SIM UOL students lip lais! - Part 7

[blurryJY]

My IS got a difference of 126. Don't know where go wrong.

I also can't balance my IS.. I put the 3k as return inwards less from sales.. not sure too..

 

[jht199]

Any tips for FM?

 

[xavier4]

Ya. I got positive npv and my fren negative. That's why I want to double Chk. Because part b ask for payback. If negative npv. Can payback meh? Just feel make no sense. Unless it's a trick qns

same.. i positive my fren negative.. our difference is i ignore the 5% overhead.. he count in.. my intuition is that they say the company allocated 5% fixed overhead for the project mah.. idk though.. but i see fixed overhead i just wanna ignore liao.. i not so sure if shld count in..

Hey to all who took POA:
For the NPV question, why is the 5% fixed overhead included? I got a positive NPV of 77,000 (nearest 000)
For the cash flow question, is the depreciation for the year simply 2014's acc dep - 2013's acc dep? What was the amount of the purchase of non current assets?

my NPV was 77290-ish.. i use pounds'000 because i drew my table's squares too small

for the cashflow.. i managed to balance but i hope i didnt do any wrong steps.. for the dep.. if i still can remb.. its opening - 58(the dep of the thingy we sold). then the difference is the dep of the year lor.. same as the cost of fixed assets also.. opening - 80(which we sold).. difference is the purchase of new tangibles..


if i'm wrong pls dont tell me :<, let me happily finish the rest of papers first

 

[hydeist_]

today's audit was definitely much easier as compared to previous years ... i stayed up previous night trying to attempt 2011 - 2013 pyps and found the questions tougher to interpret.

god bless roy chandler!

 

[nasilemak100]

today a bit not enough time to finish the audit paper sia...

 

[hydeist_]

today a bit not enough time to finish the audit paper sia...

faced roughly the same problem .. had to cut abit here n there in the end managed to finish all 4 qns

 

[nasilemak100]

today's audit was definitely much easier as compared to previous years ... i stayed up previous night trying to attempt 2011 - 2013 pyps and found the questions tougher to interpret.

god bless roy chandler!

heng ah those simi auditor liability and law suit case never come out in case studies.

i didn't even memorize for a single case, totally blank out the whole chapter lol


yea 2014 audit paper is definitely the most manageable i have seen compared to the past papers that i have read through from 2004 zone A/B to 2013 zone A/B

 

[lterryl]

anyone got cf T2 Suggested Solutions, the link in simconnect down

 

[superslueth221]

Hey how do you guys in UOL form study groups?

 

[SageWolf]

Hey for qn 1a with the extract of the financial statement (equity portion), the "dividends paid" is last year's dividend paid this year plus the dividend paid this year right? Since dividends are accounted for when paid and are not accrued

Actually no, you only take in dividend paid this year. Dun include dividend that is suppose to be paid last year (accruals concept), coz last year equity change would have included it. And dun add in propose dividend as well.

 

[SageWolf]

Anyone did question 6 for poa?

 

[awayaway]

Anyone did question 6 for poa?

me, why leh?

 

[SageWolf]

me, why leh?

Give a rough brief how you did it? whats is your closing balance after jun? $220000?

 

[quasixmodo]

yes!!!

question 1 part a was a given, the answers are right in front of you. part b needs a little bit common sense and reasoning.

question 2 i have no idea wtf they are talking about.

question 3 a and b was straightforward.

question 4 a and b are easy. so many concerns you can take from the question.

as for theory i did question 7 which is okay.

haha! for section A you did the exactly same questions as me. Q1 was indeed easy but take note that we can't just anyhow write cus' the question was asking on the problems about engineer's vans and stock parts. Q2 - i have no idea what the **** they want but was so tempted to do cause the storyline only less than half a page. Q3 - yeah, very straightforward. can't explain how happy i am to see when they asked for 5 threats and provide safeguards. free marks. lol. Q4 - those who didn't attempt have thrown away their bonus marks lol. indeed so many concerns i actually spotted 8.

section B i did expectation gap. if i'm not wrong Q7 was asking about financial statements one is it?

today's audit was definitely much easier as compared to previous years ... i stayed up previous night trying to attempt 2011 - 2013 pyps and found the questions tougher to interpret.

god bless roy chandler!

EXACTLY! i tried attempting 2010 - 2013 zone b papers and honestly i have to keep looking back at the examiners' reports for answers. it was so tough in the sense that i don't even know what the question is asking. but today's paper was so straightforward. "explain 5 threats...", "list the concerns...", "identify the audit risk..." etc.

today a bit not enough time to finish the audit paper sia...

faced roughly the same problem .. had to cut abit here n there in the end managed to finish all 4 qns

yeah. spent like almost an hour for each until section B gan jiong.

 

[superslueth221]

Hmm so this proposed divided must be put at where? Statement of equity under retained earnings is it?

According to what I've seen either in the subject guide or past exam commentaries, it should be left as just a note at the bottom of the SOCE. It's not involved in any of the calculations and its just stated as " the director's propose a final dividend of 10p per share" as a footnote

 

[gnowyx]

Audit qns 2 was talking about risk and assertions. My intepretation was, for eg. A company lost half its customers, going concern risk plus coy may overstate profit. Company expanding into europe, new area could mean company may not do well. Assertions umder your test of details.

Part b is how you test your assertions. Like discuss with lawyers on litigation or check budget forecasts etc etc

 

[Sadisticnoob]

**** man macro is wtf

I saw the Cobb Douglas function for solow growth model and I knew I was screwed

 

[foo9883]

Anyone taking PSOC this year? Can you find the prelim exam commentaries? There's no such file under pass year papers.

 

[SageWolf]

Hmm so this proposed divided must be put at where? Statement of equity under retained earnings is it?

Proposed divided is actually a trap. just ignore it.

 

[xavier4]

today's audit was definitely much easier as compared to previous years ... i stayed up previous night trying to attempt 2011 - 2013 pyps and found the questions tougher to interpret.

god bless roy chandler!

idk how many will agree as well but to me POA paper was quite simple also.. at least for the qn-s i attempted..

god bless daniel leivy !