Exam Technique and Effective Study

1. Exam Technique and Effective Study Sarah Roberts, FCCA sarahroberts@bpp.com +447781 113739

2. Contents • The multiple choice CBE, ACCA F1-F3 • RAPT • The fundamentals, ACCA F4-F9 • The Professional Level • Effective Study

3. Multiple choice exams • Do not underestimate the exam • Read the question • Do calculations on paper not in your head • Use the taught methods and proforma • And remember if in doubt it’s C!!

4. Multiple choice sample question • The following information has been prepared by a trainee accountant:

5. Multiple choice sample question • What figure should appear in Annie’s income statement for the year ended 30 June 20X6 for purchases? A $331,760 B $740,800 C $283,760 D $330,200

6. RAPT • Reading and preparation time • Do not open the answer booklet • 15 mins given before all written papers • First use to plan order of answering question • Write time allocation by each question, 1.8 mins per mark • Do not read questions in detail • Start work on first question on exam paper

7. The Fundamentals – General advice • Always read the question • Highlight and write on the question paper • Time management • Answer in the format asked for

8. The Fundamentals – Numerical papers • Show workings/calculations • Cross reference workings to the final answer • Make answer easy to follow • If using formula write it out first if not provided • Learn proformas

9. The Fundamentals – Written papers • Answer the question asked not one you wish had been asked • Do not waffle • Write in short paragraphs, leave white space • Imagine reader is an intelligent person without any specific accounting knowledge • Use the marking guide, usually 1 point per 1 mark

10. The Fundamentals – Example • Question: ACCA F8 • “(a) Explain the term “audit risk” and the three elements of risk that contribute to total audit risk (4 marks) (b) Identify areas of inherent risk in the EuKaRe charity and explain the effect of each of these risks on the audit approach. (12 marks) (c) Explain why the control environment may be weak at the charity EuKaRe. (4 marks)

11. The Fundamentals – Example • Solution • “(a) State the definition of audit risk and the 3 elements (b) Find 6 risks from scenario and state effect on audit approach – can use table format (c) Find 4 examples using scenario and expand point

12. The Fundamentals – Example • Marking guide • (a) 1 mark for explanation of each term • (b) 1 mark for each area of inherent risk and 1 mark for explaining effect on audit approach • (c) 1 mark for each point on weak control environment

13. The Professional level – general advice • Up to 5 “professional” marks per paper • Use information in question in answer • Less focus on numbers • Higher level skills required • Time management • Marking guides weighted • Knowledge is not enough • Multiple issues within question • Case study type scenarios

14. Effective Study

15. The Memory Fallacy How good is your memory? Does it get worse as you get older? The memory is like a muscle: the more you use it the better it gets. The more it is neglected, the worse it gets. Adult learning – trained out of using imagination It’s only worse if you allow it to be!!

16. Fundamental Principles • Association • Linking things together • Eg Song from your holidays • Imagination • Using visualisations • Eg Remembering a holiday • Location • Provide a context • To differentiate between information

17. Learning Styles • Visual • Written information, notes, diagrams, pictures. • Visual appeal. • Auditory • Spoken word. Listen and take notes later. • Auditory clues and music. • Kinaesthetic • Touch and movement. Imitation and practice. • Performing actions. Using tools.

18. Learning Styles • Pragmatist How can I apply this in practise? • Activist I’ll try anything once • Reflector I’d like time to think about this • Theorist How does this fit with that?

19. Standard Note Making/Taking What is missing from standard notes? • Visual pattern • Colour • Association • Imagination • Visualisations • Dimension

20. Consequences for your brain • Key words are obscured • preventing the brain from making appropriate associations • Difficult to remember • single colour - boring - rejected and forgotten • Waste of time • unnecessary note taking and reading • re-reading and searching for key words • Failure to stimulate the brain creatively • list style notes gives the brain the sense that it has come to an end or finished and prevents associations

21. Consequences for your brain • Lose power of concentration • Time Consuming habit of note taking • Loss of confidence • Loss of love of learning • Boredom & Frustration • Hard work – less progress!

22. Mind Mapping • The mind map is an expression of radiant thinking • Characteristics • Subject crystalised in a central image • Main themes radiate from central image as branches • Key word or image used on branch in decreasing order of importance • Branches form a connected nodal structure

23. Exercise 1 • In the centre of your page draw a circle. Draw 10 lines coming out of that circle. • When I give you the central word, write it in the circle. • Then you write 10 associated words along each of the other 10 lines you have drawn.

24. Mind Mapping Happiness

25. Exercise 2 • Now do the same exercise around the central image seen below. • This time you are not allowed to use any words. All associations must be drawn as a picture, symbol, diagram, etc

26. Picture • Your brain enjoys the pictures: • Relaxation • Pleasure • Develops visualisations • Unleash the power • Enhance your memory

27. Advantages of Mind Mapping • Time saved by: • noting only relevant words 50-90% • reading only relevant words 90% • Key words visually arrange • enhancing recall and concentration on real issues • Clear and appropriate associations between key words • The brain finds it easier to accept and remember visually stimulating mind maps • Encourages continuous and potentially endless flow of thought • Brain becomes increasingly alert and confident in its abilities

28. Mind Mapping Laws The 3 A’s • Accept • Accept that it may work • Apply • Experiment to find a personal style • Adapt • Use the techniques in different ways

29. Mind Mapping Techniques • Use emphasis • Central image; Colour;Dimension;VARIATION; S p a c i n g • Use association • Arrows ; Colour;…---…; BOI’s • Be clear • Onewordperline; PRINT; Connect lines; Thickness; Boundary; Horizontal & Upright • Personal style - +1 Rule

30. Questions