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June 2008 ACCA Exam Tips by BPP for P1 Professional Accountant has been released at


P1 Professional Accountant Exam Tips June 2008


FTC and Ftms Exam tips would also be added when released.

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jazib

P1 is an entirely theoretical paper and one may get confused as to how to score marks and how much to write. Time management is of utmost importance in this paper too like all the others. Remember the following points:

• Question 1 should be answered in 90 minutes max with the remaining 25 marks questions getting 45 minutes each to answer.
  
• The first question generally requires to be approached in a well thought out manner. The 25 marks questions seem to be direct questions and hence may be answered first. Accordingly you should take your own judgment of the sequence to follow.
  
• This is a professional level paper and according to the examiner’s comments candidates who have understood the importance of the verbs like assess, evaluate, critically evaluate, construct etc and answered accordingly have scored well. He further adds that candidates who expected to pass using “rote memory” have failed in the questions where cognitive level was 2 or 3. Therefore this goes to say that P1 is a subject that requires application of the concepts to the given cases.
  
• While studying remember to apply concepts like “good corporate governance practices, codes of conduct, ICGN principles, risk management methodologies etc to real world examples. Read various famous cases like the Enron, WorldCom, Pergamon press etc from our P1 GTG study text. These cases will help you understand how P1 can be applied in practice which a Professional Accountant is supposed to do.

jazib

Paper P1, Professional Accountant is a new compulsory paper in the Essentials module at the Professional level of the ACCA Qualification.

The syllabus represents a set of issues required for understanding how accounting in a business context – contributes to, and is underpinned by, governance and ethics.

Part A of the syllabus focuses of corporate governance, responsibility, and accountability. This involves important themes like the agency relationship between directors and shareholders, the meaning of governance, the role and types of directors, issues of responsibility, and the meaning and limits of accountability. At the same time it aims encourage students to think about the ethical assumptions made by accountants as a professionals.

The next three parts of the syllabus – B, C and D – focus specifically on issues like internal control, the identification and assessment of risk, and controlling and mitigating risk. These arise due to the recent corporate failures.
Paper P1 lays stress on this area since they play a crucial part in an accountant’s responsibility to act in the public interest and in the interests of shareholders.

Effective corporate governance is possible only with sound systems of internal analysis, control, and audit. Being aware of all possible risks, understanding their potential impact, as well as the probability of occurrence, are important safeguards for investors and other stakeholders.

Part E of the syllabus. This section contains Ethical assumptions that surround any profession and system of governance. The accountancy profession is governed by certain ethical frameworks that inform practice and guide practitioners. This part of the Paper P1 syllabus evaluates some of these assumptions, and includes some of the ethical theories that help to explain them.

swati

can u forward me p1 exam tips.. thanx

acca

check the link in the first post

counterpunch001

guys hows ur study going for P1?

which book u following?

i am doing FTC.

bhagath

I am doing FTC too.

Its too theoretical but in lines with F8.

mukundh_cool

hi! i finished readin the ftc text nd al and now am totally confused. first of all te paper is extremely boring. that itself is a big turn off. but then i have another problem. i dont know which areas of the text i should give more attention to. can somebody please help me in this?

PETER SARJO

Hey,
I Am Equally As Confused And Bored By The Paper. I Cannot Read A Whole Page Of The Text Without Closing The Book Or Distracting Myself In One Way Or Another___ I Am So So So Worried By This Paper

jazib

ACCA Exam Tips for June 2008
Accouring to BPP following are the topics that are expected to appear in P1 Professional Accountant for June 2008 attempt. WARNING:The examiners deliberately try to avoid question spotting. Use the tips as areas to have a good look at, but remember that no-one knows what’s in the exam except the examiner. Your safest bet is to achieve good syllabus coverage in your revision, as the examiner aims to do in the exam.This is a new exam which was examined for the first time in December 2007. This makes it very difficult to identify areas of the syllabus that are likely to appear in the sections of the exam.
However based on the guidance provided by the P1 examiner and the ACCA Teachers’ Conference in February 2007, the areas that we would expect to see most regularly in the exam in the compulsory Section A of the paper are:

• Discussion of one of the fundamental principles underlying good corporate governance

• Discussion of corporate governance best practice
Identification and assessment of business risk and/or a review of internal control mechanisms
• Ethics or corporate social responsibility (including sustainability)

(Please note the only Section A question contained in the current edition of the BPP Study Text is Pilot paper Q1)

Other areas that we will expect to see, particularly in the optional part of the paper are:

• Governance (2007 Study Text questions 2, 3 and 9)
• Risk assessment and management (2007 Study Text questions 6, 7 and 8)
• Internal control (inc. internal audit) (2007 Study Text questions 5 and 11)
• Professional values and ethics (2007 Study Text questions 10 and 12)