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@shawn99michaels said:
Didn’t they give the cost of capital at 9% ? there was no market information to work out the cost of equity was there or am i losing the plot here ?i assumed there was no equity, ie. it was just 100% debt ??
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the exam was easy but still points were not linking with the models jeeeez plus time pressure was an issue again
Nasty examiner. We do not got to the exam hall for writing thesis, do we? I studied a lot and solved lots of past question but didn’t help.
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Q1: The question just took out an additional 10 minutes of planning time. Firstly what was transfer pricing for when you didn’t test the calculations. Second how to find WACC when the total capital is given & the ratio is not. Rest was fine just straightforward comments.
Q2: The question was fine but took time to understand that the their were two organizations involved a profit & a non profit. That where i got stuck how to use the stakeholder matrix on NFP organization.
Q3: I couldn’t understand the statistics given. Where there two audit firms or one. Overall the question was fairly simple if you understood the buisness, which was purely P3. nothing to do with P5.
Q4: I never got one thing how do you measure divisional performance via BCG Analysis. Its like using a juicer to cut oninons.
Q5: Very vagur, didn’t attempt.
I beleive the examiner wanted to retest our P3 knowledge so he brough most of the topics form that syllabus. Didn’t concetrate on costing, TQM, Buisness Process Reengineering, Corporate Failure, Budgeting, Ratio Analysis, NPV, all topics which are the core of P5. What was even worse, calculations were as if nothing.
Did questn 1 last and didn’t remember to put in the detail in a report format? Would probably lose up to 5 marks for not doing that. Am I not fucked?
@abdulwaris said:
Q1: The question just took out an additional 10 minutes of planning time. Firstly what was transfer pricing for when you didn’t test the calculations. Second how to find WACC when the total capital is given & the ratio is not. Rest was fine just straightforward comments.So that’s the answer the riddle you had to work out the weighted average from the total cost of capital !. I was really suspicious about our beloved examiner giving us a cost of capital without having to work out some complicated stuff !
well in hindsight considering how much work you had to do to work out the wacc for a mark or two I’m kinda glad i just use the cost of capital ! Definite resit for me gona buy a P3 book and revise from that as the P5 revision kit is about as useful as a chocolate teapot for this exam as its very different now.
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So with the EVA calc I did all the NOPAT stuff and put my assumptions in about depn, leasing, interest?? etc and then put in my calc but just put that I couldnt calculate the wacc as cost of equity not given. Do you reckon I will get any marks for that or do you think he will just think I am dumb? I hear all you guys when you say this is like P3 I mean no NPV, IRR, MIRR (which was tipped as new), Ratio Analysis or budgeting or probabilities which again was tipped.
The examiner really needs to learn how to write questions in speak we can all understand. I believe he is a maths professor?? Would love to think I have done enough to pass but then I know I havent 🙁 Did answer everything but even I thought when I was writing – wtf are you going on about!!! ha- Topics: 0
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bcg was decent enough. building blocks was ok although didn’t finish all parts. Did good q2 spent too much time on this though. Q1 was reasonable although tranfer pricing part confused me. Fingers crossed.
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q1 a) asked to evaluate performance of the division and CRITICALLY ASSES the proposed performance measures ?The examiner didnt ask to compare divisional performance using new measures (EVA, RI) . So i compared divisional performance with old measures ie ROI and then went on explaining EVA, RI with pros and cons rather than calculating them due to insufficient info for EVA calc.(no wacc,economic depreciation , non capitalised expenses.and other adjustments to profit)
btw guys please do ensure you provide feedback on how you thought the exam was on the acca website via the link below:
https://accastudent.newsweaver.co.uk/1v680h6b5jtd7ywekajfgf
At least if we all provide true feedback and tell them what we thought about the exam they may consider holding a resit if the exam has a pretty high fail rate. They did this in CIMA for one of their papers.
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for q1 you were given ke and kd – you can make an assumption around gearing say 50:50 and assume finrep deprec = econ deprec.
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Please complete the questionnaire concerning how you felt the exam was on the link below, its important for ACCA to get feedback from us, maybe it would be a little luck for us all..
Attempted q1 last as it looked like a bit too much hassle. The other questions were easy enough but you’d want to be a machine to answer them within the given time limit. Another borderline ACCA exam. Hope yis all pass!
hey guys,
can i know the meaning of critically assess in your mind?
For my understanding through the website, i knew that critically assess is weigh arguments for and against something, assessing all evidence. Decide which opinions, theories, models or items are preferable. So, measurement will be needed??hmm…and the notional interest of capital, in the question 1, i get from bpp text book that it was WACC, so i think many of us is getting wrong, even by using the assumption, except the examiner ‘planned’ to give more people pass, thus they will give more sympathetic marks. (pray to the GOD!lol)
Any ideas for question 2 about the evaluate the performance measure? I just felt examiner is testing us about the understanding on the using of BSC. Thus the measurement method make me feel little bit weird. Will you use share price to evaluate your company financial perspectives? i think NOT,because it was depends on the markets and you are not controllable on it. So if you show it, it was not related to your company performance for the year, right?(As profit margin or ROCE is more likely that you can control on it.)
*Share price changes is based on supply and demand and only can say the company had attracted new investors.Q3,building block. A) part is bonus, it just want us show out the detail of building block, it was purely like fundamental level style. So, they was testing do you study the models before coming to the exam.
And q4 is rush for me,because i put too many times on the transfer pricing to understand what they are talking about. it was really messy question if compare to the questions i did before.
Anyway, i just hope for a pass, no need flying colour! REALLY, pray hard for everyone. Then most of us can graduate and throw the books away permanently.
MASTER!! I hope i can come it in this year!
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This was a deceptively hard exam. The questions looked easy until you started to do them, then they turned out to be a nightmare. For the time allocated to each question, it was impossible to provide a proper answer and analysis. There wasn’t time to absorb what the scenarios were about, you just had to write, write, write and hope you wrote something decent. It was totally unrealistic for a 3 hour paper.
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I lost P5 last time by 2 marks, was not well prepared. I was far well prepared for this time as this is my last paper,but couldn’t do well. The issue i think here is forcing us to use wrong models for wrong scenario’s. How can you use BCG model for appraisal with out proper comparisons. Why would some one want to use balanced scorecard for evaluating a regulator and lastly we are not researchers to assesses why an unsuitable model doesn’t suit ? These are my opinions atleast. Exam was time pressured, Attempted everything something. fingers crossed
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this exam was weird, its like you knw all the topics but to use knowledge there was no thinking time! i spend most of the exam panicking about time … but reasonably challenging ………
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The exam topics were ok especially building block and bcg matrix, my bad question was question 1 which i didn’t get to finish. For this paper the time goes by extremely fast, i hope that i can finish ACCA this sitting.
It is not too bad at last. However, pass is the other side of life. Hope to receive a good result on Aug 11 and to be affiliate then. Wish you all the best!
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this was a tough exam …. i hope i ll get through ….
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can i know the meaning of critically assess in your mind?
For my understanding through the website, i knew that critically assess is weigh arguments for and against something, assessing all evidence. Decide which opinions, theories, models or items are preferable. So, measurement will be needed??hmm…and the notional interest of capital, in the question 1, i get from bpp text book that it was WACC, so i think many of us is getting wrong, even by using the assumption, except the examiner ‘planned’ to give more people pass, thus they will give more sympathetic marks. (pray to the GOD!lol)
Any ideas for question 2 about the evaluate the performance measure? I just felt examiner is testing us about the understanding on the using of BSC. Thus the measurement method make me feel little bit weird. Will you use share price to evaluate your company financial perspectives? i think NOT,because it was depends on the markets and you are not controllable on it. So if you show it, it was not related to your company performance for the year, right?(As profit margin or ROCE is more likely that you can control on it.)
*Share price changes is based on supply and demand and only can say the company had attracted new investors.Q3,building block. A) part is bonus, it just want us show out the detail of building block, it was purely like fundamental level style. So, they was testing do you study the models before coming to the exam.
And q4 is rush for me,because i put too many times on the transfer pricing to understand what they are talking about. it was really messy question if compare to the questions i did before.
Anyway, i just hope for a pass, no need flying colour! REALLY, pray hard for everyone. Then most of us can graduate and throw the books away permanently.
MASTER!! I hope i can come it in this year!
greetings
honestly were we really suppose to calc. EVA and RI after explaining their pros and cons. I think it was a trap to lure everyone in calc.them. This examiner hates numbers, hes got alaphabetphobia i guess.
q2 regarding bsc assessment , s/price and eps do not provide l/term s/holder value as this was the aim of company, I suggested NPV ,EVA ..ROCE and operating profit are s/term measures dont link eid s/hlder value..
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except q5 the other questions were fair but – THE TIME
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close to a year now but not even a single article from this examiner.yet he uses prev examiners’ articles as source of his questions! am i missing something here? if not, someone must be lazy and unresourceful!!
I thought the exam was fair enough – models were fairly standard and the examiner had hinted on several occasions that he wanted to move away from mindless calculations and more towards the analysis of information – ‘finding nuggets of gold’ within a sea of information.
For Q1 I thought the notional interest rate of 9% was something used for the RI calc as it is chosen based on the risk involved. I don’t think this is the rate that should be used for WACC however as this should be the actual interest rate charged. I presumed a debt/equity split of 100% in favour of debt as equity was not given i thought.
Time pressure was a factor and was the reason i failed last time but i found as long as i was ruthless with the 1.5 minutes per mark rule it wasn’t too bad.
here’s to getting a PASS come August (fingers crossed). good luck everyone
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Q#1- Tricky and took lot of time
Q#2- Balanced scorecard Lengthy but OK
Q#3- Building Blocks model again time pressure as Q 1 and 2 consume all
Q#4- BCG Matrix Totally missed out (time out for me)
I was very well prepared for this exam but after looking question 1 and 2 it was nightmare for me as every question has 4 parts very lengthy. Last paper for me but surely not gonna be qualified in this attempt i think this paper also requires similar approach as p3.
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