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Hello there.
Firstly let me say Mike’s lectures on here are good – but neither them nor Kaplan’s study text seem to bear any resembalance to the ACCA past papers – particularly with Question 1 Consolidations.
I have worked through Kaplan & Opentuitions examples using Mikes method and Ok Im no expert but I can usually get somewhere close to the answers (or if not, I can usually see where Ive gone wrong).
However, ACCA’s past exam questions seem to be “horrific” – I cant seem to apply Mikes workings, plus there are lots of things in there that dont seem to be covered in Kaplans text or Mikes lectures.Due to personal circumstances I have had to cut down on study therefore I am applying the bulk of my revision to my stronger subject of P1, but I am still going to attempt P2 in June since I had already paid for it. (I am almost certain I will fail it so am treating it really as a practice run)
My question was is anyone else finding that the ACCA P2 exam doesnt seem to bear any resemblence to the notes, and can they reccommend any other sites/revision notes that would help?
Also – has Mike done any revision lectures based on this?
Thanks and I wish you all the very best of luck for June.
You’re not alone!
P2 is fittingly called “THE BEAST” because its tough. Tough on time, tough in technical content you name it.The key to pass this paper and the reason why it IS passable is your approach.
You need to be able to ignore the complexities and apply the basics to score marks.
Have a look at a typical mark sheet for P2. You might be surprised to know that
you can pass question 1 by ignoring some of the more complex notes as these don’t really carry a lot of marks.
Also. at least half of the 35 marks on Q1 are not consolidation marks, they’re adjustments to entity accounts.
Those 15 written marks in Q1 are also a gift if you write sensible,clear points. You can easily fail Q1 by concentrating on
impossible Groups stuff and neglect these.I think OT is a valuable resource for assistance, as is any good tuition provider but the best indication of what is likely in the exam is from the examiner himself (past papers,articles etc.)
So these are just some of the things to think about for Q1 (section B is even easier). The paper is not going to be a walkover but working on your technique using past papers is your best chance at this stage.
Here are two articles that may give you some more help:
https://www.pqaccountant.com/pmag-24B600500182021302171957.html
https://www.pqaccountant.com/pmag-24B600500182021002171957.html@tylerk – Hi there – thanks for the links to the articles – very useful. I am hoping to scrape some marks on the theory section. Best of luck for your exams. Are you sitting in June?
@keyboard – Sorry – but of you have nothing constructive to say then please keep your thoughts to yourself. If you read my posting carefully, you will see that it makes no reference to “finding consolidation difficult”. I am merely suggesting that the study materials that I have used so far (Opentuition and Kaplan) seem to bear no resemblence to ACCA’s exam questions (as tylerlk above seems to agree).
Perhaps you have all day everyday to sit and “practice 40 times a day using your brain and not your pen”. Unfortunately, I do not have this luxury. I work all day 5 days per week, and at the moment I have other personal life issues to deal with, which leaves me around 2hrs (if that) to study each evening.
For what it is worth – I have worked in a busy Accountancy practice for over 20years, and without prejudice, I have probably forgotten more about “real-life” accountancy than some students will ever know. I dont mean any offence to any individual by saying that, but ACCA’s exam scenarios in reality never (ever) will happen in real life.
If you are sitting exams in June – again – I will wish you and everyone else the best of luck, but dont get too sure of yourself because thats when you will fall.@keyboard & @marky123
I admire the determination of both of you.
But I think we’re getting ahead of ourselves. Let not our personal circumstances detract from our unified purpose on these
forums. We are all here to help each other to pass exams.
The things you mentioned justify the frustration and hard work required to balance study with other commitments.
Each person has his/her unique struggles and we should appreciate that.Finally, I feel all Prof. papers(being masters level) are challenging and people have different opinions about them. Some find
P2 hard and P7 a walkover and vice versa so it’s no use trying to compare them. What everyone agrees about though is that
solid knowledge, application and technique are essential for a pass.Good Luck to all of you!
I completely agree, absolutely hate this model, however work it to your advantages. I sailed through p1 and p3, so if you are sitting p1 then the ethics qs of 5-10marks in qs1 are a gift. Also, as I love essays also think Qs4 is easy way to gain marks especially as there is only 4 topics he can examine on in depth (leasing, revenue recognition, ifrs 10-12, clutter in F/S and ifrs 9 replacing ias 39).
I struggle with consolidation, mainly all the complex adjustments. As long as you have the 5 workings don’t spend too much time on this and you can gain some marks but the bulk elsewhere on theory. Remember, you’re not aiming to get 100%!
p.s. I am sitting this in June for the first time. Reading that back it looks like I know what I’m talking about….*sigh*
Yes I seem to do ok in the essay questions too – Im pretty much hoping I can scoop the bulk of my marks in that section.
Im ok with the actual “consolidation” – its like you say, all the related workings to get to the final figures that cause the problems.Im kind of in the frame of mind now that I hope its a Cashflow as Opentuition are tipping.
Whatever comes up Im aiming for 50% – that will do me!!
Very best of luck to you, hope we all pass!
🙂Well now that we’ve got the exam out of the way and we’ve all relatively calmed down a bit, how did we find the exam?
@keyboard – No hard feelings my friend I hope?? 🙂 – How was it? I found the exam to be as expected but quite difficult. To be honest I took the gamble of not preparing for a Conslidated S of Inc, and only half prepared for a Cashflow, so was pretty relieved to see Cons SOFP.
Lets all relax now and enjoy the summer!!
Best Wishes
M
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