*** ACCA P7 December 2015 Exam Results ***

Passed with 62% and now an affiliate 🙂

I’m not saying this was easy but for someone scoring 70-80% in all my mocks I am still in shock I failed at 45%

Anyone else struggling with the UK variant not knowing the mark allocations for q1? Also how do we see the full answers rather than the Sept combined ones?

I scored 70% in F7 and my job was audit focused too so in genuine shock I failed and no idea where I had gone wrong which worries me for the resit in March!

Please help

So proud of myself! First attempt and first time self-studying. One more option to go before becoming a member!

@kasprzakpawel@yahoo.co.uk said:
So proud of myself! First attempt and first time self-studying. One more option to go before becoming a member!

oh, exactly the same as me. I self studied for the first time and was so nervous that i couldn’t sleep properly the night before the result day. But the result turns out to be much better than expectation. I also have one option left and it will be P4 because P5 is truly a nightmare from what I heard from people.

alhamdulillah passed with 51 first attempt.

I finally passed p7 – 50% on the dot after several attempts. Funny thing when I got to work I was avoiding my emails distracting myself with my work until I got the courage to open my result and be so super excited. I hugged almost every stranger in the building never been so happy. Now left with one paper! My advice NEVER GIVE UP!

Arthi & syed

My advice would be to go over the past exam papers from june 11 and analyse the trends, and target revising these areas, ruling out things that’s been tested in last three papers (Dec15, Sept15,June 15).

For q1-totally ignored studying business risks as this was never going to come up this sitting (tested in Sept). However, I would personally not ignore it in the March sitting. Don’t be put off with the examiner’s answers to these questions, as when I think back to my answer in the exam, I only managed to match 3 or 4 of the risks in the model answer. There is a great amount of flexibility in the marking scheme. Do not be put off by the numbers provided. If you can’t think of anything to say, then just leave them. I only mentioned one thing in respect to them in the Dec sitting and ended up with 75% at the end. The trick is to navigate your way out of this question as soon as possible. I finished it in 65 mins, with no way near the length and detail one may expect . Also note, a lot of the risks are tested time and time again. That’s why Going over past q1’s is key.

Q2) hardest question to predict. I’d personally make sure that I am comfortable with PFI in this sitting as this is very likely to be tested .Do every past question on this. (There’s only three). There are easy marks here for general procedures-i.e. Agree opening/cash balance to cashbook, confirm opening balances to the relevant Financial statement, Cast financial statements for Arithmetic accuracy and etc.

From the top of my head, Interim financial statements has also not been tested in a while so I’d be making sure that I know the basic gist.

Sec B

Matters and evidence-must be comfortable with this! Tested almost every exam. Trick here is to follow the MARE approach (Recommended by Kaplan).

Materiality
Accounting standard (why wrong or right)
Risk (over or understated)
Evidence

Try and come up with at least 1/3 evidence, ideally ½ -you’ll be amazed at how much of the marks you’ve addressed by using this approach.

Ethics
There are only a limited amount of scenarios that can be tested. Here, it’s important to do what I’ve touched upon in My first paragraph with ethics. You will be left with only a few ethical scenarios to thoroughly understand and remember. Straight of the bat, for example you could rule out conflict of interest which was just recently tested, and so you would check this off in respect to the June 2014 paper also, not needing to pay attention to this. You will see the similarities and patterns in how the ethical questions are brought forward from previous exam papers, often allowing you to go into pilot mode in answering them in the exam.

Q5) Audit report
Very unlikely to test criticism of an audit report (tested in sept). Most likely will ask for ‘’affect on audit Report’’

There are guaranteed easy marks here:

-Mention the paragraph required and where it’s located and content.
-Mention must communicate any potential modification to governance.

Do every q5 set upto june 2011, paying less attention to the critique ones. There is a strong chance that the more commonly tested (effect on audit report will be tested). Of course there is no guarantee. However, it is very likely that two out of the three (from Matters and evidence, Ethics and audit report) will feature. I’ve yet to see a paper where this has not been the case. Question 2/3 is pot luck. In terms of non-audit engagements I would definitely rule out due diligence, social env reporting and not even bother looking at these areas. I would strongly advise you purchasing the Kaplan revision kit for it’s analysis on areas tested in the past exams and use it as a guide to prioritise your revision.(it’s what I used). I would expect to see Tendering in perhaps this or the next sitting and so I would do every past exam question on this.

I’m afraid I no longer have access to my notes as I burnt them and so can’t really provide you guys with any more tips. I would also look at Mike Little’s (OT tutor) responses, which I found extremely useful. I would like to take this opportunity to thank you Mike for these postings.

Like I touched upon in my previous comment, I’m not an auditor and was exempt from the F8 paper so started from the very bottom when undertaking this paper. I am also no genius, bang on average to be honest. This is probably the most predictable paper of all the professional level papers and you can use this to your advantage. However this is not say that’s its necessary the easiest and still requires a great deal of hard work. As long as you target the right areas during your revision there is absolute no reason why you can’t secure a pass. I hope my approach has been of some help and I wish both the best of luck for the March sitting. Whatever you do, please don’t quit. Trust me you will eventually crack this exam. This exam’s more about studying smart than being smart.

How did you find studying p5 and p7 together ?

P1- Pass, P4- Pass and P7- Pass: December 2015 Session (First Attempt)

P2- Pass, P3- Pass: June 2015 Session (First Attempt)

F6- Pass, F8- Pass, F9- Pass: June 2014 Session (First Attempt)

F5- Pass, F7- Pass : December 2013 Session (First Attempt)

Finally ACCA Affiliate!!!

Thanks to the Almighty God

Can you please provide me some tips to pass the P7 paper.i have failed

Are you serious??
How?
Please advise

Passed P7 with 53% first attempt