It is possible once you have basic accounting knowledge before pursuing this paper. However, if you have don't know anything about accounting then you need to attend classes.
Ensure you have an ACCA Approved Study Text and Exam kit such as BPP Learning Media or Kaplan if you decide to study on your own. Also, make sure you stick to a strict study schedule as procrastination can be a major problem.
It is, however, recommended that you attend classes from an ACCA Approved Learning Institution because what is explained to you in the classes might not be what you had gained from your own understanding while self studying.