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ACCA Exam Tips - December 2009

Tips for ACCA F1 - F3

No exam tips available - Multiple choice questions cover entire syllabus

Tips for ACCA F4 Corporate and Business Law (Eng)

Numbers in brackets are the question numbers from the BPP revision kit

Question 1

Hierarchy of the Courts and judicial precedence 3 and 5 or Delegated legislation / interpretation of statutes 9

 

Question2

Offer, acceptance and invitations 15

 

Question 3

Tort of negligence 38 to 41

 

Question 4

Employees' and employers' duties 45 and BPP study text pp 207, 208

 

Question 5

Inheritance of shares and debentures 76 and 84

 

Question 6

Meetings in companies 86

 

Question 7

Remedies for breach of contract 31 and 32

 

Question 8

A usual question 8 - contract law scenario lots!

 

Question 9

Directors' powers and / or duties 90

 

Question 10

Dissolution of partnerships 60 or Agents' powers and duties 52

 

 

Tips for ACCA Paper F5 "Performance Management"

Question 1

Activity Based Costing / target costing

Question 2

Linear programming

Question 3

Variance analysis - planning and operational

Question 4

Budget preparation including regression and time series and/or
learning curves.

Question 5

Performance measurement - divisionalised + transfer pricing

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 Statements of Financial Position and Statement of Comprehensive Income with a subsidiary and an associate

 

Question 2

Preparation of Statement of Income and Statement of Financial Position from a draft set of financial statements of draft trial balance

 

Question 3

Statement of Cash Flows - maybe with an interpretation element

 

Question 4

Earnings per share calculation

 

Question 5

Chat about the Framework

 

Tips for ACCA Paper F8 Audit and Assurance (INT)

30 Mark question:

Analytical review

 

10 Mark question:

Computer assisted auditing techniques

 

20 Mark questions:

Audit of non-current assets
Not for profit organizations
Engagement and audit planning

Tips for ACCA Paper F9 Financial Management

Question 1

Weighted average cost of capital with CAPM / calculating an asset beta from an equity beta

 

Question 2

Forecasting future exchange rate (purchasing power parity) / management of exchange rate risk (forward contracts and money markets) / written on managing interest rate risk

Question 3

NPV question - probably Capital Rationing / written on limitations

 

Question 4

Management of receivables / calculation and comment on some ratios

Tips for ACCA P1 Professional Accountant

Question 1

Identify and explain how a company can better comply with the Combined Code on Corporate Governance, the role of a corporate and social responsibility sub-committee, and something about the environment

 

Question 2

Importance and role of an Internal Audit department / function in the management of risk

 

Question 3

David Campbell's article in Student Accountant August 2009 about Internal and External Actors in a company

 

Question 4

A scenario question on ethics - different attitudes and appr

Tips for ACCA P2 Corporate Reporting (INT)

Question 1

Consolidated Statement of Income with two subsidiaries - one part disposed but still a subsidiary, the other part disposed becoming an associate - both with goodwill involved. Q Base, Black and Zero but needs amendment to include the goodwill angle. !5 more marks for chat about environment and or corporate governance

Question 2

A "Various IFRS" question - Lots of examples in section B of the BPP revision kit

 

Question 3

Write a report to directors about the acceptability of some dubious proposed accounting treatments

 

Question 4

An essay question about the problems facing the IASB in their efforts to reach acceptable standards which can be applied World-wide

 

Tips for ACCA Paper P3 Business Analysis

Part A - 50 mark case study
SWOT/PESTEL/Porter's 5 forces analysis
Foreign expansion/merger
Generic strategies
Parenting styles/Ashridge portfolio display

 

• Part B – 2 from 3 25 mark questions
  

  * E-business and marketing
  * Project management
  * Business process change management/outsourcing/commoditisation of outsourcing services

Tips for Paper P4 Advanced Financial Management

(from Sunil Bhandari)

• These are my BEST GUESS only of some of the topics that may appear on the ACCA P4 paper. It is of paramount importance that you have revised all syllabus areas and have worked as many past P4 questions as possible.
  * Cost of Capital, Degearing and Regearing Betas, Cost of Debt including Credit Risk Premiums.
  * Business Valuations for Type 1 Business Acquisition. Range of Values and Post Acquisition Analysis.
  * Forex Hedging Methods using the ‘big 4’- Forward Rate, MMH, Futures and Options.
  * Black Scholes Option Pricing Model - possibly Grabbe Variant.
  * APV and MIRR
  * ‘Q4 Written Question’ – Toxic Assets and Ethics
• 
  
• P4 students should be aware that the paper will still be a Bob Ryan style as Shish Malade has 'reviewed' the paper set by his predecessor.

Tips for Paper P5 Advanced Performance Management

Section A

Question 1

Prepare budget and actual Income Statements / discuss financial performance / discuss non-financial performance with appropriate measures.

Question 2

Budget cost calculation including learning curves, with target costing

Section B (Choice questions)
Question 3

Transfer pricing - part (a) calculating divisional profits using a given transfer pricing policy
part (b) discussing problems with the policy used in (a)

Question 4

Written on problems with budgets / maybe 'beyond budgeting'

Question 5

ROI / RI / EVA - part (a) calculations; part (b) discussing relative merits/problems

 

Tips for ACCA P7 Advanced Audit and Assurance (INT)

Question 1

Audit risks ( 32 and 55 )

Question 2
Financial statement risks ( Bataleur Zoo Gardens Mock exam 2, Q1 )

Question 3
Assurance services engagement ( 31 )

Question 4
Comment on the matters you should consider and State the audit evidence you should expect to find ( Any of Qs 18 - 30 )

Question 5
Ethics ( 11 )

Question 6
Management letter, corporate governance etc ( 68 )

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