DFS Today
Comments
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I got the same as you hunter for all figures so Im pleased Im not the only one0
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I have always been told that section 1 is 70% and section 2 is 30% of your marks however you need at least 75% of each section to pass!!!!!
I said invest but in my conclusions I warned that the values are historic and futher work would be needed blah blah blah!!! But I did 2 ratios wrong so although the first ones were reducing my last two showed them increasing. I said it was down to investing in new assets and we should look at future projects!!!!!!:confused1:
Hey, thats my beef about getting those 2 ratios wrong !!!!:001_smile:
I know how you feel about it but try not to worry (as I was about 2 hours ago until coming on here!)
The great thing about a report is that it is based on your own opinion, yes the ratios being correct do help the cause overall but you are carrying through your own figures for judgement and the lovely (grovelling now!) examiners at our very own AAT headquarters are all for your own opinions on things. As long as you have based your conclusion on your own figures you, have something to hold on to.
Mini-Man0 -
sebastianforbes wrote: »if the pass mark is 75% (just a random guess!)...
then 75% of 30% is not as important as 75% of 70%...
just like all other questions, you play the odds, score the important points...
pass the exam !!!
That's the wrong technique.
To pass the exam, you have to show COMPETENCE IN ALL TASKS. Regardless of the length of the task, what section it's in or whatever.
To pass today's exam, you needed to show that you
- can make journal entries,
- produce an income statement, a balance sheet, a consolidated income statement, a cash flow statement.
- demonstrate (some) understanding of confidentiality procedures, intangible assets, treatment of development costs
- how to produce 4 key ratios from a provided set of final accounts, show that you understand what they mean and how they indicate profitability and risk
- understand what the Framework says about the elements and the definitions it provides.
The ratio analysis question is arguably the most important task in the whole paper. If you don't show competence in it, you will not show competence in Section 2, and will therefore not pass the exam.0 -
do you fail if you don't complete a question? I skipped passed the question on confidentiality to come back to later, and then only had time to write a couple of lines without answering Part B0
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What did you do with the impairment of 25% for the consolidated b/s, i did nothing other than explain that it is written down in the income statement.:001_unsure:0
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mehmet. Just wanted to say many thanks for helping me last night with the Equity ratio - I remembered what you said. Do you think I would pass - I did everything pretty well spot on except for 2.2 when I prattled on about income statements, balance sheets, cashflow statements. I did put in about assets - liabilites = equity, and when I prattled on about income statments talked about revenue and expenditure? Think I just misunderstood the question0
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worried, you won't fail an exam based on the performance of just one task (with the possible exception of 2.1). Anyway, exam markers give allowances for time pressure, so you would have shown some understanding about confidentiality by answering part a) and they would probably realise you had run out of time.
GoldenRetreiver, If you've done everything else correctly, I'd be surprised if you failed. Also, you would have picked up marks by doing the accounting equation.What did you do with the impairment of 25% for the consolidated b/s, i did nothing other than explain that it is written down in the income statement.:001_unsure:
It should be deducted from goodwill and also when working out consolidated earnings in the equity section.0 -
Mehmet, thanks for your help, you've been a great help to me.0
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ffs it says nothing about reducing the goodwill figure in my kaplan book :mad2: or have i missed it:ohmy:0
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reduce goodwill by % impairement and retained earnings by the same % for the double entry, our tutor made sure we knew the workings for consolidation inside and out
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My cash flow balanced which I'm really pleased about because they were always my biggest worry!
Consolidated balance sheet was exactly 8,000 out though (the bottom half of the balance sheet was higher - about 102,058 and bottom half was about 94,058). Anyone else get the same difference or know what I did wrong? I checked it and checked it but couldn't see what I had done wrong!
My income statement and balance sheet also balanced but I think I did that slightly wrong. I put both the dividend amounts through retained earnings and I think one of them should have gone through the income statement?0 -
My income statement and balance sheet also balanced but I think I did that slightly wrong. I put both the dividend amounts through retained earnings and I think one of them should have gone through the income statement?
No, that's correct.
Dividends paid come out of retained earnings on the Statement of Changes in Equity0 -
Raet8 im glad I wast the only one who said to invest!!!0
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My cash flow balanced which I'm really pleased about because they were always my biggest worry!
Consolidated balance sheet was exactly 8,000 out though (the bottom half of the balance sheet was higher - about 102,058 and bottom half was about 94,058). Anyone else get the same difference or know what I did wrong? I checked it and checked it but couldn't see what I had done wrong!
My income statement and balance sheet also balanced but I think I did that slightly wrong. I put both the dividend amounts through retained earnings and I think one of them should have gone through the income statement?
The bottom figure you quoted looks the same as mine but my top one was 80,000 something!!!
I also put both dividends through on retained earnings but then this balace sheet didnt balance either!!!!:blink:0 -
No, that's correct.
Dividends paid come out of retained earnings on the Statement of Changes in Equity
Did you sit the exam? (just my question wasn't very clear if you didn't!).
One of the amounts was a dividend declared in the previous financial year but paid this year and the other amount was just declared this year if I remember rightly. So should they both still go through retained earnings?0 -
Hi Cortez
I put mine through Retained earnings in the balance sheet and I more or less balanced.. at £94,0280 -
Oh, I thought the last questions were a bit weird, not really sure what they were asking ...
When they said list things in the financial statements they meant i/s, b/s, c/f, directors report etc right?
And then define the items of the balance sheet, they wanted definitions of non-current assets, trade receivables, trade payables etc? That's what I did anyway and my definitions were pretty poor at that!0 -
Did you sit the exam? (just my question wasn't very clear if you didn't!).
One of the amounts was a dividend declared in the previous financial year but paid this year and the other amount was just declared this year if I remember rightly. So should they both still go through retained earnings?
Yes, I just sat the exam.
All dividends paid during the reporting period, no matter which period they relate to, go through retained earnings.0 -
Yes, I just sat the exam.
All dividends paid during the reporting period, no matter which period they relate to, go through retained earnings.
Good stuff :thumbup1:
Seems I've done alright on this paper, at least the calculation bits. Also seems like my figure of 94,058 is what most people got for the consolidated b/s but no idea why I had 102,058 for the bottom half!0 -
Hi guys , I was pretty pleased with the exam on a whole.
However the very last question !
I didnt have a clue what it was ! I wrote stuff like assets must be split between current and non current, same with liabilities. That current assets should be put in order of liquidity. I also put total assets - total liabilities should be calculated to show equity. Equity must then be split up into share capital etc etc
Any marks in all the crap i wrote about ?
Also had all section 1 balancing, ratios seemed ok and advised not to invest as business was worsening (mainly interest cover)0 -
Good stuff :thumbup1:
Seems I've done alright on this paper, at least the calculation bits. Also seems like my figure of 94,058 is what most people got for the consolidated b/s but no idea why I had 102,058 for the bottom half!
Possible explanation: did you consolidate the share capital and share premium accounts?0 -
Just to give anyone who is having doubs some hope, I took this paper last june, My balance sheet didn't balance and neither did my cash flow statment but i somehow managed to pass! I guess my workings and theory were correct and thats what got me thru!0
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Thats true Nich, I am sitting here really worrying about section 2 now... but overall I do think I understood the paper and hope that will show, its just frustraing that you work so hard to then just put silly answers that coud potentially fail you!0
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Im really concerned now by section 2 Oh i cant fail again!!!!!!:blink::crying:0
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LOL Raet8 i actually want to cry right now.... it just shows how useless I am with money, that I said to invest hahaha0
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Hiya everyone, I feel sick everything balanced even my consolidated, I did the table thingy were you seperate everything out but I think I have forgot to put something on the consolidated as I got 80838 or something and I remeber a figure (which i've shown on the table being 13??? something) which then I would have the same as most people!!
What was the question on develpoment I don't remeber that one?? Hope i haven't missed it out i'll go mad at myself!!!0
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