P2常见问题(FAQ) difficult, important, producing

adminwcq

1. How long should I spend on question 1 in Paper P2 as it is for 50 marks and is such an important part of the paper?
Students often feel that they should spend a disproportionate amount of time on question 1 but it is not a good strategy.Question1 is quite a difficult test for students and therefore ,mistakes are quite common.Students often compound their mistakes and so spending more time producing an inacurate answer is not a good strategy.Students should spend half of the time allocation only on the question.

adminwcq

2. My strategy is to question spot and only learn certain topics.  It has worked for me before and it should work again.  Is this the best way to revise?
The exam covers a wide range of topics and question spotting invariably results in parts of the paper not being adequately answered by students.Astudent should have an understanding of every element of the syllabus.

adminwcq

3. How do I study for the current issues element of the syllabus?
As an examiner,I have the same resources as the students.I read journals,periodicals and look at the web sites of the IASB,and the 'Big 4'accounting firms.Ilook to see what I consider is a major issue for users and preparers of financial statements.Current issues are normally covered by an essay question and therefore if a new accounting standard has been issued then the key implications should be known.If there has been an issue over an accounting standard and an exposure draft or a discussion paper has been issued then that would be an area for a question.