10 Preparation Tips To Sail Through Advanced Taxation

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Accounting is one of the significant aspects of any business, and a good accounting team can be the deciding factor between its failure or success. In the accounting world, the Association of Chartered Certified Accountants, or better known as ACCA, is one of the top accounting organizations, the membership of which can take you to a journey of success. This guide will aid you in clearing the ACCA Advanced Tax exam to achieve your dreams.

1- Making A Schedule

The first and foremost step is to make a study schedule and to stick to it to prepare for ACCA ATX. Not only does it ensure good preparation, but also that there is no need left for last-minute cramming. However, making a schedule does no good if you do not stick to it, so sticking to your schedule is the most crucial part of getting success by using this approach.

2- Using Available Resources

You should always make full use of all the available free resources, especially the ACCA p6 past papers available on various websites. Understanding your syllabus and covering it in detail is key to clearing your Advanced Tax exam.

3- Revise Basics

Clearing your Advanced Taxation exam is nearly impossible without using the information you learned in the ACCA ATX module. Therefore, refreshing what you learned in the simple taxation stage and ensuring that it is up to date is another critical step in sailing through your ACCA Advanced Tax exam.

4- Understand the Question

The ACCA Advanced Tax exam is a lot trickier than the basic ACCA ATX exam, and as such, the questions are more confusing. Therefore, understanding the question and what the examiner wants is very important.

5- Plan Your Answer

Unlike the simple tax module, the ACCA Advance Tax module requires you to plan your answer to better answer it in the given timeframe. There is a lot more information that you have to deal with, and the requirements can be tricky. Therefore, planning your answer before starting is an efficient and vital step.

6- Practice is key

The Advanced Taxation exam is a lot trickier than the general tax exam, and therefore, you need to practice a lot to understand the questions, their requirements, how best to answer them, and how to use what you have learned.

7- Follow the Defined Pattern

A mistake that many students make is not sticking to the set pattern while answering different questions. Gaining these marks is simple, remain level-headed, and answer the question according to the requirements. For example, if you have been asked for a report, make one in the correct format. In simpler words, make sure you follow the rules, and your tone is professional. A simple trick for this is to imagine that your answer is a task given by your manager that you need to turn in and answer it accordingly.

8- Know All Topics

It is imperative to be familiar with all the topics. You should prepare all the topics thoroughly. However, if you cannot do that, instead of mastering a few topics and leaving the rest, a better option is to familiarize yourself with all the concepts but master none.

9- Be Aware of the Perfection Trap

So, while you should try for it, do not let it be a hurdle. Give the main points, fulfill the requirements of a question, and then move on to the next question. In the end, if you have time left, you can edit and perfect your answers. However, spending too long on the first questions and perfecting them can cost you many marks if you have to leave questions in the end.

10- Use PQRST

PQRST (previewing, questioning, revising, summarizing, and testing) is a technique for preparing complicated topics/subjects and being efficient while attempting the questions.

Remember, resting and maintaining your health is just as important as preparing for an exam. Follow an approach that suits you and give it your best. Good Luck!

Read More:5 Mistakes to Avoid When Dealing with GST

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