Cap 2 SFMA Assessment Study Group

autumnbelle · 19-06-2013 03:30PM

Blarney92 wrote: »

Par value of debt = 250
Market Price =108%
Market value = Par value * Market price = 270

In q2 of the same paper do u know how he gets the dep as 6 7 8 and 10 thanks again

conor1979 · 19-06-2013 03:35PM

littlemiss123 wrote: »

Was it the Ashcroft question he did by any chance?

That's the one. I hadn't a clue what planning and operational variances were about before watching the video. I kept pausing it so I could write notes and make sure I understood every line before moving to the next one.

Took a bit longer but well worth it.

autumnbelle · 19-06-2013 03:38PM

conor1979 wrote: »

That's the one. I hadn't a clue what planning and operational variances were about before watching the video. I kept pausing it so I could write notes and make sure I understood every line before moving to the next one.

Took a bit longer but well worth it.

Is how the variances are explained in the mock solution video any good? The solution is useless

Blarney92 · 19-06-2013 03:43PM

autumnbelle wrote: »

In q2 of the same paper do u know how he gets the dep as 6 7 8 and 10 thanks again

Sure-

Yr 1 they have 54 of nca at year end. As they bought no nca during the year this must be after depreciation of 10% so therefore is 90% of opening nca. So Opening NCA = 60 and depreciation of 10% gives 6

Yr 2 they open with the closing amount from yr 1 (54) and buy 16 so they have 70, @ 10% =7

Yr 3 they open with 63 (70-7) and buy 17 so they close with 80, giving 8 depreciation at 10%

Same for year 4.

The Little Fella · 19-06-2013 03:45PM

littlemiss123 wrote: »

Has anyone nailed planning and operating variances? I can do normal variances but the planning and operating just get me confused! Has anyone devised a set method/formulas? I thought I had then applied these to another question and got it all wrong :-/

this is what i use in terms of formulas, hasn't let me down yet.

cian twomey · 19-06-2013 03:48PM

autumnbelle wrote: »

Is how the variances are explained in the mock solution video any good? The solution is useless

same problem i had tom mcstraw does it very well in the online solution its around 1 hour 13 mins or thereabouts

autumnbelle · 19-06-2013 04:37PM

cian twomey wrote: »

same problem i had tom mcstraw does it very well in the online solution its around 1 hour 13 mins or thereabouts

Got it

stupid poxy typos on the solution I actually think its desperate that they put them up wrong

littlemiss123 · 19-06-2013 04:38PM

The Little Fella wrote: »

this is what i use in terms of formulas, hasn't let me down yet.

Correct me if I'm wrong but this is my understanding of it...(after a lot of head scratching)

Take materials price AQ x (SP - AP)

If you are doing out a planning variance, you take 'actual' figures to be the revised budget figures and the 'standard' figures to be the original budget figures. Thus calculating the variance between the original and revised budget.

Then when doing out an operating variance, you take the 'actual' figures to be the actual figures, and the 'standard' figures to be the revised standard figures. Thus calculating the variance between the revised budget and the actual.

Does that make sense or off the wall?

The Little Fella · 19-06-2013 04:41PM

littlemiss123 wrote: »

Correct me if I'm wrong but this is my understanding of it...(after a lot of head scratching)

Take materials price AQ x (SP - AP)

If you are doing out a planning variance, you take 'actual' figures to be the revised budget figures and the 'standard' figures to be the original budget figures. Thus calculating the variance between the original and revised budget.

Then when doing out an operating variance, you take the 'actual' figures to be the actual figures, and the 'standard' figures to be the revised standard figures. Thus calculating the variance between the revised budget and the actual.

Does that make sense or off the wall?

Ya that's pretty much what you are doing, I learnt them from the online lecture with Richie Hoare, he's brilliant at them. Lecturers we had in Limerick for both sfma subjects were horrific.

autumnbelle · 19-06-2013 04:45PM

The Little Fella wrote: »

Ya that's pretty much what you are doing, I learnt them from the online lecture with Richie Hoare, he's brilliant at them. Lecturers we had in Limerick for both sfma subjects were horrific.

Richie is a serious lecturer is is brilliant at FR too

Debs23 · 19-06-2013 05:13PM

Do the variances take long to do? Im giving tomarrow just to do them.

autumnbelle · 19-06-2013 05:15PM

Debs23 wrote: »

Do the variances take long to do? Im giving tomarrow just to do them.

No it's just that every q is different u will have loads of time to do them tommorrow

autumnbelle · 19-06-2013 05:15PM

Losses for tax from cgs book

littlemiss123 · 19-06-2013 05:20PM

autumnbelle wrote: »

Losses for tax from cgs book

Thanks autumnbelle!! I had made out my own little table but it's not as clear as this one!

autumnbelle · 19-06-2013 05:29PM

littlemiss123 wrote: »

Thanks autumnbelle!! I had made out my own little table but it's not as clear as this one!

It has the proforma tax comp as well with everything in it, il post it now in a minute, I still have to cover so much in tax!!

ASOT2012 · 19-06-2013 05:32PM

autumnbelle wrote: »

It has the proforma tax comp as well with everything in it, il post it now in a minute, I still have to cover so much in tax!!

Nice one for that. What book is that? It looks very well layed out compared to our one!

autumnbelle · 19-06-2013 05:33PM

Hope this comes out clear its the tax comp with all losses

autumnbelle · 19-06-2013 05:34PM

ASOT2012 wrote: »

Nice one for that. What book is that? It looks very well layed out compared to our one!

It's the chartered grind one, I'm planning 3 full days for tax study hopefully

littlemiss123 · 19-06-2013 05:45PM

autumnbelle wrote: »

It's the chartered grind one, I'm planning 3 full days for tax study hopefully

Why oh why isn't tax open book :mad:

Those notes look really good, kinda raging I didn't go to those revision courses but was being tight and didn't wanna pay haha!

Yeah, I'm planning on doing 3 days tax saturday, sunday and monday. Needs to be fresh in the head!

PhilipLuke · 19-06-2013 05:53PM

autumnbelle wrote: »

No not at all the mocks is my first I have went through papers just not gotten to do them. Have you? In the mocks mv of debt in q 1 of 270 do u know how this is gotten my phone won't play the video of the solution

Working through them from 2009 upwards have got to summer 12 but skipped two Autumn papers. Some questions are very unfair considering the amount af questions provided to practice in the sessions material.

It is clear from past paper exam reports that some questions are above students capabilities

PhilipLuke · 19-06-2013 05:56PM

littlemiss123 wrote: »

Was it the Ashcroft question he did by any chance?

Richie Hoares solution for the Ashcroft question isnt fully right as when you do the reconciliation its not quite right, not sure if theres a variance missing couldnt follow the institutes example

PhilipLuke · 19-06-2013 05:58PM

ASOT2012 wrote: »

I thought I had them nailed. Then I looked at Summer 2010 q 3. Have you looked at that one? Hope our paper is nothing like that!!

Try Summer 2011 the paper was impossible

PhilipLuke · 19-06-2013 06:01PM

The Little Fella wrote: »

Ya that's pretty much what you are doing, I learnt them from the online lecture with Richie Hoare, he's brilliant at them. Lecturers we had in Limerick for both sfma subjects were horrific.

All the lecturers in Limerick were useless

autumnbelle · 19-06-2013 06:03PM

littlemiss123 wrote: »

Why oh why isn't tax open book :mad:

Those notes look really good, kinda raging I didn't go to those revision courses but was being tight and didn't wanna pay haha!

Yeah, I'm planning on doing 3 days tax saturday, sunday and monday. Needs to be fresh in the head!

I'm kinda raging I did them cos it took alot of time outta study leave and I'm starting to doubt myself. And it wudda been a nice bit of money for a holiday ðŸ˜„

autumnbelle · 19-06-2013 06:27PM

PhilipLuke wrote: »

Working through them from 2009 upwards have got to summer 12 but skipped two Autumn papers. Some questions are very unfair considering the amount af questions provided to practice in the sessions material.

It is clear from past paper exam reports that some questions are above students capabilities

Alot of it more seems to be thinking outside the box rather then anything we are thought I think it's pure luck. Are you finding much repetition? Also does anyone know when u buy or sell futures . Ie if your expecting receipts or will need to make a payment, at the outside which do you do for receipts and payments

cian twomey · 19-06-2013 07:11PM

guys for consolidated cash flows i can find good examples with an acquistion and disposal of subsidary in the notes but there doesnt seem to be a question that deals with an assoicate, will this affect inventory etc or will it just be a one line adjustment in cashflows from investments?

thumbelinda · 19-06-2013 07:32PM

Guys does anyone know where Conor Dolan got the notes he was using at the end of the second day of Audit revision? They included the analysis of the last few years exam papers and a slide that was a process map to the auditors report? Its not on the revision slides for session 12/13/14, can anyone shed some light?

Thanks a million!

autumnbelle · 19-06-2013 07:36PM

thumbelinda wrote: »

Guys does anyone know where Conor Dolan got the notes he was using at the end of the second day of Audit revision? They included the analysis of the last few years exam papers and a slide that was a process map to the auditors report? Its not on the revision slides for session 12/13/14, can anyone shed some light?

Thanks a million!

he said it'd be put online after but it never was, does anyone have an email for him?

Miller1990 · 19-06-2013 07:52PM

thumbelinda wrote: »

Guys does anyone know where Conor Dolan got the notes he was using at the end of the second day of Audit revision? They included the analysis of the last few years exam papers and a slide that was a process map to the auditors report? Its not on the revision slides for session 12/13/14, can anyone shed some light?

Thanks a million!

Here's the Audit Report chart,

I just paused the link and wrote down the past exam analysis,

thumbelinda · 19-06-2013 07:56PM

Thanks a million! You are a star!

Cap 2 SFMA Assessment Study Group

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