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Although I went for weekly lectures, I did no preparation until 1 week before due to work. Everyday all I did was study the textbook on the 40mins train to/fro work, and just 3 hours before exams. Probably 10 hours or less in total after considering I had a lot of distractions in a public train.
58% on my 1st attempt. I was actually surprised with the mark. I went for lectures, but didn’t revise, read up or practice any questions until a week before exam due to work.
I managed to study in total less than 6 hours with KAPLAN textbook in the train to work, 1 week before exam and on the day itself just an hour before exam I read the PYP. I guess I was lucky, this intake 2 questions repeat itself from the last intake as I was reading Mar/June 2017 and Sep/Dec 2016 paper.
Then why did you wait till the last minute to do it when you know today is the deadline?
No, because it is only an administrative review and I am sure they would have checked the script fully before coming up with the marks. If I am not wrong, it is marked by 2 markers.
Just for your knowledge, admin review does not mean a remark on the paper, it means that someone will just retabluate the score to ensure that it is computed correctly in which from statistics, only 0.1%, these are wrongly calculated. There won’t be any review marking for your answers.
My lecturer for P3 has shown us the combined strategic business leader exam. It’s basically 1 question @ 100 marks and you’re given 4 hours to complete it. The contents are largely the same, except that some duplicated topics are now merged in 1 and you do 2 modules in a single exam.
My lecturer mentioned that since ethics won’t be really tested in P3 since it’s already tested in P1 although it’s part of the syllabus. Plus P1 alone is easier to pass because 30% of the module are risk which you don’t really need to study because risk are inherent and depends on the case studies itself, so you can go in and pick out the anomalies and still pass!
I haven’t pass P3, and taking it in Dec, so I can’t advise you on that. But for P1, I did it on my 1st attempt with very very minimal studies just almost days before the exam. My suggestion to you is, read the ethical theories, but don’t get too fixated on the risk and internal controls.
Risk and internal controls are inherent and are based on the case study, go in and pick out these anomalies/red flags, identify how these may be an issue and concern to the stakeholders and give a reasonable solution (internal controls). Reading the textbooks and pyp helps, but scenario changes, so does the risk and controls, so you must be flexible with them!
Try doing that with a full time job and you won’t say the same foolish things again. It’s easy to do it when you have all your time solely on studies.
It’s not like your extra masters degree will take up a huge chunk off your time, but having a full time job means a different playing field altogether.
My friend told me her brother scored an average of 70 marks on F papers, but that was on the basis of full time study, so how hard is that if you had just put in a total of 30 hours in total before exams with Kaplan or BPP materials?
I had 7 exemptions and so far I have passed F4,6 and P1 in 18 mths, all of which I only spent less than 10 full solid hours revising due to work commitments which I considered myself lucky that I am able to pass them, with the help of Kaplan books.
My method of studying was to structure into main areas of focus and to capture the essence of each focus and to drop irrelevant stuffs! For example I dropped the whole internal risk and environmental ethics in P1, simply because risk are inherent and spotted in the case studies while environmental risk I envisaged would likely be out!
Having only taken 3 papers, F4,6 and P1, I find F6 hardest unless you’re well prepared in the tax laws of your variant especially the corporate taxes which has a connection with the individual taxes.
P1 you need to read pyp to understand how they approach the questions and a basic read on some of the ethical theories, the rest are basically internal controls and risks which are basically on the spot and it’s according to the case study, so just pick out all the anomalies and give a reasonable resolution to it.
As for F4, I prepared entirely by studying KAPLAN notes from my friend, and I can say as long as you nail the MCQ, it’s hard to fail.What makes you bring able to do 75% of the paper with 2 full questions but if you tried 3 questions, you are able to do only 60-65% of the question, just doesn’t make sense?
I rather give up the last few marks in question 1&2, because the first 10 marks in question 3 would be way easier to achieve in the same amount of time!I see quite a number of 70s mark range here, is it so easy to hit such a high score? Any tips to approach the exams and your study techniques?
I passed with 63, SGP version. I think passing mark and rate depends on the version of paper taken as well, so it doesn’t mean that if you passed with high mark of fail means an absolution.
Thanks John got clarifying, for a moment I was confused.
But my qns is why is provision for doubtful debt and bad debts aggregated in the P/L?
Shouldn’t the 37000 be an expense for bad debts and the 15000 as a negative expense (or adding back to P/L) due to lower provision for doubtful debts, be separate entity in the P/L??
I am from Singapore, though I didn’t enrol with LSBF, they really are bad.
I tried to enquire ACCA details with them, 1 staff had an extremely bad aloof attitude, another stuff don’t event know anything on ACCA.
They even told me the most ridiculous thing that CFA was unpopular when it was apart from ACCA the next most popular finance certification.
NEVER EVER PICK LSBF.
Qns 1:
Take note of the formula
Gross Profit = Sales – (op inv + purchases – cl inv)
Note the date it says 31 dec 20X1, meaning the likely probable cause was that the GP is lower in 20X1 (meaning higher GP in 20X2) due to overstatement in closing inventory.
Tricky question requiring thinking backwards.
2. Not tricky, just abit of understanding:
Apple receivables for
X = 2000
Y = 1600
Remaining = 59300Total allowance for apple
= 60% * 1600 + 10% * 59300
= 6890Just think of different weighted allowance for different accounts receivables /customers.
Hope that helps
It’s quite weird that the previous allowance included both bad debts and provision for doubtful debts.
After looking at some of the answers here:
24,000 + 37,000 – 39,000 = 22,000
IMO previous allowance shouldn’t have included bad debts. Bad debts if recovered (which is highly unlikely) should go into the bad debt recovery account.
Please correct me someone if I am incorrect.
Wages is an operating expenses and will not be under COS. it’s merely the cost of product or goods sold.
Cost of production under management accounting is simply the direct material, direct labour and direct expenses, and depending on whether you use Full costing or absorption costing, the fixed costs will be added in. FIFO and LIFO affects the inventory valuation.
Cost of goods sold under financial accounting terms just means Opening stock + Purchases – Closing stock. Of course inventory valuation methods like FIFO, LIFO affects the COGS as well.