MyCIMA

P2 exam paper

Replies : 120
Keywords: P2

Hi Everyone

 

I think I've just tanked P2 again.  I think I went ok on the section A (10 markers) then it went horribly wrong in the section B 25ers.  I just hate transfer pricing when combined with anything else!  If it's TP on its own I tend to be ok, but this afternoon for me was a nightmare!

 

Hope y'all fared better than I did! 

horrible paper

I thought that was a horrible paper for P2, and hardly any of the syllabus was covered!! Section B was the worst and I'll be lucky if I managed any point in there at all, not like any past exam papers I have been practising with! Now the question is do I resist in MArch when my baby is due 2 weeks later???

 

P2 Performance Management

Same here!

i found the A questions ok but messed up section B. I felt so time pressured, everything felt really rushed and I couldn't just sit back and get my head around it 

 

Oh well. Hello re-sit!

P2

I think I did the same as you the 10 markers were OK,

Q1 with Learning curves I got 89.5% for the rate

the Q with flexed budget was good, can't remember what the others were but at the time thought they were good.

But the question with camera lenses for optimal price, then transfer price got me stumped - I wasted a lot of time thinking about it!

Then the one with shadow pricing for 6 marks was harsh, I only wrote 1 sentence! 

I just hope I did enough!

 

shadow pricing

Aye, that shadow pricing question was harsh; I could only think of one thing to say about it

learning curve - some points int bag then!

I got 89.5% as well, quite enjoyed that one to be honest.  

There were some reasonable questions in the 10mark section but I'm concerned if crashed and burned on the 25ers then it's goodnight Vienna.   

clueless

I never understood statements from other students like 'I had no idea what to write'. After this paper, I do - the B section was a killer. Overall, extremelly time pressured.

Tough

Tough & hard. I emailed to my tutor and he replied all the emails he got from his students said the same :-( 

Q6

What were you supposed to do in q6 when working out the production plan? The components didn't have a sell price! I think I just put the Market price in to get a contribution figure....

P2

Section A was good one..learning rate was 89.5%,participative budget was good, also plan 1 and plan 2 approach qstn..I went for plan 1.. Then also preventive,appraisal,external,internal cost was easy..flexi budgt threw me off..got it in the last couple of minutes..no workings but statment is shown.. Section B..whew..the transfer pricing part was so easy but scenario b was confusing.. Q6 was my worst..really annoyed at tht one..

P2

Section A was good one..learning rate was 89.5%,participative budget was good, also plan 1 and plan 2 approach qstn..I went for plan 1.. Then also preventive,appraisal,external,internal cost was easy..flexi budgt threw me off..got it in the last couple of minutes..no workings but statment is shown.. Section B..whew..the transfer pricing part was so easy but scenario b was confusing.. Q6 was my worst..really annoyed at tht one..

Fair enough

My comment is same as all above,

first 5 ticking along feeling good,

new last two were tougher than i hoped for, no linear programming, revelant costing question that i was hoping for,

gave them a go, went wrong then corrected it, but ate up time doing so,

focused on things i could answer and , hoping to pass, if i do the 1st 5 got me there

good luck all Carl

Q6

I did the same as you Matt... after I'd already started thinking it was a linear programming Q since it said 'prepare calculations' rather than just 'calculate' or 'produce'. So I had to start over again... For the shadow price I thought the Q was really badly worded, I wrote a sentence to explain what the shadow price was but couldn't get my head around what it wanted with the three different prices... It was only on my way home I realised what I could have done :-(

Q1 I think I had 89.5% then doubted what I'd done and changed it, came out with something like 88.7% I think.

Q7 - breakeven I don't think I got right and didn't even attempt the sensitivity part.

Didn't have a good experience with E2 yesterday, now after this I think I may have to resit both :-( Not looking forward to F2 tomorrow - hoping for a nicer paper than these last two!

Hardest Exam so far

This is my last exam before i can move on to strats.  This is the hardest exam i have ever sat.  Including all the past papers ive revised.  Which was the most recent 6 papers.

In Q1 i got 88.7% learning rate so not with the majority on that one. Great.

The JIT and Constant rate production thing i think ive messed up by going with the constant rate of production. Then after reading part b of this question where it says suggest other factors to consider i realised i probably should have suggested JIT.  Then i ran out of time. So my calcs here are probably all wrong.

Participative Budgeting - Think ive been a little too general in my answer here instead of relating it back to the scenario where it mentions new and current managers.

Flexed budget - Thought this was fair or hoping for over half marks on this anyway.

Quality costs - hoping for good few marks on this one. 

Section B - Awful.  Lots n lots of few markers that i spent far too long on. 

Overall a very time pressured exam i thought.

Gee!

This was definitely very different from all the past questions I practised and I mean-I practised them all. Where was the balance scorecard and kaizen/target costing that has appeared in every single paper since 2010?

I have no excuse for Q1, I should have got Q1 but I didn't- Easy 10 marks lost there. I think 88.7% is the correct answer 440/32=13.75

13.75=average time it takes to produce 32 batches

32 represents 5 doublings of output

therefore rate of learning= .8873= 88.73%

Isn't it amazing how I was unable to do this in the exam hall! So annoyed with myself.

I was able to answer the two theoritical questions and managed the first half of both section B questions. I doubt this is enough to pass- I'm thinking maybe 20 from section B and if the examiner is kind 25 from section A.

Damn.

Wow - I'm so glad to hear its not just me who found that incredibly tough! P2 is my preferred paper from E2/F2 and doing past papers I found I could get 60% or above without problem - but this one was really difficult! There were some nice Section A question but unreal time pressure in Section B.

 I found F1 hard when I did but that's because I'm rubbish at F1 - this was disheartening!! Wish everyone the best! 

Consoled!

All I can say is that I take consolation in the fact that I'm not the only person who thought this paper was 'different'-for want of a better word.

 

When I got a Breakeven level of 4,470,000 units for Q5-I think it was, I knew something had gone terribly wrong!

 

Too many questions in so little time- and what was the deal with all the different scenarios?

 I'M keeping the faith and trusting God for a pass! I shall remain optimistic! 

P2 - deflated...............


This is my second attempt at P2, I passed E2 & F2 first time but seeing from other ppls comments this is by far the hardest paper at managerial level. I have gone over all 11 past cima papers (including specimen paper) over the last few weeks along with the revision kit questions, do you think that had prepared me for section b today???? errr no!!!!!!   Why all of a sudden are we getting two different scenarios within one section b question? that just means more time wasted on reading the scenario, I also cannot remember ever seeing a question involving TP and Price/Demand such as Q7 (think I got it totally wrong as could not get my head around the question), this is a major problem because basic questions in the text book or even normal price/demand prior questions asking for optimum selling price arent going to prepare you for this. Also any question regarding shadow price have always been linked to multi limiting factors, the question today for six marks (Q6) was totally confusing all i did was explain what shadow pricing was, question was made more difficult due to the involvement of the components!!!! Agree with all of the above that section a was very fair albeit a few less written question than normal,  I got 43% in May and I dont think Ive passed it this time either (missed about 9 marks unanswered in section b) I really do not want to have to sit this again but cannot go anywhere until this has been passed, why is the scope to this syllabus so much greater than F2/E2 ???   

TG

.

TG

I got a similar amount for Q5. It does look ridiculous though especially if the total output for 3 products was given to be 14,000.

 

If break even volume= fixed costs/contribution per unit, then this is the correct answer unless there is something you and I have not picked up. The questions were so tricky.

 

Also re the minimum price PD was willing to pay, did anyone try to find the revenue by adding ( profit and var costs) and then divide by 500? This is what I did.

PD/SD Q7 (i think)

I'd about lost the will to continue breathing but on PD minimum price I think I got to $1.56, and the max price for SD $2.00 or someting like that.  I'm praying for marks for the workings at the very least!

pd/sd

I thought the mimimum and maximum price either of them would be willing to sell/pay would be that which generated a profit that guaranteed them at least 12% Return on Assets. This is how I calculated it.

 Anyway never mind, I better start preparing for the resit :D

 

 

 

Transfer Pricing Q

I also got $1.56 and $2! Made me feel a little better! Thought the paper as a whole was quite demanding. Worst Q's for me were sensitivity and definitely the shadow pricing, found myself repeating the same thing over and over!!!

Transfer price Q

Catherine Laird wrote:
I also got $1.56 and $2! Made me feel a little better! Thought the paper as a whole was quite demanding. Worst Q's for me were sensitivity and definitely the shadow pricing, found myself repeating the same thing over and over!!!

 

Another here with $1.56 and $2.00. I really hope they're correct! That's 7 marks.

Everything is going to help in section B. It was ridiculous, how are you supposed to prepare for that?  

Too tough

I felt the paper was far too tough. I think Section A was ok, but it seemed like they were deliberately asking the questions in a complicated way - a way which was meant to take up a lot of your time. 

As for Section B, it was shocking! Like some others on here, I was confused by the shadow pricing part and how to write 6 marks' worth, I forgot how to calculate WACC so couldn't get the BEP but I was confused by the sensitivity part, and I got a bit stumped by part of question 7. 

 After E2 yesterday - which I felt was actually quite fair, if a little tough to fit everything into the 3 hours - I was feeling quite good about P2 today. However, I've now likely got a resit on my plate. I don't get what CIMA think they have to gain from setting such a paper - why have so much to questions 6 and 7, which were more like questions 6, 7, 8 and 9, with 2 scenarios per question? 

Anyway, hopefully we all did better than we think we have - good luck all for when the results come out! 

P2 today was hard!!

Hi,

I feel the pain of this exam, I have already sat a few times and failed, this is the only paper stopping me from getting to strategic now. I didn't think the exam could shock me again I felt prepared until I saw section b, what a nightmare!  Just very time pressured and felt as though I really did not know what to write.  

I know we shouldn't expect the same questions over and over but this was completely different even to the point of making section b qn 7 into two questions just was not enough time to digest all the information and come up with a good answer.

Qn 1 I got 88.7 so your not alone, only I rounded to 89 as that is what previous papers had done in the model answers so hope that if this is right that I don't loose marks for rounding.

Fingers crossed! But have a feeling I will also being seeing this paper again in feb/march resist :-( 

what CIMA have to gain from setting absurdly complicated exams?

Adam, what CIMA have to gain?- You're in Finance so you should know the answer to this :) Increased revenue from exam fees/resits. The longer we remain students the more economically beneficial to CIMA.

That said I take full responsibility. I thought I worked very hard for this but obviously not hard enough. Back to the drawing board :-/

 

 

Break even

What did you guys do for the question that asked for the breakeven for the products that were produced in a specific ratio?

 

I worked out the weighted averege price and weighted average contribution to get the contribution/ price ratio. I then divided the Fixed costs by this but ran out of time before I worked out the final quantities.

I really have no idea if i'm even close to correct but I had never seen this question before, not in class or in past papers. I thought i'd improvise and hope for some pitty marks!

BE Q

I mulitplied all the contributions up, added the totals together, then divided by the total number of units to get the weighted average contribution per unit. Then divided FC's by this to get total number of units (12,000 seems to ring a bell!). I then multiplied 12,000 by each prouct's % of the original sales mix to calculate how many of each product it would need to make. Not sure if it's right but it seemed to make sense at the time!

P2 section B

Hi all

 as above I thought section A was ok, although there wasn't any JIT, functional analysis and any other wordy questions like previous papers. Section b however was horrendous. Having practised all forms of questions both completely through me off. Apart from the limiting factor rest were confusing. All the hard work didn't pay off as the questions were nothing like I've seen at the revision courses. TP mixed with pricing was a nightmare. Resit in feb/march :( 

Breakeven

For the breakeven question, but I calculated the total sales revenue and total contribution of all products and divided them to get an average c/s ratio. Fixed costs were then divided by c/s ratio to give the breakeven revenue. The breakeven revenue figure was shared as per the sales mix and then divided again by the individual selling price to get to a breakeven in units.