I think ideally you do the degree first. ACCA/ACA is professional paper which cater working adults who own practical experience, those questions in the exam wil be more towards in the real transactions / issues in actual business context. Well, the passing rate is rather low.

To take ACCA/ACA as entry into postgraduate programme, it is highly subject to the individual university. This will lead you spend more time to source and check from door to door. Some may request you to do bridging courses prior entry the programme, and some is not entertain you. ACCA will be more favor for UK based university which give you some exemptions.

Hope this help.