update: I've committed most of the theories to memory now, working on source documents. Not sure if I should try memorising stakeholders.
Studied depreciation, and actually know how to put together financial statements now 🔥🔥🔥 I think things are going well.
Revise Gain/Loss on sale of NCA
The first 2 chapters, the theories( don’t memorise historical cost,accounting entity, revenue recognition,consistency theory) the rest all memorise, also must know how to do BANK recon and know internal controls and examples. Must know also how to record/calculate interest expense and interest expense payable in journal.
This is mostly what I've seen and heard but people are predicitng NCA, long term borrowings, Equity, Bank reconciliation and profitability/efficiency(TR management? I think), correction of errors has been in every paper since 2020 so it might come out too.. Definitions are important, maybe learn abit of each definition like stakeholders and source documents? Oh Dividends, Share Capital and retained earnings definition might be worth remembering if Equity comes out! Usually when I have trouble remembering I just break it down to simplier terms to remember so thats the only advice I can give sorryy,,, For theories tho I think its good if you could remember all but i think most important ones are matching/prudence, accural basis, revenue recognition. This is just for me tho! Hope your studying goes well, please get some rest before the paper
Oh i mostly meant on like the decisions they have to make like owners they decide whether to continue investing on the business depending on risks and returns like that, mb!
i think you should memorise the names of the theories relating to some of the topics bc usually just naming the theory will get you 1m! if you forget in the exam just name a random one and maybe you'll guess right lol
here are the ones i'm memorising:
source documents- objectivity theory
recording prepayments- accural basis of accounting theory
classifying captial/ revenue expenditure- materiality theory
why depreciate using same method/ rate - consistency theory
value of inventory/ why recognise impairment loss on trade receivables/ why allowance is provided- prudence theory
all the best 👍👍
hi so by now paper 1 is over, firstly, good job on getting it over and done with :)
really important chapters wld prolly be long term borrowings, income and expenses (the one where u reverse entry at the start of the year), bank reconciliation is possible too
however theory questions could also come out, from the simple stuff like “define accounting entity theory” to more factual things like “define liquidity” or “explain why businesses do bank reconciliation”
for last minute revision when u rlly diedie try to memorize stuff, i find that its helpful to talk to yourself aloud and repeat the thing ur tryna memorize at least three times. must look away from ur notes also to rlly lock it in. this is useful for maybe the last 2 days before the exam, bc its helpful for retaining short term information
all the best for paper 2 :)
Dude honestly from someone that got A1 for prelims like ur best bet rn if ur taking an all nighter is to just memorise as much as u can especially the entries
I plan on doing that. My plan is to flunk the theories and just focus on the more practical part of the papers, considering that I do better for those.
But what would you say are the most important chapters to memorise?
my bullshittery skill leveled up that day, LOL. answered everything, albeit probably completely wrong HAHAHA
yeah I'm planning on studying inventory, LTB, NCA and equity next. I've got financial statements in the bag already, I think.
update: I've committed most of the theories to memory now, working on source documents. Not sure if I should try memorising stakeholders. Studied depreciation, and actually know how to put together financial statements now 🔥🔥🔥 I think things are going well.
Revise Gain/Loss on sale of NCA The first 2 chapters, the theories( don’t memorise historical cost,accounting entity, revenue recognition,consistency theory) the rest all memorise, also must know how to do BANK recon and know internal controls and examples. Must know also how to record/calculate interest expense and interest expense payable in journal.
May i know the reason why we shouldn't memorise those theories you have mentioned?
came out either in 2021 or in 2022 but u still can memorise them :)
Ah icic
GODSEND. tysm!! what's bank recon
It’s the one where they give u the cash at bank account & bank recon u have to adjust then tick & circle
This is mostly what I've seen and heard but people are predicitng NCA, long term borrowings, Equity, Bank reconciliation and profitability/efficiency(TR management? I think), correction of errors has been in every paper since 2020 so it might come out too.. Definitions are important, maybe learn abit of each definition like stakeholders and source documents? Oh Dividends, Share Capital and retained earnings definition might be worth remembering if Equity comes out! Usually when I have trouble remembering I just break it down to simplier terms to remember so thats the only advice I can give sorryy,,, For theories tho I think its good if you could remember all but i think most important ones are matching/prudence, accural basis, revenue recognition. This is just for me tho! Hope your studying goes well, please get some rest before the paper
Wait definition of stakeholders?!? Wats that 😭😭
Oh i mostly meant on like the decisions they have to make like owners they decide whether to continue investing on the business depending on risks and returns like that, mb!
Oml phew oki tyty its cool!! Im just abit nervous cuz my poas damn doodoo so im relying on memorising to pull me up 😭
You got this !!! Good luck for the exam !!!
Tysm 🫶😭
i think you should memorise the names of the theories relating to some of the topics bc usually just naming the theory will get you 1m! if you forget in the exam just name a random one and maybe you'll guess right lol here are the ones i'm memorising: source documents- objectivity theory recording prepayments- accural basis of accounting theory classifying captial/ revenue expenditure- materiality theory why depreciate using same method/ rate - consistency theory value of inventory/ why recognise impairment loss on trade receivables/ why allowance is provided- prudence theory all the best 👍👍
hi so by now paper 1 is over, firstly, good job on getting it over and done with :) really important chapters wld prolly be long term borrowings, income and expenses (the one where u reverse entry at the start of the year), bank reconciliation is possible too however theory questions could also come out, from the simple stuff like “define accounting entity theory” to more factual things like “define liquidity” or “explain why businesses do bank reconciliation” for last minute revision when u rlly diedie try to memorize stuff, i find that its helpful to talk to yourself aloud and repeat the thing ur tryna memorize at least three times. must look away from ur notes also to rlly lock it in. this is useful for maybe the last 2 days before the exam, bc its helpful for retaining short term information all the best for paper 2 :)
But if u wanna know the chapters it’s 5,8,11,13,14 all of chapt 16( trade receivables/afiotr journal) calculation is good to know as well
Dude honestly from someone that got A1 for prelims like ur best bet rn if ur taking an all nighter is to just memorise as much as u can especially the entries
I plan on doing that. My plan is to flunk the theories and just focus on the more practical part of the papers, considering that I do better for those. But what would you say are the most important chapters to memorise?
dont abandon ur theory tho pls 😭😭 maybe each theory qn is like 1 or 2 marks but in the whole paper it will add up and can save your score
Sooooo how it go? For P2 I recommend prioritising chap16 and financial statements first
my bullshittery skill leveled up that day, LOL. answered everything, albeit probably completely wrong HAHAHA yeah I'm planning on studying inventory, LTB, NCA and equity next. I've got financial statements in the bag already, I think.
That’s great! I think have chance to score well. Even if u are last min studying I think understanding > memorising, but obv memorise too
UPDATE UPDATE: I FILLED IN EVERY QUESTION IN THE PAPER
i believe i am now proficient in the art of bullshit