ACCA Exam Tips - June 2009
Please Note
Tips should not be relied on - they are only intelligent guesses.
Their only purpose is to give you suggestions for topics to concentrate on in your last few days of preparation.
Do not exclude other topics from your overall preparation.
Tips for ACCA F1 - F3
No exam tips available - Multiple choice questions cover entire syllabus
Tips for ACCA F4 Corporate and Business Law (Eng)
List of 13 possibles - but clearly only 10 will be asked!
Numbers in brackets are the question numbers from the BPP revision kit
- Delegated legislation ( 9 )
- Terms in contracts ( 26 )
- Interpretation of statute ( no question - look at course notes )
- Meetings for companies ( 86 )
- Corporate governance ( 105 )
- Redundancy rules ( 47 )
- Termination of partnerships ( 60 )
- Exclusion clauses in contract ( 28 / 29 )
- Dividends ( 81 )
- Inheritance ( 84 )
- Agency ( 52 )
- Money laundering ( 111 )
- Directors' statutory duties ( 90 )
Tips for ACCA Paper F5 "Performance Management"
Question 1
Activity Based Costing / (+ Throughput)
Question 2
Variances - normal, and planning & operational
Question 3
Budgeting - zero-based written / time series & regression
Question 4
Financial and non-financial performance measures
Question 5
Pricing - cost-plus; theoretical (optimal) pricing / different strategies
Tips for ACCA Paper F6 "Taxation" (UK)
F6 is very predictable so no tips as such
Practise as many exam standard questions as you can.
Make sure you do to time. After the 15 minute reading time you have 1.8 minutes per mark. If a question is split between part (a) 10 marks and part (b) 10 marks then only spend 18 minutes on part (a) and then move on to part (b).
Look at all the requirements of the question, can you answer an easy parts first, for example one part maybe standalone and on something very straightforward, so do this part first
You do not have to answer the questions in the order they are set, if question 5 is the easiest do this one first.
Question 3 will be the hardest so leave this until last but make sure you leave 36 minutes to answer it.
Do not panic if you can’t remember something in a question, don’t spend too much time trying to remember it, have a go or even guess. Then you can move on to other parts of the question.
Above all you need 50% to pass, so find the marks you can do. There will always be more than 50% of the question which is examining core areas of the syllabus, only a few marks will be fringe areas, but you do not have to worry about these as you can find the 50 marks you need to pass
Tips for ACCA F7 Financial Reporting (INT)
Question 1
Consolidated Statement of Financial Position with an Associate
Question 2
Preparation of Financial Statements from trial balance or draft financial statements
Question 3
Cash Flow ( possibly with a bit of interpretation )
Question 4
Construction contracts
Question 5
Short earnings per share or chat about eg Framework
Tips for ACCA Paper F8 Audit and Assurance (INT)
30 Mark question:
The audit of and internal controls relating to non-current assets.
10 Mark question:
Letter of representation
20 Mark questions:
Computer aided audit techniques (CAAT)
Audit acceptance and planning
Audit of liabilities, including accruals
Tips for ACCA Paper F9 "Financial Management"
Question 1
NPV calculations / capital rationing / written on limitations
Question 2
Foreign exchange risk management - calculations involving netting / forward rates / money markets; written on other methods
Question 3
Calculation of WACC including ungreaing beta
Question 4
Stock control arithmetic / written on Miller-Orr cash management
Tips for ACCA P1 Professional Accountant
Question 1
Typical Paper P1 - Question 1 - look at last 8 (?) questions from BPP revision kit - lots of corporate governance, audit committees, internal auditors
Question 2
Risk and environmental auditing - see examiner's article from April 2009 Student Accountant
Question 3
Ethics - a scenario question looking for advice and comment on different ethical attitudes
Question 4
A discussion question about the advisability of the requirement of appointing neds to public company boards
Tips for ACCA P2 Corporate Reporting (INT)
Question 1
Consolidation with partial disposal -> subsid.
possibly Subsid -> associate
+
Corp Governance element
Question 2
Report to directors on various IAS matters & correct accounting treatment
Question 3
Share based payment calculation & chat
Question 4
Discussion about relevant / correct accounting treatment of contentious matters / environmental reporting
Tips for ACCA Paper P3 Business Analysis
Part A - 50 mark case study
Typical case study - analyse strategic position and advise. Perhaps with a foreign investment element this time, and particular attention to risk eg scenario planning.
- Part B – 2 from 3 25 mark questions
* Business process change and quality. See January and September articles in Student Accountant.
* Internet - e-commerce etc
* Business structure and culture.
Tips for Paper P5 Advanced Performance Management
Question 1
Preparation of budget and actual profit statement (including
learning curves)
Non-financial performance measures
Question 2
Comments on financial performance (from extracts from accounts
written section on extra information required to make more detailed
comments
Choice questions:
Question 3
Decision making under uncertainty
Question 4
Written question about problems arising in the budget process and
description of 'beyond budgeting'
Question 5
Calculate financial viability of project (NPV) and comment on
different strategies to be considered
Tips for ACCA P7 Advanced Audit and Assurance (INT)
Question 1
Risk. (business risk and audit risk)
Question 2
Article by P1 examiner on risk and ethical article (March Student Accountant)
Question 3
Article by P7 examiner - 'Massaging the figures' (April Student Accountant)
Question 4
Ethical scenarios and professional issues
Question 5
Audit reports and impact of various issues on the extent of qualification
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