Acca P1

Jgonzalez

Anyone out there sitting ACCA P1? Any thoughts or opinions on it?

bongoboy

yep, sitting it. Off after tomorrow - hoping a week study should be enough.
Hoping the last 3 David Campbell articles means 1 or 2 questions.:p

Any thoughts yourself - where fif you study for it?
Went to Griffith, then did a 3 day revision course in BPP which was very good.
Its a horrible subject tbh -

scoot on

bongoboy wrote: »

yep, sitting it. Off after tomorrow - hoping a week study should be enough.
Hoping the last 3 David Campbell articles means 1 or 2 questions.:p

Any thoughts yourself - where fif you study for it?
Went to Griffith, then did a 3 day revision course in BPP which was very good.
Its a horrible subject tbh -

I'm hoping the exact same! Surely one of them has to come up as a question!

bongoboy

Struggling with this at the moment.
Any thoughts on the below:

P1 Exam Tips for June 2008

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ACCA Exam Tips for June 2008
Accouring to BPP following are the topics that are expected to appear in P1 Professional Accountant for June 2008 attempt. WARNING:The examiners deliberately try to avoid question spotting. Use the tips as areas to have a good look at, but remember that no-one knows what’s in the exam except the examiner. Your safest bet is to achieve good syllabus coverage in your revision, as the examiner aims to do in the exam.This is a new exam which was examined for the first time in December 2007. This makes it very difficult to identify areas of the syllabus that are likely to appear in the sections of the exam.
However based on the guidance provided by the P1 examiner and the ACCA Teachers’ Conference in February 2007, the areas that we would expect to see most regularly in the exam in the compulsory Section A of the paper are:

• Discussion of one of the fundamental principles underlying good corporate governance

• Discussion of corporate governance best practice
Identification and assessment of business risk and/or a review of internal control mechanisms
• Ethics or corporate social responsibility (including sustainability)

(Please note the only Section A question contained in the current edition of the BPP Study Text is Pilot paper Q1)

Other areas that we will expect to see, particularly in the optional part of the paper are:

• Governance (2007 Study Text questions 2, 3 and 9)
• Risk assessment and management (2007 Study Text questions 6, 7 and 8)
• Internal control (inc. internal audit) (2007 Study Text questions 5 and 11)
• Professional values and ethics (2007 Study Text questions 10 and 12)

Nige10

good website for tips is www.accahelp.com, got tips for every paper from different sources, not sure how accurate they will be tho!!..

bongoboy

Yep, that is where i got the above from.
Also here is the FTC hints.

FTC Exam Tips for P1 Professional Accountant June 2008
Tips include:

Governance problems and solutions
Roles of directors
Internal audit scope
Risk analysis
CSR policy decision

I guess, I just gotta knuckle down & do everything ...

scoot on

bongoboy wrote: »

Yep, that is where i got the above from.
Also here is the FTC hints.

FTC Exam Tips for P1 Professional Accountant June 2008
Tips include:

Governance problems and solutions
Roles of directors
Internal audit scope
Risk analysis
CSR policy decision

I guess, I just gotta knuckle down & do everything ...

Ya, I've been going off the FTC exam tips aswell. I've found them good for other exams. Surely the topics covered in the examiners articles from 2008 will be covered in some way. That's what i'm still hoping for anyway!

bongoboy

Nearly there.
Chatting to a lad up in Griffith earlier - we are hoping for:
Internal Control - Turnbull (UK) or Threadway (Intl.)
Agency Theory & Stakeholder theory - Mandelow
Corporate Governance
Deontological Vs Teleological (aka consequentialist)
CSR
Board of Directors - composition of board in scenario. Maybe throw in 2 Tier Vs. Unitary board
Internal audit - whether to hire an auditor from within or bring in an external.
Principle Based Vs Law - think this is how he will ask the Combined Code Vs Sox question
Environmental Reporting - maybe bringing in EMAS & Sustainability to scenario

Possible 5 marker:
What is the companies risk appetite?

Just hoping enough of above appears to scrape through

Any thoughs, in these last few hours.
Anyone got a thought on something that I missed above, that you think may come up?

scoot on

bongoboy wrote: »

Nearly there.
Chatting to a lad up in Griffith earlier - we are hoping for:
Internal Control - Turnbull (UK) or Threadway (Intl.)
Agency Theory & Stakeholder theory - Mandelow
Corporate Governance
Deontological Vs Teleological (aka consequentialist)
CSR
Board of Directors - composition of board in scenario. Maybe throw in 2 Tier Vs. Unitary board
Internal audit - whether to hire an auditor from within or bring in an external.
Principle Based Vs Law - think this is how he will ask the Combined Code Vs Sox question
Environmental Reporting - maybe bringing in EMAS & Sustainability to scenario

Possible 5 marker:
What is the companies risk appetite?

Just hoping enough of above appears to scrape through

Any thoughs, in these last few hours.
Anyone got a thought on something that I missed above, that you think may come up?

Well, what'd you make of the paper?

I thought it was fine. I could answer all of it so I was happy. I heard people around me saying they thought it was awful though!

bongoboy

scoot on wrote: »

Well, what'd you make of the paper?

I thought it was fine. I could answer all of it so I was happy. I heard people around me saying they thought it was awful though!

Thought it was okay.
You definitely needed to know about sustainability & environment reporting for Q1. The 3 risks for 9 marks I think was a joke, throwing marks away

Q3 fine but Q4 was tough, only because of the way questions were asked, I guessed I didnt know this area as well as I thought :rolleyes:

Q4 B Didnt like tying I.C. to Sox - was stuck for time so just lashed through PAPAMOSS objectives of I.C. (which really has nowt to do with Sox) but there ya go !

All in all, think i passed but that is only cause i did revision course in BPP with Sean Browne.
Anyone I was in college with in Griffith would have been struggling, we did nothing like what came up in exam in class , yet BPP seemed to nail all the topics that came up.

The summer can begin. Were you in the RDS as well ? ? ?

scoot on

bongoboy wrote: »

Thought it was okay.
You definitely needed to know about sustainability & environment reporting for Q1. The 3 risks for 9 marks I think was a joke, throwing marks away

Q3 fine but Q4 was tough, only because of the way questions were asked, I guessed I didnt know this area as well as I thought :rolleyes:

Q4 B Didnt like tying I.C. to Sox - was stuck for time so just lashed through PAPAMOSS objectives of I.C. (which really has nowt to do with Sox) but there ya go !

All in all, think i passed but that is only cause i did revision course in BPP with Sean Browne.
Anyone I was in college with in Griffith would have been struggling, we did nothing like what came up in exam in class , yet BPP seemed to nail all the topics that came up.

The summer can begin. Were you in the RDS as well ? ? ?

No, I'm in Cork so doing my down here.
I didn't do Q4. I didn't like the last part of it. The rules vs principles was ok but the rest of it looked fairly tough. I did Q2 and Q3. I thought Q2 was a bit odd because it seemed more of an F8 question than a P1 question but Q3 was fine.
Even if you'd known nothing about environmental reporting you'd have been fine for the start and end of Q1. I didn't really like having to write the statement, mine was total waffle! But it could have been a lot worse!

bongoboy

scoot on wrote: »

No, I'm in Cork so doing my down here.
I didn't do Q4. I didn't like the last part of it. The rules vs principles was ok but the rest of it looked fairly tough. I did Q2 and Q3. I thought Q2 was a bit odd because it seemed more of an F8 question than a P1 question but Q3 was fine.
Even if you'd known nothing about environmental reporting you'd have been fine for the start and end of Q1. I didn't really like having to write the statement, mine was total waffle! But it could have been a lot worse!

Yeah, question 2 looked okay - until I saw the last part :eek:
Studied Deontological & Teleological - only for other Ethical theory's to appear.
So gave up on that question as could barely remember touching those in class, is about all ...
Anyways, its over.
Good luck with it & I guess will post again in this forum around results time.

LouOB

I did this paper and was fairly confident in the exam as I studied my socks off - two weeks straight. Plus I did P3 also, didnt go to college though but gave it a shot.
But failed P1 and got P3! Madness - this also happened on old sylbus for Audit and Ass ser failed twice before switching to P5 instead as option - studied like a mad woman, didnt drink for two months etc..
Why is it when I put the work in the results dont pan out?
Just no fair

Doing P2 - last one (other than repeat of P1 eugh)
Nearly cried coming out of the class last night on P2

MMD

LouOB wrote: »

Doing P2 - last one (other than repeat of P1 eugh)
Nearly cried coming out of the class last night on P2

Oh god the memories...I liked this subject so much I went back for the replay! Got it second time and qualified..

The best of luck with it...best advice is....practice practice practice questions...learn not just GAAP, but how to apply it to scenarios...TBH...the application of standards does actually have patterns in terms of trains of thought.

Graham Holt is known as the gatekeeper to ACCA qualification - its a well earned reputation, trust me, but as I said, practice q's and put the work in (which I am sure you are) and you'll be ok

MMD

Climber

I have to agree with MMD, I passed P2 in June and the one thing that got me through it was question practice.
Don't bother reading a text book. J

- Start with a question 1 type problem and spend as long as necessary going through it until you're able to do the question without looking at the answer.

- Breathe

- Go on to another question and repeat the process!

Good Luck

mrfuncle

Some good advice there from everyone!

New on the ACCA scene, I got the 9 exemptions from my degree so new to the whole concept of work full time and study part time. I opted to do P1 & P2 together this December sitting

Do you guys think this was a bad combination?

Also any tips regarding how you all managed your study timetable i.e. when did you all start? Was it up at the crack of dawn solid for 3 months etc etc?

Any advice is much aprreciated!

MMD

mrfuncle wrote: »

Some good advice there from everyone!

New on the ACCA scene, I got the 9 exemptions from my degree so new to the whole concept of work full time and study part time. I opted to do P1 & P2 together this December sitting

Do you guys think this was a bad combination?

Also any tips regarding how you all managed your study timetable i.e. when did you all start? Was it up at the crack of dawn solid for 3 months etc etc?

Any advice is much aprreciated!

They are not a bad combination - eminantly manageable.

I found P1 fine to be honest..P2 is very tough and a real step up from the foundamental reporting paper.

All I can say is make sure you go to every class (seriously - they cover so much each lecture) and keep the head down and practice questions.

Best of luck with it!

valmul

yea, I had eight exemptions so took F8 and P1 in December 2007 and P2 and P3 in June, passed all but did find P2 a bit of a struggle as I didn't do P7 because of exemption and all the material was a distant memory from my degree as I had taken a year out and done the AITI in the meantime....

would recommend that you definitely go to all the lectures and practice questions over and over again. I missed one lecture and never fully got to grips with that part of the material!!

ended with 62 which was a complete shock - was going for a straight 50

P1 is all theory so as long as you get to grips with the basics, you should be fine and it covers some of the same material examinable for P3

best of luck