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I had 49% in June 2015 for P5. I requested the admin review, but they did not change my marks. During the admin review they do NOT re-read and re-mark your answers. I can forward to you their reply regarding their admin review of my paper, you will see that it does not make sense.
Passed with 65%. It was my 2nd attempt.
First attempt was 49%.
After SIX years of ACCA exams I’m finally an affiliate!Operating profit is the profit from operations, before deduction of interest and tax.
Check the technical article about EVA. It describes two methods of calculating NOPAT – you can start with operating profit OR start with profit after tax. There will be some slight differences in adjustments related to interest expenses.After two attempts of passing this paper I have the following understanding about the examiner’s approach:
This paper does not test your knowledge of theory. The examiner stated that the difficulty level is compared to postgraduate degree. At this level you are not expected just the repeat the learned words and phrases. You need to be able to analyse, compare, make conclusions, give recommendations. The same will be required at your real job. Nobody cares that you can name all five Porter’s forces. You will need to propose how to change the performance of the company to deal with these forces and stay competitive.This was my second attempt to pass P5. In June 2015 I scored 49 marks.
In June I was almost crying during the exam because I could not understand the questions asked although I was well prepared and had very good results from mock exams.
This time the exam was not so difficult compared to June 2015 siting. I finished all three questions in time and used two booklets.Question 1 was pretty short compared to previous sittings.
Regarding EVA.
R&D should be capitalised (Profit and CE adjusted)
Operating leases should be capitalised AND depreciation charged (adjustments to profit and CE)
Economics depreciation = accounting depreciation
In WACC calculation post tax cost of debt should be used.
D/E = 100% means that D=E means that D/(D+E) = 50% and E/(D+E) = 50%
Opening balance of CE should be used.Question 3 seemed to be the easiest one.
The trains were overcrowded in peak times, in other times the occupancy was not so bad.Question 4 was very strange.
(a) I did not understand why there were given all five forces although we were required to analyse only those with high threat.
(b) I focused on IT system impact but ignored the three strategies mentioned in the question and in the scenario as I did not understand well what these strategies are about.