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Do I need to save the PowerPoint presentation in compatibility view i.e 97-2003 presentation before submitting as I made it on Office 2013?
Hi. I am being messed around by my mentor who has not been giving clear instructions and blames me for not following his advice.
I initially had the research objective as “To critically evaluate and analyse the business and financial performance of Ryanair over the last three years, 2013-2015 using EasyJet as a benchmark to assess Ryanair’s performance”.
I was told to work on this so I changed it to :
The aim of this report is to critically evaluate and analyse the business and financial performance of Ryanair over the last three years, 2013 to 2015 using EasyJet as a benchmark.
Answering the following research questions will help achieve this:
1. Is Ryanair more profitable than its competitor, EasyJet?
2. Has it been more successful in attracting customers than its rival?
3. How attractive is Ryanair from an investor’s perspective?
4. What are the weaknesses of Ryanair and how can it overcome them?
This will assist in focusing on both the financial performance by looking at profitability, revenues and investor returns as well as the business performance, the relative market position and demand.Even though I have submitted the draft several times, today I am being told to change the objective, even though I have used the questions to focus my SLS Q2. He now wants me to change it to:
The objectives are:
1. To analyse the financial performance of Ryanair over a 3 year period
2. To analyse the business performance of Ryanair over a 3 year period
3. To compare the performance of EasyJet to identify the current performance of RyanairPlease someone help! Should I stick to my research questions and are they good enough? Following his advice would mean re-writing the whole of my SLS Q2.
My research is based on Ryanair vs EasyJet. Is there a maximum word count guidance on each ratio? I have very detailed analysis of operating profit margin where the word count is 700 words but can easily reduce it to 600. The word count on the other ratios are considerably less, below 300. I have been asked by my mentor to ensure all ratio analysis have no more than 300 words each. I am struggling to reduce my operating profit margin word count as I lose the detailed analysis I have carried out and the referencing.
My whole report is currently at 7490 words.
Please help. Any advise is appreciated.
Passed P6 with 79%. Extremely happy to have finally become an ACCA Affiliate after two and half years. I have maintained my record of passing every exam on the first attempt. Thank you OU.
Passed P4 with 72%. I am so delighted!!! Finally an ACCA Affiliate after a two and half year journey. No more exams!!
No Abbi..I got AA of 20k taxed at 45% to get charge. (50k-40k) x 3 = 30k + 40k = 70k available. Excess = 90k – 70k = 20k
Did anyone else think the last part on EIS/SEIS on inheritance tax was asking for discussion of BPR? These shares qualify for BPR?
The pensions question created a brain block at first then it suddenly clicked! The lifetime allowance is £1250000. She invested £1550000 in total. 25% can be withdrawn (of the 1250000) tax free i.e £312500. The excess of the lifetime allowance will incur a charge of 55% tax so only 45% will be received i.e (300000 x 45% = £135000) The sum is £447500.
Question 3
Section a was on operating segments. Two segments. I firstly explained operating segment, reporting segment, 10% rule, 75% rule, aggregation rule and then applied it to scenario.
Lab 1 I thought was not an operating segment as revenues were not earned independently and chief operating decision maker did not review performance and allocate resources.
Lab 2 was a reportable segment. I explained how it met the criteria.Question 4
This was on SPLOCI, recycling and had integrated reporting.
a(i) Describe current presentation of SPLOCI (4marks)
I said it is a performance statement, two sections, P/L tries to classify operating performances (gave example), OCI has two sub sections- reclassified to P/l and not reclassified.
b(ii) Talk about reclassification with example and argue for and against (5 marks)
Explained how it occurs and used cash flow hedge as example. Argument for was it shows total effect of the transaction=more understandable to users, against: same gain recognised twice.
c(iii) principles and key components of IR and concerns (8 marks)
Just gave all I know! Concerns I gave as IT costs and staff costs.
b) Hedging gain was $3m in OCI. I calculated impairment loss as $2m and loss on transaction as $0.2m. Then explained why P/L would only be charged $0.8. (Thinking back my explanation should have stated recycling but didn’t!)
PPE impairment reversal was similar with impairment reversal from OCE and excess charged to P/L.Diary of a P2 Exam:
Question 1
It was a typical Balance Sheet question with two subs and one disposal. The group accounting was OK for me and did it within the time allocation.
Contingent consideration
Further consideration was payable if profit reached $4m but there was 20% chance of this. I ignored it as it was not probable.
NCI
There was a twist in the NCI. The value had to be calculated using the P/E ratio. The share capital was 13m. PAT was $3.6m. I got the EPS and used adjusted P/E ratio of 19 to get share price and then using that, calculated FV of NCI.
Lease
There was a lease question that I messed up. Something about leasing out assets and selling assets where a sale was recorded as $50 revenue and $40m COS ( reflected in Financial Lease receivable of $50m). Didn’t have a definite idea but tried taking it out of receivables and payables. ???
Pensions
Messed this up as well. Could not think straight so just made an assumption and moved on. The factory was being closed and employees were being made redundant. PV of obligation was 8 from 10 before. FV of asset plan was 7 before. Did not know what to do so assumed (8-7)=1 was net pension liability.
This included a cost of $6m which I assumed was provision.
Foreign Property
This was a typical foreign property with impairment.
Sub Disposal
Had to calculate good will and the profit/loss on disposal. We were given net assets at acqn of $44m and at disposal of $60m There was also an impairment of goodwill. It was partial g/w. One mistake I made is allocated this to the NCI when it is parent only when calculating NCI at y/e. Therefore got a loss on disposal instead of profit. How many marks lost?
Section b:
Can’t remember! But I gave as many points as there were marks for.
Section c:
This was about rules based standard vs principles based standard. I gave definition of accounting standard and explained both rules/principles based. Weak conclusion due to time strictness, had to move on but gave it a good go!.I can’t believe I got 84% for F9. Really happy. Congrats to all fellow students. The MCQs were a killer. I don’t know how I got through them.
Depends on how much time you have for study. For detailed study, I have read and underlined important bits and then re-read and made detailed notes, did the practice questions in the study text. During revision phase, re-read the notes and summarized them further before doing practice questions. Then made A4 mind maps of key topics while doing practice questions. Stuck my notes on the walls so I could revise while I walked around the house. And of course throughout study watch the OT lectures and any other relevant lectures if stuck on a particular topic, I always watch the OT lectures at least twice! This is only possible when time is not a barrier!
When time is a barrier, go through the study text, reading and underlining as having a pen in your hand makes it all sink in better. Make brief notes after finishing the text and start practice questions and come back to relevant topics when required. Watch all OT lectures along the way. Practice ALL the revision kit questions at least once.
Thank you Sir…sure did have good luck. Either I do really well or enough to pass, without going into detail what came up! Thanks to all the support opentuition provides us…it really makes a huge difference.
Oh thank you Sir..you really have made my day and boosted my confidence. I have gone over some topics such as contract law so many times that I don’t need to think that heard for the answers, it is just saying about enough but not too much. Fortunately, I am a fast writer and have ACTUALLY produced that answer hand written in the allocated time, quicker in fact, hence I was worried that it may not contain sufficient detail.
Sometimes there is so much to say on a topic to give it full justice, that when I am counting one mark one point, I feel I have not said enough to achieve the full marks. Such as the second part to the same question above:
(b) the measure of damages for 5 marksWhat 5 most important points would you include?
Thank you very much for clearing this confusion. It means a lot. However you have just highlighted another query. Yes it was Brown V British Abrasive Wheel! Would we be penalised for making that sort of mistake, because it is easy to remember the first part of the case but not the last. And what do we do if we can remember only a part of the case, do we state it or have to describe the case?
Thank You
Got 83%. Really shocked..only spent 6 weeks of studying, revising and preparing for exam using BPP texts and open tuition lectures. Thank you open tuition!!!
<cite> @hufckinger said:</cite>
My answers:
Question 1: Messed up the pensions bit a little but extended the BR band and used it as relief against Personal Allowance.
Benefit was at 32% for fuel and car
Benefit for loan interest – I got 73000 average balance for year
Mileage was overclaimed by £1400ish as was at 60p and claimed home to work
Class 1 NI employee and employers was straightforwards
Class 1a NI on Loan interest and fuel and car benefit
Rhoda self employment included the starting rate of 10% savings incomeQ2 – Almost everything disallowed apart from the redecoration and went from there – capital allowances made a balancing charge in SR pool IIRC.
Groups – went with the two listed in later questions making up the other groups (surely ACCA didn’t give the game away on this?Q3 – Shares – I valued at 6.40 less 2.40 then divided 10600 by that amount – but as some others have said, surely that’s too simple?
Q3b – rollover relief – none on first and around 12000 on second
Q3c – I talked about ER and worked his based upon the full rates usedQ4? Computed the VAT return by including net outputs less the 440, 50 fuel scale charge.
Q4 – apportioned the first profit 50400/12×10 = 42000 for first period and then worked through – capital allowances were worked out based upon the first 12 months then started again for the next two and 1/6 of WDA was claimed.
Ltd co – again, apportioned the profit between the two periods (first 12 months and then the next two) Then split capital allowances again, except claimed FYA and AIA where appropriate. (Didn’t apportion the AIA)Q5 – PET – I deducted the NRB at 300,000 plus the £3,000 for 2006/07 and £3000 for 2007/08, as that was what was available at time – guessing this is wrong though? 🙁
Total on estate – half the estate was at 0% as to wife, other half was at 40% (after deducting the £3,000 for 2011/12 and £3000 for 2012/13.Anybody want to give any feedback with how you think I may have done? I was confident, and by doing all this surely there are enough method marks in there?! Cheers in advance 🙂
I think you did pretty well. Don’t feel down if you lost a few marks here and there, as you said, surely if the workings are there, you will not be penalised that much and marks may be awarded for the right method. We are not meant to get ALL questions right..it is an exam. There is time pressure and it is easy to overlook basic figures and facts in some instances. As far as I understand, overlap profits were for 11 months and NRB for IHT was £325000 and no AE on death estate, only applies to lifetime transfers. But you have done good overall..very similar to how I answered except I did not put anything down for the 4 mark Q3a.
I think many people messed up the pensions in Q1. I am not alone! I did not attempt Q3a, ran out of time. The rest all attempted but felt did better on Q2 overall. Q4. There was a balancing charge on the s r pool.
Which question do you think was where you felt you did well and which do you think was your worst question that you attempted or left out?
<cite> @dannyw1984 said:</cite>
still confused about the PET and the £300,000 NRB – was it to be taken off or not?£300000 given to test our knowledge!!! It would only apply to lifetime transfers, CLTs not PETs. On death, NRB is 325000.
<cite> @mahoysam said:</cite>
I really cannot recall the numbers but during the exam I found that the fist one had a low reinvestment that it doesn’t qualify for rollover relief at all, and the second one had a high re-investment.. hope someone will be able to confirm… it doesn’t matter, it is in the past! 🙂Am I wrong in thinking that the replacement asset cost was lower than proceeds of both warehouses, therefore chargeable gain on both occasions?