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FAE September 2012

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    #1202
    Szewinska
    Registered Users Posts: 136 ✭✭Szewinska


    Has anybody looked at Quancore case study.

    I have been unable to wok out where a figure has come from.

    In indicator 3 of the solution on page 8 where does the 2,219 person days come from and why is it 60k/260 in the calculation of the cost (likely obvious once one understands where the 2,219 comes from I guess).

    It has frustrated me not being able work it out so if anybody has worked through this solution and could advise me on this, i would greatly appreciate it.

    Thanks in advance.


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    #1203
    froggatt2011
    Registered Users Posts: 233 ✭✭froggatt2011


    Anyone know when it's appropriate to use debt/equity or when you should use debt/debt+equity when calculating the gearing ratio of a company?


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    #1204
    ferike1
    Registered Users Posts: 1,785 ✭✭✭ferike1


    Good question, both are acceptable. Just state which you are using as your assumption?


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    #1205
    Chalk_Farm
    Registered Users Posts: 84 ✭✭Chalk_Farm


    For the motorvation case would there not be a tax issue with the proposal by one of the directors to give a loan of €600k? Doesnt seem to be mentioned in the solution


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    #1206
    aSmile
    Registered Users Posts: 2 ✭aSmile


    Szewinska wrote: »
    Has anybody looked at Quancore case study.

    I have been unable to wok out where a figure has come from.

    In indicator 3 of the solution on page 8 where does the 2,219 person days come from and why is it 60k/260 in the calculation of the cost (likely obvious once one understands where the 2,219 comes from I guess).

    It has frustrated me not being able work it out so if anybody has worked through this solution and could advise me on this, i would greatly appreciate it.

    Thanks in advance.

    As far as I recall there are two 'sections' and you are given the information for one department (but not the two in aggregate). The solution is incorrect in it's calculation but the 2,219 is correct (ie it should be grossed up by taking the 1,601 and multiplying by (29 (ie total personnel in the two sections) divided by 21 (ie number of people in division for which information is provided). I think that's what needs to be done.

    Rest of the calculations confused me so couldn't get any further....would welcome explanation. I don't understand the dividing by 260.


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    #1207
    froggatt2011
    Registered Users Posts: 233 ✭✭froggatt2011


    aSmile wrote: »
    Rest of the calculations confused me so couldn't get any further....would welcome explanation. I don't understand the dividing by 260.

    Not sure I remember the details of the case, so without going and looking at it 260 would usually be the presumed number of working days per year.


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    #1208
    Butterflyguy
    Registered Users Posts: 13 ✭Butterflyguy


    froggatt2011 wrote: »
    Currently working my way through the sample papers.

    Anyone looked at SIM 1 on sample paper 1, Sutherland Properties?
    Indicator 1. When asked to consider the letter received offering to buy the Sweet Lane property, I only looked at the undervaluation and the need for an expert evaluation and potential impairment! As well as some waffle about don't have to enter into negotiations bla bla. The solution goes on to talk about the transaction structure (ie shares v assets) and CG implications.
    Honestly never would have thought to mention those points!

    I also can't see where they're getting comparative 2008 figures from in relation to rent receipts. Once again I am probably being thick. Has anyone been able to spot that?

    Yeh I just did this case today - was considering doing the tax implications of an asset vs. company sale, but didnt bother due to timing issues!

    In terms of the 2008 comparatives, these prior year earings are in relation to the Development company as opposed to the Investment company. You know this figure as it tells you in the case that they disposed of 80% of the stock in the Development company for revenue circa €10m in the prior year. I think they were trying to complicate things as much as possible by having the group structure with similar company names and operations!

    I also thought the ethics indicator in that case was horse****! The solution is such a mish mash of advice!

    Did you happen to do the Indigo case which is Sim 3 in sample paper 1?? I am confused by the marking scheme for the IMP indicator - to get competent you had to recommend selecting company B or C as the supplier. But to get high competent you had to recommend selecting company A?!


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    #1209
    notanocelot
    Registered Users Posts: 141 ✭✭notanocelot


    Byrne Limited has me near tears. It seemed fine. Then:

    Two BL indicators that I missed entirely, plus I spent ages on an audit indicator that didn't actually exist because the q spent so long talking about how to get the auditors to give a clean report!

    I can only hope indicators are clearer in the real thing.


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    #1210
    mrduffy
    Registered Users Posts: 169 ✭✭mrduffy


    3 weeks to go ? yes or no ?


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    #1211
    rums08
    Closed Accounts Posts: 49 ✭rums08


    mrduffy wrote: »
    3 weeks to go ? yes or no ?

    Yup!


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    #1212
    rums08
    Closed Accounts Posts: 49 ✭rums08


    How many CORE cases are there apart from the Mocks , Sample and Past papers?


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    #1213
    Szewinska
    Registered Users Posts: 136 ✭✭Szewinska


    aSmile wrote: »
    As far as I recall there are two 'sections' and you are given the information for one department (but not the two in aggregate). The solution is incorrect in it's calculation but the 2,219 is correct (ie it should be grossed up by taking the 1,601 and multiplying by (29 (ie total personnel in the two sections) divided by 21 (ie number of people in division for which information is provided). I think that's what needs to be done.

    Rest of the calculations confused me so couldn't get any further....would welcome explanation. I don't understand the dividing by 260.
    froggatt2011 wrote: »
    Not sure I remember the details of the case, so without going and looking at it 260 would usually be the presumed number of working days per year.

    Cheers for the help. I don't think I will get too bogged down in this.
    rums08 wrote: »
    How many CORE cases are there apart from the Mocks , Sample and Past papers?

    Where are the sample papers. Anybody a link to these on the site??


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    #1214
    dee359
    Registered Users Posts: 26 ✭dee359


    Szewinska wrote: »
    aSmile wrote: »
    As far as I recall there are two 'sections' and you are given the information for one department (but not the two in aggregate). The solution is incorrect in it's calculation but the 2,219 is correct (ie it should be grossed up by taking the 1,601 and multiplying by (29 (ie total personnel in the two sections) divided by 21 (ie number of people in division for which information is provided). I think that's what needs to be done.

    Rest of the calculations confused me so couldn't get any further....would welcome explanation. I don't understand the dividing by 260.
    froggatt2011 wrote: »
    Not sure I remember the details of the case, so without going and looking at it 260 would usually be the presumed number of working days per year.

    Cheers for the help. I don't think I will get too bogged down in this.
    rums08 wrote: »
    How many CORE cases are there apart from the Mocks , Sample and Past papers?

    Where are the sample papers. Anybody a link to these on the site??

    This link should work
    http://students.charteredaccountants.ie/Student-Information/Courses/New-Syllabus/Sample-Papers--Solutions/FAE-Sample-Papers-and-Solutions/


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    #1215
    R0N BURGUNDY
    Registered Users Posts: 402 ✭✭R0N BURGUNDY


    For anyone looking any inspiration:

    http://d22zlbw5ff7yk5.cloudfront.net/images/convo-179-4ff62212254f4.jpeg


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    #1216
    funkymonkey9
    Registered Users Posts: 63 ✭✭funkymonkey9


    Just wondering if anyone can tell me where in the Imp book does it discuss the software as a service business model that came up in our mock?thanks


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    #1217
    reo49
    Registered Users Posts: 67 ✭✭reo49


    reo49 wrote: »
    Has anyone done an index of all the indicators that come under the different subjects? Ferike1?

    I know there is a similiar spreadsheet going around with all the indicators of each case study.

    Bump


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    #1218
    supernova84
    Closed Accounts Posts: 972 ✭✭✭supernova84


    It's not easy to sit down for 4 and half hours and attempt a Core paper under exam conditions. I tried Primus Pet Foods there and got writer's block after an hour. Think Billy Williams needs to introduce a Locust concentration drink.


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    #1219
    BESman
    Closed Accounts Posts: 563 ✭✭✭BESman


    supernova84 wrote: »
    It's not easy to sit down for 4 and half hours and attempt a Core paper under exam conditions. I tried Primus Pet Foods there and got writer's block after an hour. Think Billy Williams needs to introduce a Locust concentration drink.

    Yes I was trying this and it's not easy. I found I was only writing outline answers and not to a standard I would hope to do on the actual day. I think it's impossible to recreate an exam environment exactly but you at least get a feel for identifying indicators and seeing how close you get to competent.

    I might also add that it's a huge amount of time out of your study day spent on one case so I'm thinking about doing outline answers in half the time required.


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    #1220
    An Citeog
    Registered Users Posts: 3,096 ✭✭✭An Citeog


    BESman wrote: »
    Yes I was trying this and it's not easy. I found I was only writing outline answers and not to a standard I would hope to do on the actual day. I think it's impossible to recreate an exam environment exactly but you at least get a feel for identifying indicators and seeing how close you get to competent.

    I might also add that it's a huge amount of time out of your study day spent on one case so I'm thinking about doing outline answers in half the time required.

    This is exactly the way I've been approaching it. Might try a couple of full 4.5 hour sessions over the next 3 weeks but that's it.


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    #1221
    mrduffy
    Registered Users Posts: 169 ✭✭mrduffy


    i am just reading solutions i find it good to read


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    #1222
    acattack
    Registered Users Posts: 1 ✭acattack


    Does anyone have the quancore Q, have the solution alright but cant find the Q anywhere!


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    #1223
    Accrual Intentions
    Closed Accounts Posts: 123 ✭✭Accrual Intentions


    supernova84 wrote: »
    It's not easy to sit down for 4 and half hours and attempt a Core paper under exam conditions. I tried Primus Pet Foods there and got writer's block after an hour. Think Billy Williams needs to introduce a Locust concentration drink.

    I'm treating it like marathon training, ya never actually do the full 26.2 miles until the marathon day. So in the same respect I will never actually do a full 4.5 hours comp or sims paper under exam conditions until the exam day - in case it ****s me up.


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    #1224
    Accrual Intentions
    Closed Accounts Posts: 123 ✭✭Accrual Intentions


    Has anyone done 'Active Health Plc'?

    In the question it says "Ian... will expect an update by way of a briefing paper.... He's also asked you to prepare a draft of the memo requested by Mary Ryan for his approval".

    I struggled with how to structure this, ie. what indicators should be dealt with in the briefing paper and what should be dealt with in the memo. Then when I go to the solution there is no memo! Just a briefing paper. Any answers?


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    #1225
    Ex 88
    Registered Users Posts: 72 ✭✭Ex 88


    notanocelot wrote: »
    Byrne Limited has me near tears. It seemed fine. Then:

    Two BL indicators that I missed entirely, plus I spent ages on an audit indicator that didn't actually exist because the q spent so long talking about how to get the auditors to give a clean report!

    I can only hope indicators are clearer in the real thing.

    To quote Michael Jackson: 'You are not alone' I attempted that case a few days ago and the exact same thing happened to me! I was only after studying BL the two days before I did the case and I missed both of them! The standard of some of the cases is shocking and the solutions are a joke!!! At least we know we're all in the same boat!


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    #1226
    ferike1
    Registered Users Posts: 1,785 ✭✭✭ferike1


    Grrr. I did most of the cases, now going through the solutions and picking out points that could be tailored to any case (obiviously leaving out ones that are very specific to the case at hand such as LocustSmart zombie plague) and I find it confusing seeing that on some cases an indicator is given for the executive summary i.e briefing note/memo/letter etc to certain people only. It seems so damn arbitrary as to when it is or isn't.


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    #1227
    louise1985
    Registered Users Posts: 112 ✭✭louise1985


    I'm trying to find two cases for management accounting. They are Daymoo and Vortech, if anyone can point me in the right direction I'd appreciate it.:D


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    #1228
    ferike1
    Registered Users Posts: 1,785 ✭✭✭ferike1


    In the Irish Italian food partnership case

    It states that patent income should be moved to a separate company on which no CT is paid. Is this right? I thought patents were taxable under Case III?


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    #1229
    Jame Gumb
    Banned (with Prison Access) Posts: 802 ✭✭✭Jame Gumb


    ferike1 wrote: »
    In the Irish Italian food partnership case

    It states that patent income should be moved to a separate company on which no CT is paid. Is this right? I thought patents were taxable under Case III?

    I suspect that the solution hasn't been updated.

    Patent income used to be tax free but it isn't anymore.

    Lobbing the patents into a separate company would have been the done thing pre November/December 2010 which is when the change took place.


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    #1230
    supernova84
    Closed Accounts Posts: 972 ✭✭✭supernova84


    ferike1 wrote: »
    I find it confusing seeing that on some cases an indicator is given for the executive summary i.e briefing note/memo/letter etc to certain people only. It seems so damn arbitrary as to when it is or isn't.

    I'm waiting for them to introduce the postcard method. Maybe they'll supply a stamp with the exam paper this year.


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    #1231
    faer2203
    Registered Users Posts: 49 ✭faer2203


    Jame Gumb wrote: »
    I suspect that the solution hasn't been updated.

    Patent income used to be tax free but it isn't anymore.

    Lobbing the patents into a separate company would have been the done thing pre November/December 2010 which is when the change took place.

    I might be wrong, but is the reason that they are putting it in a seperate company is that if the shareholders take a dividend from that company that dividend will be tax free as it is patent income? or is that gone aswel?


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