and whilst some may not agree I found him to be great actually.
Best of luck with it.