Tuesday, June 10, 2008
Monday, June 9, 2008
F5 Review
Q1 + (if examiner is mean) operating statement
a) comment on 3 manager's decision
b) operating statement with variance
Q2 Linear Programming + shadow pricing (will be SUN if it weren't for the Article)
a) calculate contribution (2m)
b) linear programming and draw on graph paper
c) shadow pricing on labour & material
d) comment whether should pay the overtime
Q3 scope of Performance Management (FPIs & NFPIs) D07-2 Pilot-4
a) comment on financial performance of the forecast
b)calculate the given 3 situation
c) comment on the 3 situation
d) i don't remember, didn't do actually.
Q4 ABC
a) why is there changes in the cost per unit for CB & TJ
b) the problems that will occur changing from traditional to ABC
c) calculate cost per unit & margin using machine hour
d) calculate cost per unit & margin using ABC principles
3 sun(linear programming i thought it was a moon but it came out, FPI came out in D07 & pilot and will sure to come out every sitting)
1 star
Question 1
it's expected to have Variance question to come out...but to reconcile a budgeted profit to actual profit in marginal costing!!?!?!?! who would have expected that. luckily in my forecast under the star section i did point out about operating statement as it is in the study guide.
Question 2
linear programming question is considerably easy. it's do-able and time consuming. the shadow pricing, i don't remember what to do after adding additional 1 hour for labour and for material hopefully you all don't face the same problem as me. but should be able to answer
Question 3
examiner did mention in the report on D07 Q2 as follows:
-I see this type of question (the interpretation type) as central to performance management. It is what separates F2 from F5. Candidates need to be better prepared for future questions of this type. The Pilot paper had a similar question to Ties Only in it, which also gave financial and non financial data for a business. If you look at both these questions you should get a clear idea of how future questions will be set.
at this time, i started to panic cause i reallised i did not have enough time. so, that already clouded my mind. it's not very difficult to comment on the financial performance. but the calculation may confuse some of us. that is to prepare 1 forecast or 3 forecast. i believe it's 1 forecast with 3 proposal.
Question 4
if you panic due to the fact there isn't any time, the question will seem very very difficult like it did to me. but analysing it in detail and reasonable amount of time(if there WAS any), it was just another ABC question and principles.
Points LEARNED:
1. TIME MANAGEMENT.
this performance MANAGEMENT is all about time management. if you manage your time properly, all question should be done with equal amount of effort. If Quetion 1 and question 2 is done ONE hour each. that means your last question will only have 15 mins to finish 25 marks.
2. Right the first time
it's about quality control, there is NO TIME to correct your answer even if you wanted to do. it has to be the correct answer the moment you write it down. no second thoughts and no stopping to go back the previous question. just do and continue writing as time forbids.
3. know your facts
when you see a question, the idea should be there. you must have the structure of HOW THE ANSWER SHOULD LOOK LIKE. ie, the variance operating statement, linear programming & ABC. you cannot afford to waste time thinking how to write the format. it must be in your finger tips to KILL TIME.
To all,
What is done, is done. time to look at the future F7, F8 or F9 & other papers(for those who take 4 papers) and hope for the best.
Enjoy this holiday while you can
To Ms Voon sia,
see you next semester (said one of our classmate)
a) comment on 3 manager's decision
b) operating statement with variance
Q2 Linear Programming + shadow pricing (will be SUN if it weren't for the Article)
a) calculate contribution (2m)
b) linear programming and draw on graph paper
c) shadow pricing on labour & material
d) comment whether should pay the overtime
Q3 scope of Performance Management (FPIs & NFPIs) D07-2 Pilot-4
a) comment on financial performance of the forecast
b)calculate the given 3 situation
c) comment on the 3 situation
d) i don't remember, didn't do actually.
Q4 ABC
a) why is there changes in the cost per unit for CB & TJ
b) the problems that will occur changing from traditional to ABC
c) calculate cost per unit & margin using machine hour
d) calculate cost per unit & margin using ABC principles
3 sun(linear programming i thought it was a moon but it came out, FPI came out in D07 & pilot and will sure to come out every sitting)
1 star
Question 1
it's expected to have Variance question to come out...but to reconcile a budgeted profit to actual profit in marginal costing!!?!?!?! who would have expected that. luckily in my forecast under the star section i did point out about operating statement as it is in the study guide.
Question 2
linear programming question is considerably easy. it's do-able and time consuming. the shadow pricing, i don't remember what to do after adding additional 1 hour for labour and for material hopefully you all don't face the same problem as me. but should be able to answer
Question 3
examiner did mention in the report on D07 Q2 as follows:
-I see this type of question (the interpretation type) as central to performance management. It is what separates F2 from F5. Candidates need to be better prepared for future questions of this type. The Pilot paper had a similar question to Ties Only in it, which also gave financial and non financial data for a business. If you look at both these questions you should get a clear idea of how future questions will be set.
at this time, i started to panic cause i reallised i did not have enough time. so, that already clouded my mind. it's not very difficult to comment on the financial performance. but the calculation may confuse some of us. that is to prepare 1 forecast or 3 forecast. i believe it's 1 forecast with 3 proposal.
Question 4
if you panic due to the fact there isn't any time, the question will seem very very difficult like it did to me. but analysing it in detail and reasonable amount of time(if there WAS any), it was just another ABC question and principles.
Points LEARNED:
1. TIME MANAGEMENT.
this performance MANAGEMENT is all about time management. if you manage your time properly, all question should be done with equal amount of effort. If Quetion 1 and question 2 is done ONE hour each. that means your last question will only have 15 mins to finish 25 marks.
2. Right the first time
it's about quality control, there is NO TIME to correct your answer even if you wanted to do. it has to be the correct answer the moment you write it down. no second thoughts and no stopping to go back the previous question. just do and continue writing as time forbids.
3. know your facts
when you see a question, the idea should be there. you must have the structure of HOW THE ANSWER SHOULD LOOK LIKE. ie, the variance operating statement, linear programming & ABC. you cannot afford to waste time thinking how to write the format. it must be in your finger tips to KILL TIME.
To all,
What is done, is done. time to look at the future F7, F8 or F9 & other papers(for those who take 4 papers) and hope for the best.
Enjoy this holiday while you can
To Ms Voon sia,
see you next semester (said one of our classmate)
Thursday, June 5, 2008
F5 simple & basic analysis
Study Guide
A
1. ABC Pilot-1
2. Target c D07-1
3. Life-cycle c
4. Back-flush acctg
5. Throughput acctg
B
1 Multi-limiting factor & linear programming (should be moon cause published in march 2008 article, just my assumption)
2. Pricing decision
3 Make or buy & other short term decision D07-4
4 Risk & Uncertainty
C Budgeting
1. Objective
2 system
3 Types
4 Quantitative analysis Pilot-3(on learning curve)
5 Behavioural aspect
D
1 Budgeting & standard costing
2 Basic variances & operating statement
-labour v combine with learning curve
3 material mix & yield v Pilot-2
4 Planning & operational v D07-3 (includes revised budget)
5 Behavioural aspect
E
1 scope of Performance Management (FPIs & NFPIs) D07-2 Pilot-4
2 Divisional performance & transfer pricing
3 Not-for-profit organisation & public sector
4 External considerations & behavioural aspects
Han's mathematical method of forecasting:
based on Pilot paper as Sun and D07 as Moon except FPIs & NFPIs:
Q1 A ABC
Q2 D Mix & Yield variance with material usage
Q3 B Linear Programming + shadow pricing (will be SUN if it weren't for the Article)
Q4 E Transfer Pricing with ROI & RI
After sitting for Tax & Law, gave a little kick!
Q1 A Throughput accouting
Q2 C & D Labour variances including idle time & productive time with Learning curve + (if examiner is mean) operating statement
Q3 B risk & uncertainty includes maximax, maximin & minimax regret
Q4 E Not-for-profit organisation and public sector
Basically, it's not possible to forecast exactly what question will come out as syllabus too wide. i am only basing on PROBABILITY. if i am the examiner, i would prefer to surprise the students by giving them ONE OR TWO UNEXPECTED question. in other words, 50% of SUN, 30% of Star & 20% Moon.
so, by following the forecast above...tips are not so reliable!! study everything is the BEST!(obviously)
Anyway, be prepare to interpret a LOT (as expected by examiner). Try to use the BACKGROUND info in ur answers, the senario given. Give in ur opinion. Answer the REQUIRED, ie, if ask to comment, try not to give ONLY solution in your anwers.
Examiner usually pick items that we 'sort of' know what it is. Example,
Pilot
Q1 watch
Q2 soup
Q3 design
Q4 actg & tax work
D07
Q1 radio
Q2 tie & websites
Q3 diaries
Q4 perfume
A
1. ABC Pilot-1
2. Target c D07-1
3. Life-cycle c
4. Back-flush acctg
5. Throughput acctg
B
1 Multi-limiting factor & linear programming (should be moon cause published in march 2008 article, just my assumption)
2. Pricing decision
3 Make or buy & other short term decision D07-4
4 Risk & Uncertainty
C Budgeting
1. Objective
2 system
3 Types
4 Quantitative analysis Pilot-3(on learning curve)
5 Behavioural aspect
D
1 Budgeting & standard costing
2 Basic variances & operating statement
-labour v combine with learning curve
3 material mix & yield v Pilot-2
4 Planning & operational v D07-3 (includes revised budget)
5 Behavioural aspect
E
1 scope of Performance Management (FPIs & NFPIs) D07-2 Pilot-4
2 Divisional performance & transfer pricing
3 Not-for-profit organisation & public sector
4 External considerations & behavioural aspects
Han's mathematical method of forecasting:
based on Pilot paper as Sun and D07 as Moon except FPIs & NFPIs:
Q1 A ABC
Q2 D Mix & Yield variance with material usage
Q3 B Linear Programming + shadow pricing (will be SUN if it weren't for the Article)
Q4 E Transfer Pricing with ROI & RI
After sitting for Tax & Law, gave a little kick!
Q1 A Throughput accouting
Q2 C & D Labour variances including idle time & productive time with Learning curve + (if examiner is mean) operating statement
Q3 B risk & uncertainty includes maximax, maximin & minimax regret
Q4 E Not-for-profit organisation and public sector
Basically, it's not possible to forecast exactly what question will come out as syllabus too wide. i am only basing on PROBABILITY. if i am the examiner, i would prefer to surprise the students by giving them ONE OR TWO UNEXPECTED question. in other words, 50% of SUN, 30% of Star & 20% Moon.
so, by following the forecast above...tips are not so reliable!! study everything is the BEST!(obviously)
Anyway, be prepare to interpret a LOT (as expected by examiner). Try to use the BACKGROUND info in ur answers, the senario given. Give in ur opinion. Answer the REQUIRED, ie, if ask to comment, try not to give ONLY solution in your anwers.
Examiner usually pick items that we 'sort of' know what it is. Example,
Pilot
Q1 watch
Q2 soup
Q3 design
Q4 actg & tax work
D07
Q1 radio
Q2 tie & websites
Q3 diaries
Q4 perfume
Anyway, all the best!!
F5 examiner's past Review
May 2008 article
Key learning points
In summary:
-a ratio alone is not enough
-use the background information given (such as financial data, variances, or narrative)
-hypothesise as to possible causes and be prepared to select the most likely
-be brave and express your opinion
-do not ‘opt out’ and suggest that management investigate.
March 2008 Article
on linear programming
(Why linear programming MOON? Usually when article is written before the exam. it would most likely to come out the next sitting(Dec2008) and not the coming sitting (june 08). however, just go through. Linear programming usually goes with shadow pricing i think.)
Jan 2007 Article
about what is F5 and review on pilot paper.
D07 report
There were many very good scripts produced by the well prepared candidates. However, having personally moderated every marginal candidate, I can say that many of those that failed did not have knowledge of target costing, did not understand budget revisions and could not interpret simple financial data. The decision whether to pass marginal candidates or not hinged on the answers to these questions.
Q1 A Target costing
-The “benefits” of target costing was less well done and this was expected. I am generally interested in why something is done as well as how it is done. This principle will be reflected again in future questions.
-however all should revise high-low as I am disposed to use it again to provide overhead data within a question. High-low was poorly done by large numbers of candidates, which was a little disappointing
Q2 E profit performance
-I see this type of question (the interpretation type) as central to performance management. It is what separates F2 from F5. Candidates need to be better prepared for future questions of this type. The Pilot paper had a similar question to Ties Only in it, which also gave financial and non financial data for a business. If you look at both these questions you should get a clear idea of how future questions will be set.
Q3 D budget revisions
-I would encourage all to briefly consider the ideas behind calculations before mastering the calculations themselves. In part (b) I was looking for arguments in favour and against, few separated their points and all would have scored better had they done so. Marks for any consistent conclusion were given.
-Performance management is not only about the calculations. Candidates must understand what the numbers tell them about the businesses performance.
Q4 B Processing decision
-This was a decision-making question, so existing fixed cost; the existing supervisor cost and the market research were all correctly excluded as sunk cost. I would prefer in future that sunk costs that are correctly omitted from calculations be mentioned as sunk rather than simply ignored. The marking team will then be able to tell whether the sunk cost treatment has been understood or merely forgotten.
Key learning points
In summary:
-a ratio alone is not enough
-use the background information given (such as financial data, variances, or narrative)
-hypothesise as to possible causes and be prepared to select the most likely
-be brave and express your opinion
-do not ‘opt out’ and suggest that management investigate.
March 2008 Article
on linear programming
(Why linear programming MOON? Usually when article is written before the exam. it would most likely to come out the next sitting(Dec2008) and not the coming sitting (june 08). however, just go through. Linear programming usually goes with shadow pricing i think.)
Jan 2007 Article
about what is F5 and review on pilot paper.
D07 report
There were many very good scripts produced by the well prepared candidates. However, having personally moderated every marginal candidate, I can say that many of those that failed did not have knowledge of target costing, did not understand budget revisions and could not interpret simple financial data. The decision whether to pass marginal candidates or not hinged on the answers to these questions.
Q1 A Target costing
-The “benefits” of target costing was less well done and this was expected. I am generally interested in why something is done as well as how it is done. This principle will be reflected again in future questions.
-however all should revise high-low as I am disposed to use it again to provide overhead data within a question. High-low was poorly done by large numbers of candidates, which was a little disappointing
Q2 E profit performance
-I see this type of question (the interpretation type) as central to performance management. It is what separates F2 from F5. Candidates need to be better prepared for future questions of this type. The Pilot paper had a similar question to Ties Only in it, which also gave financial and non financial data for a business. If you look at both these questions you should get a clear idea of how future questions will be set.
Q3 D budget revisions
-I would encourage all to briefly consider the ideas behind calculations before mastering the calculations themselves. In part (b) I was looking for arguments in favour and against, few separated their points and all would have scored better had they done so. Marks for any consistent conclusion were given.
-Performance management is not only about the calculations. Candidates must understand what the numbers tell them about the businesses performance.
Q4 B Processing decision
-This was a decision-making question, so existing fixed cost; the existing supervisor cost and the market research were all correctly excluded as sunk cost. I would prefer in future that sunk costs that are correctly omitted from calculations be mentioned as sunk rather than simply ignored. The marking team will then be able to tell whether the sunk cost treatment has been understood or merely forgotten.
F5 tips forecast?
Sun Star Moon
Bpp tips:
Performance Measurement – questions are likely to include interpretation of given data and also a discussion of the value of or suggested non financial measures
• Variance analysis - particularly mix and yield along with interpretation of variances
Open Tuition tips:
Question 1
Written on target costing and ways of reducing costs
Activity Based Costing
Bpp tips:
Performance Measurement – questions are likely to include interpretation of given data and also a discussion of the value of or suggested non financial measures
• Budgeting – questions may focus on implications of differing budget approaches and their impacts on motivation. The conflict between ZBB and incremental budgeting is also likely to be explored
• Modern cost management techniques - are likely to feature frequently involving both calculation and discussion requirements
• Decision making techniques – particularly involving relevant costs, scarce resources and pricing decisions
• Variance analysis - particularly mix and yield along with interpretation of variances
Open Tuition tips:
Question 1
Written on target costing and ways of reducing costs
Activity Based Costing
Question 2
a) Divisional performance measurement (ROI and RI)
b) Non-financial performance measures
Question 3
a) Variances - preparation of operating statement
b) Possible reasons for variances
c) Discussion of purpose of planning and operational variances
Question 4
a) Linear programming
b) Discussion of uses of shadow (dual) costs
Myacca tips for D07:
Following are the Exam Tips by FTC Kaplan that are likely to apper in December 2007 sitting of F5 Performance Management.
- ABC
- Variance analysis, including mix and yield and interpretation
- Learning curves
- Performance measurement, including NFIs, the balanced scorecard and Fitzgerald et al
- Decision making
Tuesday, June 3, 2008
F4 review
i can't remember the exact question number...
1. operation of Judicial Precedent Judicial precedent
2. Contract of service & 'orally' + ceased on custom?Contract of service vs contract for service
3.duties of an agent
4. Torts vs contract + elementsLAW OF TORTS
5. PromotersPromoter
6. Veil of incorporationLifting veil of incorporation
7. Fraudulent trading fraudulent behaviour
8. i) did not receive notice, validity.
ii) Change of company's name + old age s129over-aged director S129
9. Financial assistance to purchase own share/share buy back
10. Revocation termination(revocation only)
2SUN
2Star
3Moon
conclusion, D07 past year is very crucial in J08. about 3 moon question came out.
Apparently most SUN did not come, most of wat i spot is irrelevant. Only 2 SUN and 2 Star - not a chance to get a pass. (so ya, i suffered. serve me right for not study!! ouch.)
funny thing is the examiner is either trying to help us by giving D07 question and the other BULK of the syllabus which is not tested for a long time becomes...remote? (i dont wanna know)
oh well, it's a BIG lesson i can learn today. DO NOT SPOT!! and study everything with equal attention.
Anyway, i ll try spot for F5 and put in high focus on D07 this time!!
1. operation of Judicial Precedent Judicial precedent
2. Contract of service & 'orally' + ceased on custom?Contract of service vs contract for service
3.duties of an agent
4. Torts vs contract + elementsLAW OF TORTS
5. PromotersPromoter
6. Veil of incorporationLifting veil of incorporation
7. Fraudulent trading fraudulent behaviour
8. i) did not receive notice, validity.
ii) Change of company's name + old age s129over-aged director S129
9. Financial assistance to purchase own share/share buy back
10. Revocation termination(revocation only)
2SUN
2Star
3Moon
conclusion, D07 past year is very crucial in J08. about 3 moon question came out.
Apparently most SUN did not come, most of wat i spot is irrelevant. Only 2 SUN and 2 Star - not a chance to get a pass. (so ya, i suffered. serve me right for not study!! ouch.)
funny thing is the examiner is either trying to help us by giving D07 question and the other BULK of the syllabus which is not tested for a long time becomes...remote? (i dont wanna know)
oh well, it's a BIG lesson i can learn today. DO NOT SPOT!! and study everything with equal attention.
Anyway, i ll try spot for F5 and put in high focus on D07 this time!!
Monday, June 2, 2008
F6 review
What is spotted such as
2. Basis period
3. Section 108 a/c
4. WHT : interest, special classes & contract payment
5. Allowance: QBA, Agriculture allowance
6. Partnership
7. Tax Admin
except sales tax & QBA.
that's like 2 out of 7 hit - very little indeed
1 Co
2 Individual & relief vs rebates
3 QBA
4 Royalty & Rental
5 Sales & service tax
so, for tomorrow's LAW. what ever i spot is like 'not important'.haha. not sure myself but i ll try make 10 questions myself and compare with tomorrow's.
2. Basis period
3. Section 108 a/c
4. WHT : interest, special classes & contract payment
5. Allowance: QBA, Agriculture allowance
6. Partnership
7. Tax Admin
except sales tax & QBA.
that's like 2 out of 7 hit - very little indeed
1 Co
2 Individual & relief vs rebates
3 QBA
4 Royalty & Rental
5 Sales & service tax
so, for tomorrow's LAW. what ever i spot is like 'not important'.haha. not sure myself but i ll try make 10 questions myself and compare with tomorrow's.
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