MyCIMA

P1 - Exam

Replies : 64
Keywords: P1 Exam

How did everyone find P1? 

I failed miserably. Which is fine, but the mere idea of having to go through all of that again isn't so appealing!

 It seems the scope of this subject is just so wide and deep you can barely see the end of it! 

P1

I thought it was ok.  Quite a fair exam with NPV & ABC

When I first opened the paper wasn't confident but hopefully will be ok

P1

For all I know I might've by some miracle known what I was doing... wasn't expecting such a high ABC mark. So went with a gut feel.

NPV was fine. You just have to know all of your stuff well so you can do everything in time and look over stuff you weren't sure of. But I still don't think I passed. :(

P1

For all I know I might've by some miracle known what I was doing... wasn't expecting such a high ABC mark. So went with a gut feel.

NPV was fine. You just have to know all of your stuff well so you can do everything in time and look over stuff you weren't sure of. But I still don't think I passed. :(

P1 exam

It wasn't bad bad as I thought it was going to be.

The section C was quite different to what I expected, but hopefully gained some marks for it!!!

 

Roll on January!

P1 Exam 24/11/10

Overall thought it was a decent exam. 

I thought a few questions on section A were awful.

Think I did ok at section B.

Hated section C, wasn't prepared enough with NPV & I haven't studied ABC for about a year & didn't expect such a large amount of marks for ABC.

This is the 3rd time I have taken it, got 39 & 41 previously & I think I will be around the same again.

Well.....May P1 here I come!!!!

P1

Not happy !

Lots of revision and question practice especially on past papers, but this paper seemed to be so different to the May and September 2010 sittings.

To me Septembers P1 was so similiar to the May sitting I was hoping this was going to continue with section c including Project appraisal and Variance Analysis !!

 I too was shocked to see such a big proportion of the exam allocated to ABC

 Oh well revision starts all over again after christmas !!

P1

I thought it was awful!! I also wasn't prepared for the ABC question and the NPV question threw me, wasn't sure if it was asking for the cashflows for the cost savings or total costs so did both!!!  Think nerves got the better of me and i panicked.

FAIL!!!

P1

Well that was a definite fail! I really was not expecting such a large section on ABC! As for Variance analysis it suffered a big demotion from the previous papers! The NPV threw me however in hindsight it probably wasn't as difficult as I made it. Think nerves got the better of me too!

One thing is for sure anything can and does come up in this subject!

Arrgh!

I wasn't prepared for section C either - where was the variance analysis??!!!

Also got in a right mess with qu 4 on NPV. I must have missed something obvious as couldn't work out the sales revenue (someone tell me what I missed!!) - so my whole NPV calculation was out. Then I started panicking and getting a right mess, I feel sorry for whoever has to mark the exam paper with my scribbles and arrows all over it!

 I also thought sections A and B were harder than all the practice papers I've done (with BPP), so I'm not confident of a pass at all now. Damn!

Fingers crossed we're all just over-reacting and we have actually passed!!

Now trying to regroup ready for F1 tomorrow......

Fingers Crossed

That's the first time I've opened an exam paper and thought WHAT!!!

I thought the ABC was OK but I didn't know if I was supposed to do anything with the referral amount so I just left it out of both.

 

The NPV question was completely different to any I had practiced!  For the cashflow I used the 50,000 budgeted sales and increased by the inflation every year and just multiplied by $110 which was the difference between buying and the cost of making the product.  I think I got an NPV around $892K and an IRR of around 10.3%

 I'm just hoping I get over 50%

I was pretty confident I knew a lot of stuff but some questions such as the current price on a bond and the Risk question were random!!

AHHRR!! Where was d variance analysis?

I know...Where was d variance analysis??? ahhhrr!!!!  i feel so demotivated!! Just pray that I get 50% some....how!! 

It wasn't actually a really tough paper.. but I think it was the lack of time!!! I really couldn't manage time fer ABC!! ahh I feel like may2010 n sept 2010 papers were easier than this...

Hopefully tomo will be better!!!! 

Fingers crossed but left with doubt!!!

 

Overall I didn't think it was a difficult paper, just a lot of questions which required a lot of thinking, which eventually resulted in me running out of time and not finishing all the questions

Section A - Not too bad, guessed the Sensitivity Analysis (Please tell me the answer was D)

Section B - This was more mixed, either quite straight forward or really difficult, missed a couple of questions as ran out of time

Section C - ABC wasn't too bad, but took a lot of my time up. Didn't have time to start the NPV one

Really starting to worry that I may have missed out too many questions to pass, I would say I've answered about 70% of the paper (missed out 25% with NPV), hopefully what I have answered gets me more than 50% (50%, 51% - I don't care as long as it's a pass)

Has anyone remembered their answers for Section A so I can calm my nerves - all I remember was (1.1) D (1.2) D (1.3) B (1.4) B (1.5) B (1.6) $407,000 (49,000 x £8) + (2,000 x $7.50) (1.7) I got $79.23 - I know this is wrong (1.8) Total working cycle 61 days

If anyone can remember Section B answers, please post - My memory won't stretch that far.....

p1

Section A was horribly and a few curve balls is section C and D - but a very decent section b I thought - hopefully have skimmed it -can anyone tell me when we all get the bad news / ie the date of the results ....thanks in advance

Arggh

This paper was the toughest P1 i have ever seen (this is my third sitting). 

 

Section A was so so

 

Section B was hard

 

Section C - The ABC question was easy.  For part a did everyone add up the totla of the overheards given and then multiply by the revenue earned by each procdudre??  I also left the follow up fee as I didnt know what to do with it.

 

What was question 4 about??? I have never seen an NPV  question like it.

 

How could we work out anything when they didnt give us sales revenue or variable cost?

 

For part b i used the incremental saving as the cash flow.  for 8% capital i got a negative NPV. When I used 10% for the IRR calc i got a postive NPV.

 

I can defiantely feel that I have failed.

 

I thought May 2010 was really really easy and thought i'd passed.  I really do not like this paper and the thought of sitting it again fills me with dread.

p1

I had nightmares last night with variance analysis... and nothing!

Part A. Just remember I 1.D 2.C 3.B 4.B 5.A 6. $395K (49 x £8) + (0.4 x $7.50)and the rest don't remember. Was is in part A the thing aboutr the price of the bond? I got something like £111

Part B was doable.

Part C 3. I took all the ovh and divided it by the revenues, and then split it with that as an "OAR" to the hip, knee, etc. 

Part C 4. Part A thought was too easy, so maybe I didnt do something... And part B had a negative NPV, just considered the savings, the extra direct cost and the working capital (-1000 at the beginning, +1000 at the end)... But was not convinced with this result. anybody else with a negative NPV and IRR?

 

P1

I got a positive NPV for C 4.

I thought working out the profit for the ABC using the current method was a bit mean as it didn't really say what overheads to include. I did all the direct costs and then added all the overheads except other and I put an assumption that this included salaries etc and then abosorbed that using the sales rev.

was the sales price variance a favourable one??

P1

Hi Lucy,

I think the sales price variance was favourable (that's what I put anyway)

Actual selling price was higher than budgeted - which is a good thing so I put favourable

Budgeted            Actual

(15750 x $6) - (15750 x$6.60) = $9,450 F

Anyone else agree??

P1

Hi Gavin,

 that's exactly what I put. Messed up on the discouting one though as new the invoices were sold but didn't think the company still collected the debt. whoops.

NPV

Thought i did ok on the NPV one but I got positive and most on here got a negative, did you add back the depn to the additional fixed costs?

Not sure how I messed that one up.

P1

 Hi Lucy,

Phew!! I know I got at least 2 marks then (48 marks to go!!)

Yeah Invoice Discounting was definately D (46 marks to go)

Fingers crossed we've both passed!! :-)

 

re NPV

I didnt add back the depreciation... I thought depreciation was used just in case of taxallowances, but maybe you are right, I am not sure about that one...

 

Lucy D wrote:

Thought i did ok on the NPV one but I got positive and most on here got a negative, did you add back the depn to the additional fixed costs?

Not sure how I messed that one up.

P1 Exam

I_Want-To_Pass wrote:

What was question 4 about??? I have never seen an NPV  question like it.

 

How could we work out anything when they didnt give us sales revenue or variable cost?

 

For part b i used the incremental saving as the cash flow.  for 8% capital i got a negative NPV. When I used 10% for the IRR calc i got a postive NPV.

 

I can defiantely feel that I have failed.

 

I thought May 2010 was really really easy and thought i'd passed.  I really do not like this paper and the thought of sitting it again fills me with dread.

 I think with part a) you had to work out the savings made in year 1 from the reduction in internal & external failure costs & the other saving but I've forgotten what that was now.

 

For part b) I think I got a positive NPV of 1632 if I remember correctly & IRR of about 10.1-5???

 I've absolutely no idea if I passed this or not... just looking forward to having my life back on loan tomorrow!

Gutted!

It wasn't particularly difficult but was harder than May and Sept paper. Where was the variance analysis?! I remember getting the following fir section A 1.D 2.C 3.B 4.B 5.A 110 point something 4 the bond question and 140 for the other one.Can anyone remember the section B question about how much the company can expect to receive over the year?

Cash receipts in Section B

Did anybody else kind of do it like a purchases budget and include the receivables b/fwd balance then take off the c/fwd (think i worked it out as 60/365 of the sales for the year after reducing by 5% for bad debts)???

I think I did that :)

James Hayes wrote:
Did anybody else kind of do it like a purchases budget and include the receivables b/fwd balance then take off the c/fwd (think i worked it out as 60/365 of the sales for the year after reducing by 5% for bad debts)???

Cash receipt

James Hayes wrote:
Did anybody else kind of do it like a purchases budget and include the receivables b/fwd balance then take off the c/fwd (think i worked it out as 60/365 of the sales for the year after reducing by 5% for bad debts)???

I put in a t account and put opening balance in as a debit, sales in as a debit, bad debt as a credit and worked out the closing balance which I didn't deduct bad debt from to work out. The cash receipt was then the credit balance.

I think I also got same as you for NPV qu and had an IRR of 11% which is prob roundings.

There is hope!

Moved the goalposts- too much NPV

I got 61 point something days too for working capital days! definately 5 marks!

Thought this exam was so unlike the May and September past papers it is untrue, they really did move the goalposts.  I really did a lot of revision on the Variance analysis, Decision trees and backflush accounting/throughput accounting and NPV past exam questions.

There was an awful lot of NPV and I think there was more NPV in this exam than May & September exams and my study books put together!

ABC let down

I was a bit surprised with the drop in variance analysis, EOQ, decision trees topics which was a big hit last time round.  I got 46 on May 2010 exam and this Nov exam put me to shame.  As it was alot harder compared to May.  There were alot of F1 old syllabus which gives a wider scope compared to before.  Pretty sure marginal costing or absorption will be appear soon since the re-appearence of ABC which I should have revised.

P1

This is my first time writing...but based on practicing past papers, wow, that was such a different paper to the other two sittings from the revised syllabus.

Lucy and Gavin... I got $9,450 F as well, and the question about invoice discounting was D. However, like Giannina, I got (49,000 x £8) + (400 x $7.50) = $395 000.

Section B was actually not too bad on the whole. There was a good mix of theory and calculations.

The NPV question (b), I used the savings for cash inflow purposes and I removed depreciation from the annual fixed cost figure of $500,000. Don't remember my NPV, but it was definitely positive.

Oh well, what's done is done....I hope and pray that we all somehow managed to get 50% :)

All the best for tomorrow guys... Hopefully F1 will turn out to be a smoother paper than today's 

P1

My desk number was missing!! I had to sit with my exam buddies doing P3. It was quite stressful, but never mind. I thought section A  and section B were ok. The ABC question gave me heartburn and as for the NPV question, I increased the production volume by 4% cumulative not inflated!! Is that correct?