STANDARD OF THE PAPER The paper covered all relevant topics of the syllabus and the questions were standard and comparable to other Professional Qualifying Examinations. Mark allocation to the questions followed the weighting in the syllabus. The marks allocated to questions were commensurate with the amount of work and time required.

PERFORMANCE OF THE CANDIDATES The general performance of the candidates was average with the reasonable number of passes. These were the following associated reasons: Many candidates answered Question Three very well and a significant number of candidates passed the paper mostly due to this question. Some candidates fairly answered Question One and Question Four well and this significantly contributed to the significant number of candidates attaining passes. High performers were very few and spread across all centres. Low performers were also spread in all centres but certain centres registered more low performers than others. There were no signs of copying at any centre. There was an indication that candidates did not prepare adequately for the paper because they either could not attempt nor answer Question Five a) and b) in addition to question Two b) on the company’s cash operating cycle. Reasonable number of candidates surprisingly did calculate net current assets in monetary amount to represent cash operating cycle in terms of number of days.