Oh God, is it just me again....

System

who found PEV a million times easier than the June 05 exam (which I've done about 5 times as a practice exam and still couldn't manage) ??

Am now seriously starting to think I've missed something !!

I thought the variances were a gift and managed to do the currecy exchange bit although I'm not sure if I got the adverse/favourable bit the right way round.

DId anyone else notice that the reconciliation only asked you to reconcile OVERHEADS ?? I got std cost of actual overheads £72,000 add adverse capacity variance £2800 less favourable efficiency variance £4800. Did anyone else get this ??

Please reassure me !!!

System

Re:Oh God, is it just me again....

Hi there!

I did find this paper ok in comparison to some of the past papers we've done, but I have to say, I didn't find it easy as such.

I did notice that you only had to reconcile the overheads, but a lot of the people in my group did the whole reconciliation statement of all the variances. I have to be honest, the figures I used have totally gone from my head now so can't tell you what I put down I'm afraid.

Totally screwed up the exchange rate bit but I gave it a good bash so will hopefully have picked up one or two marks for that.

One silly cock up I made was not doing the memo properly - as I answered the question but didn't lay it out as a proper memo, do you think this will cost me a lot of marks?

System

Re:Oh God, is it just me again....

Hi there!

I did find this paper ok in comparison to some of the past papers we've done, but I have to say, I didn't find it easy as such.

I did notice that you only had to reconcile the overheads, but a lot of the people in my group did the whole reconciliation statement of all the variances. I have to be honest, the figures I used have totally gone from my head now so can't tell you what I put down I'm afraid.

Totally screwed up the exchange rate bit but I gave it a good bash so will hopefully have picked up one or two marks for that.

One silly cock up I made was not doing the memo properly - as I answered the question but didn't lay it out as a proper memo, do you think this will cost me a lot of marks?

System

Re:Oh God, is it just me again....

Wouldn't have thought so although the assesors always seem to comment on this in their report which is a bit picky I always think. As long as the content is sound then you should be fine.

Have you any more to do ?

System

Re:Oh God, is it just me again....

Yeah, unfortunately have the PCR one to do Thursday morning, how about you?

System

Re:Oh God, is it just me again....

Yep. I have PCR too. AM having tonight off though (vino here I come) and am in work all day tomorrow so only have tomorrow night and all day Wednesday (boss has given me a study day what a nice man) to do last minute cramming.

Good luck !!!

System

Re:Oh God, is it just me again....

At least after that it will all be over and we can relax. I am giving myself a night off too, think my brain is fried now anyway!

Best of luck to you, I hope it goes well.

System

Re:Oh God, is it just me again....

The question asked for a reconciliation of incurred and absorbed overheads. Incurred were 70,000 -variances of Exp. 2,800(A) and capacity 7,200(F)- difference of 4400(F) absorbed 74,400. I hope that's right, anybody else got that?

System

Re:Oh God, is it just me again....

Don't forget when you reconcile overheads the reconciling variances to use are volume and expenditure. Efficiency and Capacity are just a further breakdwon of the volume variance so if you count these as well you'll double count.

System

Re:Oh God, is it just me again....

i did it like this
OVERHEARDS INCURED 70000
OVERHEADS ABSORBED(600000/1000X120) 72000
OVER ABSORPTION VARIANCE 2000