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Is there any structure or layout we need to follow while answering p7 exam questions?
What is the percentage of knowledge related marks?
And do u agree that most of the questions can be answered with common sense rather than book knowledge?
I would be highly obliged if mike reply to these questions- Topics: 0
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What is unique, in my opinion, about p7 is that you could test the same scenario many times in a row and expect completely different answers simply because of slightly different wording of the requirement on each version of the scenario.
On a p2 question if you see a scenario on goodwill then its 95% certain to involve a goodwill calculation. You are under pressure and most of you are trained in your studies to simply slot the data given into a memorised proforma…’get the easy marks and move on’ as many of my lecturers have said. BUT in P7 this goodwill data could need an audit to be planned, you may need to rewrite an audit report in light of a gw error, you may need to audit the data and calculation itself etc etc.
You need question practice to get familiar with what the examiner expects with his fairly cryptic questions. You need an understanding of the relevant accounting standards. I’ve never seen another exam where thinking about the question, your answer and planning before writing a single word are so important…. at every sitting the question afterwards is always ‘how many points do you think the examiner wanted for question x….you have to guage what the examiner wants for yourself…at many sittings a proportion of students try and answer question 1 ‘in full’ and never get past that question in the 195 mins and then obviously fail….
In my opinion the following link is a good overview of the mental ‘toolkit’ you will need to have ready so that you can set about those scenario the correct way.
https://audit-is-cool.blogspot.co.uk/2011/11/audit-exam-ultimate-pass-key.html?m=1
Combine this with the ‘tap into P7’ article by acca and the newer articles on quality and using the work of an expert as these seem likely to be ‘hot’ areas now….otherwise get question practise in now and refocus your learning/practise priorities in mid may when the exam tips come out.
i’m afraid common sense will get you some marks and should always be applied, but, this is not an exam that can be passed on common sense alone.
Your writing has shown me the track n i am thankful for that but offcourse no one will dare to enter exam hall having the aid of common sense only.
You have highlighted possibly the exact issue i might be lacking practice but the problem is examiner solutions seem so general to me unlike any other exam as you mentioned it is quiet a task to figure out what he is expecting from you looking at the requirements
About the articles as per acca policy they dont disclose examiner’s name anymore leading us to an ambiguity about the author of articles along with this i have witnessed a change in the recent exam trend topics in recent articles have not been tested over a past couple of years
Thank you so much for the link you shared Regprentice
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