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Hi, I am a finalist in ACCA. P7 is my last paper. In this sept 2016 i’ve got 49% and failed. But i am really confused because i’ve attempted about 98% Question in exam. All i guess that i did some ” Fundamental Mistakes” .
As far i know may be i’ve wrote wrong answer in a little portion in exam , i’ve mention wrong ISA’s .
I would like to know the reasons of fundamental mistakes so that i can improve next time.
Can you please mention those reasons and help me to find out my mistakes.
Thank you. From the begening i am following Opentution and its really help full .I’m going to ask you to do a bit of research – it shouldn’t take you long
Check my responses on this forum to similar questions that I answered after the March and the June exam results
I wrote an exam technique article on this site some time ago – it’s still valid. Look in the P7 page menu under technical articles and you should find in there.
In addition there were two articles written by members of the P3 marking team but their comments apply equally to all the P level papers. Again, you’ll find those articles in the technical article section of the P7 pages
Towards the end of the P7 page there’s a heading ACCA Exam Technique and immediately below there’s the option to ‘Download ACCA Exam technique Article’
Do that, and read it! It’s a general article but is easily adapted to any of the ACCA exams
When you have read some of my earlier responses and the three articles that I have mentioned, if you feel that you need more, post again on this page and let’s see what your remaining problems are
Dear Mike , Thank you for your valuable advice.
I would like to know about some posting for paragraph according to new audit report based on the new ACCA article. I am little bit confused as in new article there is an example of qualified audit report . Can you please show the sequences of paragraphs in Qualified , Adverse , EOM , Disclaimer of opinion reports.
For eg: Basic for opinion > Opninion > ….. .
No need to mention details in para just the sequences
Thank You.
Well, there you have it!
Basis, opinion, and then either …
EoM followed by KAM
OR
KAM followed by EoM
OK?
oh , Thank you Mike. It really helps a lot
OK, Now i want to ask you something regarding marking.
During the last session I made several mistake
1. I’ve wrongly posted audit report. As far i know i put Opinion>Basis>KAM in a question.
2. In an optional question First few para i wrote wrong answer then after that i wrote right requirement
3. Due to time pressure i wrote lots of unnecessary thing , which might me vague or valueless ( You know time pressure )
But i’ve attempted 95% answer somehow Q1, Q2 was good. I’ve got 74 in P1 , 72 in P2 and 64 in P3 . I told you because my knowledge was sufficient for p7.
Now i ask whether those mistakes caused me fail (49%) or those r minor mistake ?
Thank you very much for your support,
Like i said i am using open tuition from the beginning. And this SITE plays an important role for my result . Thanx again MIKE“1. I’ve wrongly posted audit report. As far i know i put Opinion>Basis>KAM in a question.”
Clearly that is going to cost you, but only maybe a couple of marks
“2. In an optional question First few para i wrote wrong answer then after that i wrote right requirement”
This is building up the time pressure – how do you think that you can afford the time to waste in an exam that is already a heavy time-pressure exam? But the root cause of this EXPENSIVE error is poor examination technique!
If you had read the question, thought, planned and then re-read the question requirement, you would not have made this error!
“3. Due to time pressure i wrote lots of unnecessary thing , which might me vague or valueless”
Same answer as above
“But i’ve attempted 95% answer somehow Q1, Q2 was good.”
In your opinion! When you mis-read or mis-interpret a question, then a wonderful answer to a mis-interpreted question will make you feel great. But doesn’t impress the marker, sorry
Read the article on examination technique that you’ll find towards the bottom of the P7 home page – it could help you
And learn / appreciate / understand just how much you are able to write in 1 minute 18 seconds
Dear Mike,
Can you please tell me if there is any Question relating to audit standards For eg: There is a wrong audit opinion or there is a full set of wrong audit report then how i should answer ?
Should i answer according to new proposed standard format or previous one ?
Should i mention about KAM in to the report ?Thank you .
New standard … we look forwards, not backwards. there’s no point in any examiner asking you a question for you to base your answer on what happened in the past
There is, pretty much in every exam, a question that involves audit reporting
It’s normally one of the option questions
However, it’s unlikely that any answer to any previous audit report based question will include any mention of a KAM
No, sorry, you’re going to be a path-finder in this regard, beating the way for others to follow
Hello once again MIKE
I want to know that in some “Exam tips” i saw that they recommend to write 1 para for 1 specific mark.
But i was examiner marking scheme there is 1 para for 1.5 marks.Now can you please suggest me which one i do and Generally in one para how many lines will be perfect 3 or 4 lines ?
Thank you , Your are the best 😀
Three lines = one sentence = one markable point = one mark (or maybe 1.5 marks if you’re really lucky!)
If you think about it, what difference is it going to make to you whether the paragraph that you write is worth 1 mark or 1.5 marks?
Hello Mike,
1. As there is no article for the Dec’16, Can you please guide how many recent article i should read?
2. Last time i gave an article based question(Optional) I found its better to go for other question because article based question is tricky, not straight forward . What you suggest based on your personal survey?
Thank you very much.
Basically, the more the better!
However, as a minimum you should be looking at all technical articles from within the last two years
And don’t try to memorise them
Just read them, 2 (at least) or 3 (better) times each
Hello MIKE,
Its only 4 days remain for the exam. I’ve practiced Past papers from 2016 to 2010 by myself . Read last 3 articles and hope this time i will not fail in 49 😀 .
But i am really confused about the New audit para report sequence because one of my fr said that :
If there is a going concern issue then the sequence is : Opinion > Basis for opinion > Material uncertainty related to going concern > KAM
In qualified opinion : Qualified opinion > Basis for qualified opinion > KAM
In adverse opinion : Adverse opinion > Basis for qualified opinion > KAM
Disclaimer of opinion : Disclaimer of opinion > Basis for disclaimer of opinionis that sequences are correct ?
or Basis for opinion para > Opinion para (Old format) is correct ?
Please clear the sequences
Thank you
“or Basis for opinion para > Opinion para (Old format) is correct ?”
INCORRECT!
Your friend is correct
Opinion followed by basis and KAM except where a disclaimer is issued
Hi Mike,
Tomorrow is the exam and this is my last question for you about IFRS 15 Revenue on construction contract.
Suppose there is a construction contract with the client. The total revenue of the contract is $3M and will take 3 years to finish. This year 2016 only 30 % construction development finished .
Now my question is sould i only adjust 30% of that $3M that will be $900,000 ?
And if the profit margin is 20% should i take (900000×20%)=180,000 as profit ?
Thank you
Don’t go to the exam room tomorrow – that’s Sunday!
Your figures look ok … if that’s the only information in the question
So cost of sales will be the balancing figure of $720,000
Ha ha ha, Thank you Mike. Really you help me a lot this time.
Thank you very much. Wish me luck
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