[Tom85]

Another first time pass and my last – all first time passes which I wouldn’t have believed possible for me, but I put in the hours and somehow it happened.

Biggest help for me was exam technique – watch debriefs on how to answer the questions and practice!

Obviously I studied elsewhere for ATX, but thanks again OT for the invaluable resources here for other papers. OT videos, notes and ACCA study resources (specifically past papers, examiners reports, debriefs & technical articles) were enough – you really can ditch the textbook.

Right, I’m off to figure out applying for membership.

[Tom85]

12 exams sat, 12 passed first time, one at a time, average mark 76, along side work and kids so not dedicated study, only weekends and commutes. I used OT with the above steps for LW, AA, FR, FM, SBL, SBR and AFM.

[Tom85]

I used OT lectures and notes, including the revision lectures. I read free notes on another site – doesn’t add much more than OT so more like revision. I didn’t use a textbook, nor exam kit, just free ACCA resources – past papers, videos and technical articles.

1. Watch OT lectures, work through examples and make notes as you go.
2. Read notes on another site and make revision cards for theory part.
3. Watch revision lectures while working through the exam questions at the same time.
4. Revisit OT notes and answer all questions again – recap videos if needed on tricky topics.
5. Work through more exam questions with ACCA/YouTube debriefs.
6. Work through exam questions with the answers alongside – ensure you understand techniques and make notes/recap as needed.
7. More exam practice without answers- don’t neglect theory question practice. Practice planning answers out in bullets, then type out – time management is key.
8. Technical articles – read and make notes between exam practice. I definitely gained marks due to this.
9. Focus practice on weaker areas and make notes on the steps or create mind maps to make it stick.
10. Sleep and calm – you can’t learn without it. Afternoon exams mean a lie in if nerves kept you awake. Don’t panic, at worst the exam is practice for next time, give it your best.

[Tom85]

65 and very shocked, I hoped to scrape a pass but expected a fail. Attempt all questions and showing workings, and even if incomplete or incorrect must be why.

Thanks OpenTuition – Used OT for seven exams and passed all first time, no textbooks but lots of past papers. One exam left but thinking ATX so no more OT 🙁

[Tom85]

Hard but partly because I didn’t study enough, or sleep. Brain froze at things I knew but couldn’t remember.

[Tom85]

I started ACCA at a similar age, after a previous career and kids (I’m mum and took time out due to childcare costs). I’ve taken it slow but progressing in work along with parenting and general life so no rush. Two exams left. It’s hard to study while working, I give up my life for past papers in the last few weeks which is tough on the family and causes tension. My kids are older now but getting super organised and studying well in advance will reduce the pressure, especially if you have weekdays you can study in.

Make sure this is the right option. Why did you leave initially and do those reasons still exist? Is there a particular path you want to take? Can you use the police experience, perhaps accounting for your force (a colleague used to work in police finance) or financial crime related?

It’s harder to get the first job so it could be a step down initially. Smaller companies tend to be more open to less typical candidates, unlike recruitment consultants.

Good luck!

[Tom85]

As an accounts assistant you may not be able to complete some objectives as many of the options are quite stretching. As you have to get three years experience you’ll develop in your career and can complete the PER over that time. I did this, completing it after almost three years and a promotion. But I didn’t start the exams until after a year in the role – two more exams to go.

[Tom85]

I did the one with lots of stakeholder questions, competitive advantage, dodgy art course and cyber security.

Not much model use. Lots of common sense and some knowledge on cyber security and project management.

Finished with about 50 mins to go so did some editing and reviewing. It’s hard to take it all in at the start. Exhibit order didn’t match the question order initially. And 8 exhibits is a lot!

[Tom85]

Ok great. Thanks. Instead of 40 mins planning at the start I’ll take about 15 mins and spread the rest over the exam. I like having the exhibits open as reference while answering, which is more like real life.

[Tom85]

71% which is a shock. I thought I’d scrape a pass at most, 50/50 chance of passing. First P Paper so hard to gauge the effort and detail required. The most boring subject (IMO) done!

[Tom85]

I got the pension Q too. Tough. First P paper and first time I left not feeling sure I’d passed. The time restriction is tough.

[Tom85]

82% – I forgot and was surprised by the text. Strategic/Professionals next. Officially PQ!

[Tom85]

Hi Gillian. Thanks for your response. I’ve been thinking about this more since the exam, alongside completing the ethics module. I had the mergers and acquisitions question on a shortlist. Social responsibility could be a good option too – there’s a local employer (PLC) working with schools and I’m sure other things. Corporate governance seemed really dry in the exam so interesting that’s it’s a good topic, the scandal side would be more appealing.

Does the marketing option require you to work in the company?

If I aim for the May deadline what’s the earliest you’d have a first chat and start the mentoring process? I’m thinking of doing most work over October to February due to being off work and applying for new roles in the New Year. I’ll sit SBR in December and AFM or SBL in March.

[Tom85]

I went through this with a professional data scientist and got the first two questions wrong.

The reason was because I entered the data to two decimal places. There was nothing to suggest we’d be penalised for this. ACCA are usually very clear when they want it rounded to the nearest dollar so this is disappointing. It is meant to be simulating real life after all.

If you are getting these wrong try answering without decimals.

[Tom85]

I was so ready for Tax and there were no questions.

I’ll be tackling SBR next so it won’t be wasted.

[Tom85]

The rights issue was 1 for 4. Started with 12m shares taking it up to 15m.

12×4/12×6.4/7
15×8/12

There was a question about which ratios would decrease, I put all of them, I think it was a revaluation gain (ROCE, Asset turnover, OPM and gearing).

Then another about which would increase after a rights issue, current ratio was the answer.

[Tom85]

There were a few things not covered, deferred tax, cash flow and sale and lease back, the latter two I was panicking about as I’d done loads of practice questions and they didn’t appear enough to master them.

Don’t worry too much about a wrong figure in the consolidation. You can still get most of the marks. I was surprised how much can be wrong and still score highly when reading this – https://www.accaglobal.com/gb/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/exam-technique.html

[Tom85]

I’m a similar age. It’s entirely up to you if it’s worth it. It’s a big commitment. Every exam means I’m home and sacrificing time with friends and family. The house gets messier than usual and healthy eating and exercise goes out the window. It’s stressful, especially if working too.

Take it one exam at a time and don’t rush. Enjoy the process as much as you can. Personally I’ve found ACCA much easier than my degree (not related to accounting). I’ve just finished the first nine papers which is degree level apparently.

If you hate it or it’s having too much of a negative impact, reassess. It’s not just a qualification, it’s learning too. However far you get you won’t having nothing to show, even if you don’t complete.

[Tom85]

If you buy something with $12 cash first and then $18 vouchers the cost of the item is still £30, not just the value of the vouchers.

[Tom85]

Consideration was 12 cash plus 18 share value. Cash was already accounted for but still is in the calculation for goodwill. The shares are then added to share capital and share premium.

[Tom85]

I find the usability of the system for section C really annoying. I couldn’t insert a line in the spreadsheet so copied and pasted. Then the formulas were all wrong and I had to go back and correct them. Excel would adjust for this.

The word processing was similar. I tried to edit and it would type over the words. I had to cut and paste sections instead.

But fairly straightforward otherwise, a few I wasn’t sure about as usual.

[Tom85]

I got Pioneer. I don’t think it was negative. Consideration was 30 plus 6 NCI. Net assets were 27.3 I think. Share cap 20, RE 8.3, plus adjustments -1.5 and +0.5.

It didn’t balance but sure it was enough to pass.

[Tom85]

Ok, so the Tax Balance from the extract is a SPL account line, the Tax Expense account. Rather than Tax Payable SFP account line (In the real world I’d be able to find out which type of account line it was – expense or asset/liability). T accounts definitely help.

I’m doing Q31 from Sep/Dec 18 so will put this into practice –

The tax is a credit (negative expense) so is an overpayment last year and will be deducted from this year’s tax expense. And the reduction in the deferred tax is a reduction in liability and expense.

D 2100 C 130 C 500 = 1470

I think I’ve cracked it, thanks for the help.

[Tom85]

455 is the cost that should’ve been recorded. 320 was already recorded so 135 is the difference.

[Tom85]

You are being asked to only create the P&L for one company. So you won’t need to remove the intra group transactions, or rather you may need to add them back in.

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