Acca F8

Jgonzalez

Anyone out there sitting this exam next week? What are your opinions on it?

cailinoBAC

Oh God, I'm dreading it. Apart from my finals it's the only one I have left to do. And it's the only one I've failed and I've failed it twice. I just can't get the hang of it, the material doesn't seem difficult at all, but I somehow can't produce the goods. In June I sat it with my two options and was convinced I'd passed this and failed the options, but was the other way round. Just praying for a miracle I think!

jockey#1

Hi,

Im also doing F8 next week. Have to say im not looking forward to it. Im also doing P1 & P2 so needless to say i have alot to cover.

I thing if you just practice past question particularly scenarios as this is worth 30 marks then it will be a good start.

Jockey

lochie

I posted tips on the other thread aswell with a serious health warning. Doing a distance learning course and they sent me a list of exam hints so here are what they gave me. i am not doing this exam so no idea how helpful these are....

F8 – Audit and Assurance
Ethics – objectivity, conflicts of interest
Planning – identifying and explaining/addressing risks in a scenario
Internal controls – weaknesses and recommendations
Audit evidence – substantive tests, sales and debtors
Completion – overall review
Internal audit – role, reliance by external auditors

scoot on

I'm sitting it aswell. Really don't have that much done for it. I agree with a previous poster that the material isn't difficult at all. A lot of it is common sense, it's just how you answer the questions that seems to be difficult.

scoot on

Does anyone know where online you can get the old exam papers for 2.6? I can only find the sample paper for F8 on the acca website

jockey#1

Hi,

Me and a few of my friends who are doing this paper originally had difficulties finding it but eventually we did...Well done to the ACCA for hiding it so well... Heres the link....

www.accaglobal.com/students/study_exams/qualifications/acca_choose/acca/professional_scheme/part2/paper2_6/exam_papers_professional/irl

Jockey

scoot on

Found it myself eventually. Thanks for the link. They really do love making things difficult.

jockey#1

Hey Everyone,

Now that the exam is over, what did ye all think of? I didnt like it at all particularly question 4 which to be honest i didnt pay much attention to in my revision :mad:

Jockey

cailinoBAC

I have no idea. I thought it was ok, but then again, twice I've thought it was ok and failed it. I'm not going to get into the details though...I hate exam post mortems.

I do like the new 15 minutes reading time at the start though.

scoot on

I absolutely hated question 4 aswell. Fine if it was part of a question but the whole question based around it was awful. The rest of it I thought was pretty much ok. I think i'd covered most topics, although you never know with this subject!

Jgonzalez

It's always difficult with ACCA exams to say how you did. I thought it was fair enough. Would have preferred something on Corporate Governance instead of Q4. I do like the 15 mins reading time (although as always I was stuck for time at the end).

Next up F7...

scoot on

Jgonzalez wrote: »

It's always difficult with ACCA exams to say how you did. I thought it was fair enough. Would have preferred something on Corporate Governance instead of Q4. I do like the 15 mins reading time (although as always I was stuck for time at the end).

Next up F7...

Ya, I hate those questions that examine the really small parts of the course. It was just a bit excessive to have a full question on it. A part of a question wouldn't have been too bad.

I'm doing F7 aswell. Dreading it. I really don't have much done for it. I did Financial Reporting in college but that was about 2 years ago so kinda hoping that will pull me through. How are you set?

Climber

I'm preparing for this exam as well, not looking forward to it.

What are the odds on passing the exam by just concentrating on the first 3 Q's (worth 75% in total)? Has anybody got any comments?

Jgonzalez

Not sure whether you'll have done enough to pass, Climber. But it sounds like a plan.

Get up to speed with the first 3 questions by the weekend, and then try to pick up some marks from Q4 & 5.

eg. Get 40 - 45 marks from first 3 Qs and scrape the remaining marks on the last 2.

If you come across any shortcuts/learning tips, let me know.

Climber

That seems to be the plan of action alright, although knowing some theory could be the secret weapon. Even on questions 1 and 2 there tends to be a 5mark question relying a bit of theroy knowledge. Also, either question 4 or 5 will be predominabtly a theory Q.
I reckon that there's 15-20 marks in the entire paper for theory alone.

Here's my learning tip.

The ASB's statement of principles contains the majority of examenable theory.
Try learning this: O.R.Q.E.R.M.P.A

Objective: To prepare financial statements for users
Reporting entity: Single entity or group (consolidated as single entity)
Qualitative Characteristics: Relevance, Reliability, Comparability
Elements of the the financial statement: Assets/liabilities/gains/losses/equity
Recognition of the elements: Meets the definition
Measurement technique: Historic cost/marked to market
Presentation: Classification of elements within the financial statement
Accounting for investment in other entities: >50%, 20%-50%, <20%

If you can learn the acronym ORQERMPA and what each letter stands for I reckon you could be in a postion to answer almost any theory Q

Hope this helps, I learnt it last night!

scoot on

Climber wrote: »

That seems to be the plan of action alright, although knowing some theory could be the secret weapon. Even on questions 1 and 2 there tends to be a 5mark question relying a bit of theroy knowledge. Also, either question 4 or 5 will be predominabtly a theory Q.
I reckon that there's 15-20 marks in the entire paper for theory alone.

Here's my learning tip.

The ASB's statement of principles contains the majority of examenable theory.
Try learning this: O.R.Q.E.R.M.P.A

Objective: To prepare financial statements for users
Reporting entity: Single entity or group (consolidated as single entity)
Qualitative Characteristics: Relevance, Reliability, Comparability
Elements of the the financial statement: Assets/liabilities/gains/losses/equity
Recognition of the elements: Meets the definition
Measurement technique: Historic cost/marked to market
Presentation: Classification of elements within the financial statement
Accounting for investment in other entities: >50%, 20%-50%, <20%

If you can learn the acronym ORQERMPA and what each letter stands for I reckon you could be in a postion to answer almost any theory Q

Hope this helps, I learnt it last night!

Thanks Climber. Sounds like a plan

cailinoBAC

Ok, someone tell me which college is best for audit. I've managed to do all my exams without going to college and in this sitting I even passed all my finals....but failed audit for the 3rd time. I just don't seem to get it. So when June comes along it's the only exam I have to study for, but the books don't seem to be enough and I can't afford to fail it again.

doorB10

where is the best college to study F8, what are BPP like.

onehorse

I think Dave O'Donoghue is lecturing F8 now, I had him for F7 and found him excellent. Not sure about F8 at BPP but have not heard anything bad about the lecturer there. It's a horrible subject