CIMA P2 study plan

Map the P2 syllabus weightings to your own weak spots and rank the four domains by personal risk before allocating any study time.

Define and apply cost classification terms (direct/indirect, fixed/variable, sunk, opportunity, relevant) to ten short scenarios you write yourself, and justify each classification in one sentence.

Build a one-page formula sheet covering contribution, break-even units and revenue, margin of safety, and target profit, then solve three constructed problems using only that sheet.

Distinguish absorption costing from marginal costing and reconcile the profit difference caused by inventory movement in two worked examples.

Compute and interpret variances for material price and usage, labour rate and efficiency, and fixed overhead expenditure and volume, stating for each whether it is favourable and who typically owns it.

Explain the behavioural and motivational limits of standard costing, including how standards set too tightly distort reporting and decision-making.

Apply relevant costing to a one-off contract decision by stripping out sunk costs and apportioned fixed overhead and including opportunity cost.

Evaluate a make-or-buy or shutdown decision and state the qualitative factors that could overturn the numerical answer.

Calculate return on investment, residual income, and economic value added for a divisional scenario and explain why the three measures can rank the same division differently.

Analyse the goal-congruence conflict between divisional and corporate interests, and propose transfer pricing methods (market, cost-plus, negotiated, dual) that mitigate it.

Construct a balanced scorecard with at least two measures per perspective and justify each measure's link to strategy.

Interpret a divisional performance report and identify which variances a manager can control versus which are allocated.

Review the full Domain 1 formula sheet from memory and re-solve any item you could not reproduce without notes.

Explain the purpose and stages of an audit, and distinguish reasonable assurance from absolute assurance with reference to inherent limitations.

Describe the five components of internal control and classify at least eight specific controls as preventive or detective.

Explain audit risk as the combination of inherent, control, and detection risk, and state how each component shifts the nature, timing, and extent of procedures.

Draft the sections of an unmodified audit report in the correct order and explain the purpose of each section, including key audit matters where applicable.

Distinguish unmodified, qualified, adverse, and disclaimer opinions, and select the correct opinion for four short fact patterns you construct.

Apply the fundamental principles of ethics (integrity, objectivity, professional competence and due care, confidentiality, professional behaviour) to three conflict scenarios and recommend a course of action.

Describe the auditor's responsibilities regarding fraud, including professional scepticism and the limits of detection responsibility.

Explain sampling risk and non-sampling risk and describe how sample size responds to a reduction in tolerable misstatement.

Outline the main direct and indirect tax bases relevant to business decisions and identify which cash flows a tax-aware investment appraisal must include.

Compute the after-tax cash flows and tax payment timing for a simple capital project, including capital allowances or depreciation shields and the treatment of tax losses.

Explain the difference between tax avoidance and tax evasion and place four described arrangements on the correct side of that line.

Describe the tax implications of a chosen business structure (sole trader, partnership, company) and of distributing profits versus retaining them.

Identify transfer pricing and thin capitalisation concerns for cross-border transactions at a conceptual level.

Classify the main categories of information systems used in finance and accounting (transaction processing, ERP, data warehouse, business intelligence) by function and typical control weakness.

Explain how big data, data analytics, and automation change the evidence an auditor collects and the timing of procedures.

Identify cybersecurity and data privacy risks in a finance function and match each to at least one mitigating control.

Evaluate the benefits and risks of cloud-based accounting systems, including access control, segregation of duties, and reliance on a third-party provider.

Describe how continuous auditing and data visualisation support monitoring and fraud detection.

Re-attempt every previously missed self-test item across all four domains and record why the first attempt failed.

Complete one timed mixed-domain mock under exam conditions and mark it against a self-built answer key.

Consolidate a single two-page summary sheet linking the four domains, for example how tax affects appraisal and how technology affects audit evidence.

Write a prioritised final-week revision list of no more than ten items, ranked by expected marks gained per hour.