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Monday, 21 June 2010


After today's Company Reporting paper, I am now free of this semester. XD Now, it's the right time to reflect upon how I felt during the papers and the subjects.

AFW2020 - Cost information for decision making

I love this subject. Its concepts are very easy to understand and it's very relevant to today's business world, especially in the world of management accountants. It's especially fun to imagine you're a CEO of a company and you have only 1 objective: PROFIT. So, how do we control our fixed and variable costs? Not all costs are controllable. Thus, we will look into which costs are within our control and how do we do it then? Cost vs benefit.

Come exam time however, it was an absolute disaster. Ms Aniza was already worried from the start of the semester that we, her students, are not worried enough about Cost Info. Sure enough, almost no student had come to see her for consultation, which is a far cry from previous batches, who are very active and always go to see Ms Aniza for consultation. Yeah, my batch was too cool to see her for consultation I guess. ;P But then again, RPK calls it: "Bodoh sombong." You don't know, and yet you think you know. As a result, she said that overall performance for Cost Info was an absolute disaster (or in other words, very bad). You know who you are (includes me). Of course, I felt that I didn't do too badly, but I might be wrong. I'll be crossing my fingers to get at least a D for it.

Internal marks - 28.5/30
Exam target (minimum) - 60/100 (@ 42/70)
Estimated marks = 28.5 + 42 = 70.5% (D)

ECW2730 - Macroeconomic Policy

Well, there are a lot of new things in this subject, as compared to the Macroeconomics that I took last year. IS-LM curve, Permanent Income Hypothesis (PIH) & Life-Cycle Hypothesis (LCH), etc... Those new things that we have to learn for this subject. But then again, it's simple to apply in reality, such as the 2 hypotheses of income. I had to admit I was quite a naughty boy for this subject as I had missed a few lectures for this subject because I woke up quite late, which isn't ideal at all. So yeah, I was lagging quite behind at the time.

The mid-term test was an almost complete nightmare. It forms 20% of our overall marks, but I only got 11 of it, which is not a good sign for the final exam I suppose. But then again, this test had it all. MCQ, open book, and yet, I was blank. Thank goodness I didn't fail my mid-term, or it would have been a lot harder for the finals. The final exam wasn't so bad after all, I was able to attempt all the questions possible within the limited timeframe of 2 hours. So yeah, I have a good hope of getting a D for this subject. I'll have my fingers crossed for that one.

Internal marks - 18.5/30
Exam target (minimum) - 51.5/70
Estimated marks = 18.5 + 51.5 = 70% (D)

AFW2851 - Accounting Information System & Financial Modelling

Well, it ain't spectacular and it ain't pretty. It was dry most of the way. Before the semester started, I talked to Dr Eu-gene (my Financial Accounting tutor last year) about this subject that he will be teaching for the 1st time. He was brought in from IT school a few years back to teach in Business school. I can tell you, he is a real IT expert. Of course, it's hard for him to interpret what he does into words, but I can tell you, he is an awesome teacher. Back to the subject, he reminded me that this subject is very dry, so he'll try to spice things up. He did his best, although it hasn't quite worked out according to plan during lecture. In the case of Financial Modelling, I've been given a brutal lesson of how important Microsoft Excel is. This is the world we live, which is in IT age. Almost everything is computerised nowadays. That means, even a future charted accountant like me have to deal with Excel. Of course, it's faster, and better. But it'll just put extra pressure on the accountant to do more work within the same time frame.

Come exam time, it wasn't as bad as I would expect. In fact, being down from the Cost Info hangover, this was the perfect paper to lift my spirits once more, and keep it that way for the rest of the exams. Of course, there is no guarantee of getting a D for this subject, but I am hopeful in the very least. I'll still be happy with a C, although by my standards, it was never enough.

Internal marks - 23/30
Exam target (minimum) - 68/100 (@ 47/70)
Estimated marks = 23 + 47 = 70%

AFW2491 - Company Reporting

I can say that the subject is interesting, when it comes to shares and income tax. I can now understand better how companies raise their funds to go about their businesses. That's where shareholders and lenders come in. Ordinary shares, preference shares, debentures, current and future tax consequences. But of course, the most complicating part is consolidation. It was at first easy to understand how consolidation works. However, as the consolidation topics went out, I became more confused than ever, especially about non-controlling interest. In the real business world, big companies take over/acquire small companies. However, it does not necessarily mean they will take over the whole company. Sometimes, it can be strategic to buy just part of the ownership within the company. So, we have to account for it, along with the transactions that will be affected by it.

Come exam time, I thought that I was well unprepared for this exam, especially when it comes to shares and consolidation. Looking at those questions, I smiled to myself. This must be my lucky day. The game plan was to leave the consolidation question for last. 15 MCQ questions was a breeze most of the way. Cash-generating units (in short, CGU) wasn't too good, but luckily it's only 5 marks. Disclosure of financial statements with accordance to AASB 101 wasn't so bad, even though I didn't manage to balance the books. However, I am hopeful that I may get marks for doing the right format. Accounting for deferred tax, thank goodness I practiced a lot on that until I understood the whole logic behind income tax. Consolidation, it was a bit tough, but some parts are doable. I tried not to leave an entry behind, even though it may sound illogical at times. Shares, forfeited shares, shareholders' redemption, suddenly all fresh in the mind. Thank goodness I understood its concepts well. Materiality was another favourite part. It's so much fun to explain and justify why it is material or immaterial when it comes to omissions and errors within the financial reports. Overall, it was a good paper for me to score, although most people wouldn't share the same sentiment as I do. People say I'm so smart and wanted my brain, they may be right, but I have always underestimated my own abilities, and I never consider myself smart. But, I am optimistic of doing well for company reporting.

Internal assessment - 32/40
Exam target (minimum) - (12+3+15+12+10+18+8)/100 (@ 47/60)
Estimated marks = 32 + 47 = 79% (D)

In conclusion, it's safe to say I survived this semester with damage control. There are some things that I regret, such as not having better time management to ensure it was solid within the head. However, taking 3 Accounting subjects in the same semester is suicidal for most people, in which they found out to their cost. For me, taking 3 Accounting subjects this semester was hard enough, which was a combination of Cost Info - AIS - Compy Rep, not as hard as taking Cost Info - AIS - Financial Management or even Cost Info - Compy Rep - Financial Management. So, this semester wasn't a disaster as I thought it would be. I thank God for everything that happened. July 15 will be the moment of truth, whether my sentiments are the same as those reflected in the results. Only God knows whether I've done well enough for this semester. Let's hope it turn out that way.

P/S Me leaving for Down Under on July 3 (Saturday). Goodbye ole' Malaysia. I'll only come back somewhere near the end of the year, which is after the end of Semester 2.