Exam format & Tips to pass P1

Exam format

The syllabus will be assessed by a three-hour paper-based examination. (an extra 15 minutes of reading time is given in which you are
not allowed to write on your answer sheets)

The examination paper will be structured in two sections. Section A will be based on a case study style question comprising a
compulsory 50 mark question, with requirements based on several parts with all parts relating to the same case information. The case
study will usually assess a range of subject areas across the syllabus and will require the candidate to demonstrate high level
capabilities to evaluate, relate and apply the information in the case study to several of the requirements.

Section B comprises three questions of 25 marks each, of which candidates must answer two.

Tips

 In the planning and reading time(15 minutes) you can make notes and plan answers. This may only be done on the question
paper and not on the answer booklet.

 You don’t have to fill multiple exam booklets to do well – fewer ‘right’ words are better than lots of wrong ones.

 Examiner feedback: ‘The most obvious and simplest to address is time budgeting. It is very frustrating, as a marker, to find
candidates answering the first two questions well and then turning over a page to find that the candidate has run out of time
on the third.’

 Study the questions carefully. Answer the question set – not the one you wish was set

 Count the number of tasks – rule of ‘And’

 ‘Assess’ does not mean ‘describe’ and ‘criticise’ does not mean ‘explain’, to name just two frequent misunderstandings.
Marking guides are tightly written to reward only at the level of the verb in the question and this is very important.

 Have a go rather than leave an uncertain answer blank

Key exam presentation tips-as per the ACCA examiner

 Start each point on a new line.

 Start a new question on a new page.
 Try and keep related question parts together under one question heading - do not spread them around your script.
 Leave a line between each new point to help markers work out where each point starts and stops.
 It is vital to label clearly the part of the question you are answering.
 You don’t have to answer the questions in any particular order, but all parts of a question should be answered together.
 If you attempt different parts of a question at different times, leave enough space and time to complete the remaining parts
of the quest

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Key points for attempting P1

 Professional marks
These are marks allocated not for the content of an answer, but for the degree of professionalism with which certain parts of
the answer are presented. They will usually be awarded in Section A (the compulsory part of the exam paper) and will total
4 to 6 marks.
It may be, for example, that one requirement asks you to present your answer in the form of, say, a letter, a presentation, a
memo, a report, briefing notes, or similar. Some marks may be awarded for the form of the answer in addition to the content
of the answer. This might be for the structure, content, style and layout, or the logical flow of arguments in your answer. You
should assume that if the question asks for a specific format of answer that some marks may be awarded for an effective
presentation of that format.
At this level, short bullet points would certainly not be enough to earn the marks available, as these are given for capabilities
such as introducing a topic appropriately, making convincing points, counter-argument, writing in an appropriate tone and
in a format suitable for the intended audience, logical flow and structure, and for drawing together the main themes of an
argument into a valid set of conclusions.

Areas on which professional marks are given:

- Strength of argument
- Use of logic
- Sensitivity of the target audience considered when wording your answer/appropriate tome
- Structure/ presentation
- Introducing the answer clearly
- Exercising professional judgment and an ethical approach
- Cover key points first and group similar points
- Refer to the audience throughout the answer
- Establish whether first person or third person will be used
- Use headings and space between the paragraphs
- Do not use bullets
- Ensure your answer clearly presents the points required by the question to earn the marks available for
persuasiveness and to enable your answer to sound convincing.

 Most questions will require the candidate to operate from a starting point of identifying who the relevant stakeholders are in
any given situation. This is best achieved by identifying what power or interests stakeholders have, and to establish how well –
or otherwise – these are managed on their behalf by company directors and accountants.

 Many questions will require the candidate to act as, or adopt the moral conscience of, the company and its managers towards
those who reward them. Developing this framework approach to all aspects of the syllabus and in answering practice
questions will be the best form of preparation for the exam.

 Very few marks are available for demonstrating knowledge in a vacuum, or for bullet lists, or for diagrams. If a diagram is
included it should be properly explained. Candidates should ensure that every point made refers directly or indirectly to issues
within the information made available. For this they will be well rewarded.

Important: The examiner has stated that he is introducing the possibility of brining in some simple arithmetic calculations from the
June 2011 session.

‘ students should not expect complicated calculation but should be prepared to manipulate numerical data so a calculator might be
helpful in future exams’

You might be required to assess quantitative information in general sense in scenarios such as an extract of a financial report, selected
financial ratios or trends to assess risks and other aspects relating to gearing and liquidity.
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In risk management, you may be given data about different investments where the data available gives contrary indications.

For example, an investment may have a higher expected value but also a higher chance of making a loss as compared to other
investments. If you are analysing the situation, remember that you cannot go by just numbers. You will need to bring in other
information such as risk appetite and risk attitude etc.

FORMATS

Formal business letter

ABC plc
Address line 1
Address line 2
Address line 3
Date

Dear Shareholders,

Subject

Do not start the letter right away. You need to have a formal introduction

Write in first person (I, we,our company)

Refer to the audience to make it clear how your answer us still focuded

Conclude with thanking the reader for their interest or time.

Thank you

Yours faithfully ( if addresses is anonymous such as shareholders)

Yours sincerely (if addressee is named)

Mr. A

(Designation)

Memorandum

Style of writing: precise and factual

Written in first person

Environmental reporting.
Memorandum
From: Professional Accountant
To: Leena Sharif
Date: DD/MM/YYYY
Re: environmental issues at Chemco and JPX

Introduction

Explanation

Summary

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 Miscellaneous

Narrative for inclusion in annual report, statements to be read out at AGM

Written in third person ( XYZ company, the board etc.)

There is no format as such. The professional marks are for formal wordings, persuasiveness and logical flow.

Make sure you have a formal introduction and ending rather than discussing the topic right away!

Report

Written in first person

Use heading and sub-headings

Report

Terms of reference (what the report aims to cover)

Main body of the report

Summary or conclusion

Briefing notes

Used to provide info to brief a board or committee or external parties on a particular event or decision.

Written in third person ( XYZ company, the board etc.)

 Header: For whom is the note intended? Most officials expect their name and title at the top.
 Regarding: One line. What is the issue being advanced for decision making?
 Background: What led up to the need to discuss this issue?
 Issue: What is the real problem? What is the objective?
 Analysis: What do we know about the problem?
 Recommendation: What would constitute a solution?
 Submitted by

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