ACCA study tips

Climber

Hi Guys,

Normally this time of year people start posting links to ACCA exam tips.

Does anybody have any advice for P5 and P7?

These are my final two exams so I'm as keen as mustard to get these passed, so I can enjoy the rest of my life:o

Climber

Maclyn

Hi Climber,

Sorry have no tips, just wanted to congratulate you for getting to your final two and to wish you the very best of luck.

Did you take two at time? I did a batch of three last december and got them all, thankfully and this time I am taking two, leaving 6 left and was just thinking of taking them 3 at a time to hopefully finish with it. Sick to death of them at this stage.

Maclyn

Climber

Did you take two at time?

It really depends on what is the three-exam-combination i.e. mix hard workings papers with easier theory papers.

In June 07 I did F2, F5 and F6 together. However, I did F2 through CBE a few months before the written exams for the other two.

In December 08 I did F9, P1 and P3 together. F9 was mostly workings (and difficult, for me) whereas P1 and P3 in particular are pure theory and are quite easy in comparison.

When I did P2 I did F8 at the same time and it nearly killed me! (as P2 is the toughest exam IMHO)

Good luck on your continued success, focus on one exam sitting at a time and you'll have them all finished in no time.

Nige10

Hi Climber, hows things?Im sitting P7 for my first time, have 3 left (P3,P7 and advanced tax). Taking P3 & P7 now with hopefully just adv. tax to take in Dec.I cant seem to get tips anywhere for P7, looking at the papers tho I have noted that in the optional part you nearly always get a question on reporting, and ethics seems to be a popular topic also! Gona concentrate a lot on these 2 topics for the optional parts!For the Comp part, it seems that you nearly always get some sort of question regarding business risks, Fin statement risks and business risks for 10/20 marks. Also there was a student article on this topic.From looking at the pilot paper and whats come up since it was issued, I seen that the auditing of inventory hasnt come up and maybe a question on groups/ consolidations could appear? wud love to hear your thoughts for the paper.

Climber

I found this on ther world wide web:
Tips for ACCA P7 Advanced Audit and Assurance (INT)
Question 1
Business risk analysis and effective management of those risks
Question 2
Analytical assessment of client's draft financial statements
Question 3
Practice management, quality control
Question 4
Reporting to those charged with corporate governance.
Question 5
Insider dealing

Paper P7
* Prospective financial information and assurance assignments
* Audit procedures potentially covering impairment of financial instruments
* Ethical scenarios
* Audit risk and potential for earnings management and fraud in a group scenario
* Issues associated with the control weaknesses and collection of evidence for a not-for-profit organisation
* Audit challenges of determining going concern status


Of course the above comes with the usual disclaimers (don't come crying to me if you fail!)

Good luck everybody

Thirty Thirty

Hi Guys,

Normally this time of year people start posting links to ACCA exam tips.

Does anybody have any advice for P5 and P7?

These are my final two exams so I'm as keen as mustard to get these passed, so I can enjoy the rest of my life

Climber

Hi Climber- I'm in the exact same position as you!

I reckon that a good deal of cop on is needed in these last two, as well as knowing stuff off by heart!
Going through the past questions and answers is the best way I find of figuring out what the examiner wants and what kind of room you're given to think "outside the box" when answering?

Maybe I've gone crazy from too much study and stress, but there seems to be more scope in the section A type questions for common sense then off by heart learning.

Climber

there seems to be more scope in the section A type questions for common sense then off by heart learning.

Yeah I agree with that alright. At this final stage in the exams the examiners assume that you know the basics, therefore, they want to see a bit of 'World knowledge', 'business accumen', 'commercial awareness' COP ON! shining through in your answer.

Just don't stray too far from the question, back up EVERYTHING with examples lifted straight from the question, in order words - K.I.S.S.

Keep
It
Simple
Stupid

Omeceron

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