Another technique to add to Michael's method is to understand the standards. Remember most, if not all standards deals with "Recognition" and "Measurement", so if you understand how to for example; "Measure" revenue, and "Recognize" it. Some MCQ's will be easily understood.
Another one can fall in line with IAS 41, which again deals with how you "Measure" and "Recognize" biological assest.
Hope my technique of understanding was helpful.
The only way possible.. Going over as many MCQs as possible. Reviewing my answers, and revising the questions I got wrong from the study text.
I think it will be the most difficult part of the exam because it will test the whole syllabus.
The main purpose of MCQs are to examine the conceptual depth of the students. Past papers practice and MCQs from practice kit is helpful however the new exam style has increased the significance of Study Text and Passcards which helps you understand the concept and details of various subjects.
Something which you need to be careful of while attempting the MCQs is that the choice would have those answers as well which you could calculate by missing a minor details or slight incorrect approach. You might immediately be tempted to choose thay asnwer but it is worthy that you recheck the answer before selecting it.
Good luck with your exams!