CAP 2 Exams 2011 Feedback

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.

Username2011

Loved the paper! Q1 suited me to a tee!
Divine intervention must have been working for me too as last night saw a similar EVA question to the one that came up today.
The only kind of stumbling block was in my Q2 co valuation where I could not figure out my P/E multiple for the earnings valuation. Did anyone else come across this issue or was it me missing something very obvious.

Whiplash85

Thought the p/e multiple was just 5.multiplied it be eps and number of shares to give value of equity.

Whiplash85

R0N BURGUNDY wrote: »

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.

Thought I did better than autumn too.you're never too sure how they will mark it though.didn't have a breeze of the cash balance working capital part.answered 93/94% fairly fine so we'll see how it goes.now for financial tomorrow.

tumbling_dice

The P/E of five that we were given was in Q3, no? Are you talking about the valuation of Bull post-takeover of Bear in Q2? I didn't really know what I was doing there, but I didn't use P/E anyway.

Long paper. Stuff I didn't like came up in Q1 but found that it was easy enough to handle because there was so many parts; nothing was too complicated. Got a little over 90% of it done and happy with most of that so that's grand.

Very tired now. Tomorrow morning will be grim, but whatever, it's nearly over!

thisguy

left 18 marks behind in unanswered parts which is a lot, i think what i did was done fairly alrite though for the most part so hopefully that and the assessment will get me over the line...i really dont know how anyone did these exams without the 20 mins reading time time pressure is really a killer in that exam!

BESman

tomfoolery60 wrote: »

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!

I think it would be some laugh to see a sample of people's scripts and watch how the quality of handwriting and presentation deteriorates as the paper goes on. Mine become an incoherent mess by the end.

Didn't think that was too bad. Was it just me or were the variances in question one really straightforward? Did I miss something? I have to say, CAP 1 Management Accounting was more difficult than some of the stuff in that case study. The other questions however... a lot of waffle. Only for the continuous assessment I'd say I failed this, but hopefully it'll get me over.

Username2011

tumbling_dice wrote: »

The P/E of five that we were given was in Q3, no? Are you talking about the valuation of Bull post-takeover of Bear in Q2? I didn't really know what I was doing there, but I didn't use P/E anyway.

Yeah sorry forgot to say it was for the bull and bear question
God but im so tired after today.

thisguy

BESman wrote: »

I think it would be some laugh to see a sample of people's scripts and watch how the quality of handwriting and presentation deteriorates as the paper goes on. Mine become an incoherent mess by the end.

Didn't think that was too bad. Was it just me or were the variances in question one really straightforward? Did I miss something? I have to say, CAP 1 Management Accounting was more difficult than some of the stuff in that case study. The other questions however... a lot of waffle. Only for the continuous assessment I'd say I failed this, but hopefully it'll get me over.

What were they looking for with the market size and share variances?...i took a stab at them hoping the obvious route was the right one..the other variances were very handy though. Im hoping question 1 and 4 will get me enough marks, question 2 was very rushed and mostly bullsh*t!

Username2011

thisguy wrote: »

What were they looking for with the market size and share variances?...i took a stab at them hoping the obvious route was the right one..the other variances were very handy though. Im hoping question 1 and 4 will get me enough marks, question 2 was very rushed and mostly bullsh*t!

They're specificic variances. The total of them = the sales volume variance

Big Face

Guys what were they looking for altogether with the variances?? I was confident going in about them but I messed them up altogether. Where you supposed to do the AQAM, SQSM (table) because of the 2 (IOI and Moldova) or how were both meant to be accounted for?

I started adding them together in the actual formula which I think was a no no. Was it a case of working out a normal variance for each IOI and Moldava and then add them afterwards? Which would be about 0.5 marks a variance basically..............Ahhhhhhhhhhhh........Im wrecked!!

I am adding up potential marks in my head. Dont know if i'll make 50. Time really destroyed me and getting muddled on variances put the nail in the coffin. Miffed because I could of done a lot better.

The Big Red Button

Dunno why I read these threads. I do the exam and I think I did OK, and then I read other peoples posts ... nope, I didn't do that, I don't know how to do that ... I don't even know what that term means ...

At this stage, if I get even one out of the four (probably auditing), I'll be happy tbh!

tt1

i think dey were looking IOI and Moldova to be looked at seperately. IOI was just the normal variances AQ X AM etc then Moldova was a seperate contract so just fixed costs were a variance. Well thats what i did not sure if thats right. Also i took it as using absorption costing as fixed cost were mentioned and not variable costing did anyone else do that??

FX was easy enough and hope i did well in question one cause seriously ran out time. Was 1 o clock when i started the 3rd question so that was a rushed job with a load of crap written.

Have to try and figure out consolidation now tonight could be an all nighter ha

Thank god were finished tomorrow going to sleep the whole weekend before work starts next week

R0N BURGUNDY

chatterpillar wrote: »

Dunno why I read these threads. I do the exam and I think I did OK, and then I read other peoples posts ... nope, I didn't do that, I don't know how to do that ... I don't even know what that term means ...

At this stage, if I get even one out of the four (probably auditing), I'll be happy tbh!

Im just browsing over peoples posts because im the same = the more i read about what other people did the more worried i get!! done now!! getting smashed tonight for the first time in at least a month yeeeeoooooo!!!

KingEnda

THAT WAS EASY?????????

Oh well over and done with, off now for a polite pint or 2 with a crowd of depressed students

How did you find that?

tt1

that was pretty easy compared with last year alright, didn know how to do the denfined benefit bit of question 2 but my csofp balanced

sfma was defo the toughest, the rest were fair exams. time for a good few overdue pints tonight

R0N BURGUNDY

just goes to show u - no point trying to play it and focus on 2 exams and then get the other 2 in the resits or something when an easier exam than usual might come up. last years summer exams - omg = cant remember my exact mark for FR but low 40s - got 66 in the autumn one (resat all 4 again!!!) last summers exams were a complete bollocks tbf.

Pawwed Rig

prinz wrote: »

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...

Analytical procedures are substantive procedures.
Yep 2 seperate accounts. Think if you wrote that question in exam 'Why would the bank statement of one account include an overdraft figure from a second account?' you are hitting the right notes. Sometimes banks will offset but should be included in FS.

Pawwed Rig

tt1 wrote: »

that was pretty easy compared with last year alright, didn know how to do the denfined benefit bit of question 2 but my csofp balanced

Am sick. Was definitely passable but made a complete horlicks of it

Pawwed Rig

Whiplash85 wrote: »

Thought the p/e multiple was just 5.multiplied it be eps and number of shares to give value of equity.

Reduce PE by 20-30% for an unlisted company

Big Face

What did use think about the mistake in question 1? where it was meant to say Delta's general reserve and it said Alpha instead!!

This completely through me. I sat for ages trying to figure it out and was even going to ask if it was wrong. I near hit the rough when they made the announcement about 45 mins - hour into the paper. My head was away from that.

I got hammered in time altogether. Disgusted.

The Big Red Button

Big Face wrote: »

What did use think about the mistake in question 1? where it was meant to say Delta's general reserve and it said Alpha instead!!

This completely through me. I sat for ages trying to figure it out and was even going to ask if it was wrong. I near hit the rough when they made the announcement about 45 mins - hour into the paper. My head was away from that.

Jesus that's bad! :eek: They announced it in Dublin I think about 20 minutes in, but you'd imagine that once it was spotted in one centre they'd have gotten on to the other exam centres straight away.

I don't get how a mistake like that can happen though? Surely they should have at least one person who hasn't seen the paper before to actually sit down and do the paper before it's finalised. If they had, something like that would have been spotted. I noticed one or two other tiny things too on some of the papers - something worded ambiguously, or tiny typos or whatever - stuff like that should really have been picked up on before the exam.

BESman

Pawwed Rig wrote: »

Am sick. Was definitely passable but made a complete horlicks of it

Agreed, there were only 5 or 6 adjustments in Q1 and the other questions had a nice bit of theory in them. Can't believe I made a balls of it. Balance sheet was way out and ran out of time.

chatterpillar wrote: »

I don't get how a mistake like that can happen though? Surely they should have at least one person who hasn't seen the paper before to actually sit down and do the paper before it's finalised. If they had, something like that would have been spotted. I noticed one or two other tiny things too on some of the papers - something worded ambiguously, or tiny typos or whatever - stuff like that should really have been picked up on before the exam.

Well this is the Institute we're talking about here...

Big Face

chatterpillar wrote: »

Jesus that's bad! :eek: They announced it in Dublin I think about 20 minutes in, but you'd imagine that once it was spotted in one centre they'd have gotten on to the other exam centres straight away.

I don't get how a mistake like that can happen though? Surely they should have at least one person who hasn't seen the paper before to actually sit down and do the paper before it's finalised. If they had, something like that would have been spotted. I noticed one or two other tiny things too on some of the papers - something worded ambiguously, or tiny typos or whatever - stuff like that should really have been picked up on before the exam.

I maybe was a bit out with the time there, probably was about 30 minutes really when they announced it. Either way its still a joke that they made the error.

I took far too long on the Consol as well, balance sheet way out to. Difficult paper as always but do able. Timing is everything and I made a mess of that!! Thought of repeating that again in October is sickening!

I just hope it is at least the same sort of level as yesterday and not even harder.

Whiplash85

Pawwed Rig wrote: »

Reduce PE by 20-30% for an unlisted company

But it was a listed company.They were discussing paying out dividend proposals.

Pawwed Rig

Whiplash85 wrote: »

But it was a listed company.They were discussing paying out dividend proposals.

Was a private company. Private companies pay dividends too. Says in question that one of the directors 'is keen to that the company be taken public in the very near future'.

toobeyshaw

Pawwed Rig wrote: »

Am sick. Was definitely passable but made a complete horlicks of it

Totally agreed - I was happy when I got the paper because I felt I could do it. I left the case study till the end but didn't leave myself enough time so I only got half of it done and that half was really rushed. I will be back in Oct for that one, raging because it was actually a good paper!

Username2011

congrats to everyone sitting the papers.
the 20 mins this year was a godsend and the papers did seem a lot fairer in that nothing came up topic wise that was unforgiveable.
as well, having tax at the start was a huge advantage compared to last year.

however i still think it's very unfair and unreasonable of the institute not to start the exams on a monday and give a break in between on the wednesday. the amout of people whose performance will have weakened by the friday due to tiredness rather than incompetence is ridiculous.

all in all, im happy with 2 and worried about 2 but i gave it my best shot and sure that's all we can do. so congrats to everyone for coming out the other side and hopefully see ye next year for the fae's rather than October!

prinz

toobeyshaw wrote: »

Totally agreed - I was happy when I got the paper because I felt I could do it. I left the case study till the end but didn't leave myself enough time so I only got half of it done and that half was really rushed. I will be back in Oct for that one, raging because it was actually a good paper!

This is exactly what happened to me. Did the reading thought the paper was grand, decided I could knock the two short questions out first. Ended up blowing the timing completely. Started in on the case study last and started rushing. Disaster. Made a balls of it and didn't even get a lot of the case study attempted.

The Big Red Button

Yeah I was the other way round, made a decent effort at the case study, but then made a balls of the two short questions - barely even got one of them started. Not feeling too optimistic really.

louise1985

Ya felt the paper was do able but made a heams of it!
Felt I knew the stuff but got so overwhelemed that I mad a balls of it! def be back in Oct for now going to enjoy the time to the results!
If they can make a mistake in the paper maybe they can make a mistake correcting my paper and get me a pass

collegeme

toobeyshaw wrote: »

Pawwed Rig wrote: »

Am sick. Was definitely passable but made a complete horlicks of it

Totally agreed - I was happy when I got the paper because I felt I could do it. I left the case study till the end but didn't leave myself enough time so I only got half of it done and that half was really rushed. I will be back in Oct for that one, raging because it was actually a good paper!

Ah no way :-(. I was the same. .Fair paper but just f**ked up the timing and left q1till last and then panic set in and i was a mess.....feel i will b back in oct too but am still hopeful i may have clocked enough marks to scrape

Pawwed Rig

louise1985 wrote: »

If they can make a mistake in the paper maybe they can make a mistake correcting my paper and get me a pass

Hahaha

Not gonna worry bout them anymore. All will be revealed in 6 weeks

Bec_Boop

Hi I'm studying for my FAE's at the mo and as I come from a masters background am fining that some of my notes are not very useful. Does anyone have any good CAP 2 SFMA Notes that they could post here or send me as I think this would better help me to prepare in this area!

Thanks!

EveT

Bec_Boop wrote: »

Hi I'm studying for my FAE's at the mo and as I come from a masters background am fining that some of my notes are not very useful. Does anyone have any good CAP 2 SFMA Notes that they could post here or send me as I think this would better help me to prepare in this area!

Thanks!

any notes we got this year are pretty useless to be honest, and we didnt get much at all. Maybe itd be worth paying 50 euro and getting the chartered grind school notes? I didnt do the course but they are meant to be reasonable

crackerj

hey does anyone know what time on the 12th Aug the results are supposed to be released?

EveT

crackerj wrote: »

hey does anyone know what time on the 12th Aug the results are supposed to be released?

yikes, scary thought! Last year was early, about 7.30am as far as I remember

crackerj

great thanks! i kno its a bit early but just popped into my head there!

Sharkattack

Does anyone know if the student society issued an exam report this year?

Rickyroma

Sharkattack wrote: »

Does anyone know if the student society issued an exam report this year?

Hi Sharkattack

Please find attached.

Kind regards

Barry

Sharkattack

Thanks Barry