Nov 17 2008, 04:10 PM
QUOTE
Top tips from people in the know for the upcoming exams – tutors at Kaplan and FBT
F4 CORPORATE & BUSINESS LAW
*English legal system – delegated legislation/interpretation of statutes.
*Obligations – formation and terms of a contract. Duty of care in tort or professional negligence.
*Employment – dismissal.
*Company law: incorporation procedure or articles; maintenance of capital; termination of directors office and directors powers; types of meetings and resolutions; and fraudulent behaviour – money laundering.
F5 PERFORMANCE MANAGEMENT
*Budgeting.
*Learning curve.
*Performance appraisal.
*Transfer pricing.
*Risk and uncertainty.
*Throughput accounting.
*Variances, including mix and yield.
F6 TAXATION
*Income tax – sole trader with adjustment to profit.
*Corporation tax – 12-month period straddling two financial years, possibly with a loss.
*Partnerships.
*Benefits in kind.
*VAT.
*Company tax losses.
*CGT – shares and relief.
*Overseas.
F7 FINANCIAL REPORTING
*Consolidated statement of comprehensive income and consolidated statement of financial position for a parent and a subsidiary company.
*Published accounts from a trial balance and notes.
*Ratio analysis and interpretation of accounts.
*Constructive contracts/IASB framework.
F8 AUDIT AND ASSURANCE
*Planning – risk assessment (two big questions in June and December 2005, only 10 marks since then).
*Controls Q1 purchases or payroll (sales last time).
*Substantive testing Q1 – stock (only a few marks recently, high risk, compliance and sub tests), creditors.
*Ethics – conflict of interest/ confidentiality.
*Review – overall review, checklist (probably not g/c!).
*Reports – scenario question, what sort and why (types tested last time).
*Internal audit – question tested last two sittings so less likely this time.
F9 FINANCIAL MANAGEMENT
*Investment appraisal.
*Sources of long-term finance.
*Re-gearing and de-gearing betas.
*Working capital management.
*International risk management.
P1 PROFESSIONAL ACCOUNTANT
*Transaction cost theory.
*Performance appraisal.
*Shareholder dialogue.
*Audit committee.
*Ethics theory.
*Internal audit.
*Stakeholder categorisation.
*Board structure.
*Corporate social responsibility (CSR).
P2 CORPORATE REPORTING
*Group cash flow.
*IFRS 3 Business combinations revised.
*Impairment.
*Financial instruments (again).
*Non-financial reporting.
*Related party transactions.
*Ethics.
*Cash flow statements.
P3 BUSINESS ANALYSIS
*Analysis-type question – PESTEL or on risks.
*Product choice use of BCG.
*SWOT, Ansoff and change management.
*Opportunities and problems of different growth strategies, eg acquisition and organic growth.
*CSF and PI – relate to a scenario.
*Ethics – business benefits of being socially responsible (short question).
*Quality – six sigma linked in with the CMMI model (possibly technical).
*Project management – stages of the project with stakeholder mapping of project members.
*Supply chain management.
*IT – general question relating to the benefits of e-commerce. Also use of the internet and development of a niche strategy.
P4 ADVANCED FINANCIAL MANAGEMENT
*Investment appraisal – overseas investments (FDI).
*Business valuation.
*Option pricing – Black Scholes Model.
*Interest rate hedging – futures and options.
*Stakeholders and conflict of objectives.
*Bond pricing and credit spreads.
P5 ADVANCED PERFORMANCE MANAGEMENT
*Divisional performance and benchmarking.
*Transfer pricing.
*Activity based management.
*Profit calculation.
*Modern developments.
*Corporate failure.
*Environmental management accounting.
P6 ADVANCED TAXATION
*Corporate tax.
*Income tax.
*Inheritance tax question – this is the only question that is likely to be largely numerical and therefore require lots of calculations. Written parts, if any, are likely to be on trusts, deeds of variation or interaction with CGT.
*Incorporation of a business (lifecycle of a sole trader style).
*Share for share exchanges, perhaps to create a group of OMBs.
*Tax efficient ‘remuneration’ planning for a director.
*Industrial buildings allowances, specifically on a building being sold.
*Controlled foreign companies.
*Gift relief and lifetime gifts.
*Car and loan benefits.
*Business property relief.
P7 ADVANCED AUDIT & ASSURANCE
*Ethics/professional issues.
*Planning/risk assessment (audit risk).
*Forensic auditing.
*Prospective financial information.
*Evidence gathering.
*Reporting.
*Corporate governance.
F4 CORPORATE & BUSINESS LAW
*English legal system – delegated legislation/interpretation of statutes.
*Obligations – formation and terms of a contract. Duty of care in tort or professional negligence.
*Employment – dismissal.
*Company law: incorporation procedure or articles; maintenance of capital; termination of directors office and directors powers; types of meetings and resolutions; and fraudulent behaviour – money laundering.
F5 PERFORMANCE MANAGEMENT
*Budgeting.
*Learning curve.
*Performance appraisal.
*Transfer pricing.
*Risk and uncertainty.
*Throughput accounting.
*Variances, including mix and yield.
F6 TAXATION
*Income tax – sole trader with adjustment to profit.
*Corporation tax – 12-month period straddling two financial years, possibly with a loss.
*Partnerships.
*Benefits in kind.
*VAT.
*Company tax losses.
*CGT – shares and relief.
*Overseas.
F7 FINANCIAL REPORTING
*Consolidated statement of comprehensive income and consolidated statement of financial position for a parent and a subsidiary company.
*Published accounts from a trial balance and notes.
*Ratio analysis and interpretation of accounts.
*Constructive contracts/IASB framework.
F8 AUDIT AND ASSURANCE
*Planning – risk assessment (two big questions in June and December 2005, only 10 marks since then).
*Controls Q1 purchases or payroll (sales last time).
*Substantive testing Q1 – stock (only a few marks recently, high risk, compliance and sub tests), creditors.
*Ethics – conflict of interest/ confidentiality.
*Review – overall review, checklist (probably not g/c!).
*Reports – scenario question, what sort and why (types tested last time).
*Internal audit – question tested last two sittings so less likely this time.
F9 FINANCIAL MANAGEMENT
*Investment appraisal.
*Sources of long-term finance.
*Re-gearing and de-gearing betas.
*Working capital management.
*International risk management.
P1 PROFESSIONAL ACCOUNTANT
*Transaction cost theory.
*Performance appraisal.
*Shareholder dialogue.
*Audit committee.
*Ethics theory.
*Internal audit.
*Stakeholder categorisation.
*Board structure.
*Corporate social responsibility (CSR).
P2 CORPORATE REPORTING
*Group cash flow.
*IFRS 3 Business combinations revised.
*Impairment.
*Financial instruments (again).
*Non-financial reporting.
*Related party transactions.
*Ethics.
*Cash flow statements.
P3 BUSINESS ANALYSIS
*Analysis-type question – PESTEL or on risks.
*Product choice use of BCG.
*SWOT, Ansoff and change management.
*Opportunities and problems of different growth strategies, eg acquisition and organic growth.
*CSF and PI – relate to a scenario.
*Ethics – business benefits of being socially responsible (short question).
*Quality – six sigma linked in with the CMMI model (possibly technical).
*Project management – stages of the project with stakeholder mapping of project members.
*Supply chain management.
*IT – general question relating to the benefits of e-commerce. Also use of the internet and development of a niche strategy.
P4 ADVANCED FINANCIAL MANAGEMENT
*Investment appraisal – overseas investments (FDI).
*Business valuation.
*Option pricing – Black Scholes Model.
*Interest rate hedging – futures and options.
*Stakeholders and conflict of objectives.
*Bond pricing and credit spreads.
P5 ADVANCED PERFORMANCE MANAGEMENT
*Divisional performance and benchmarking.
*Transfer pricing.
*Activity based management.
*Profit calculation.
*Modern developments.
*Corporate failure.
*Environmental management accounting.
P6 ADVANCED TAXATION
*Corporate tax.
*Income tax.
*Inheritance tax question – this is the only question that is likely to be largely numerical and therefore require lots of calculations. Written parts, if any, are likely to be on trusts, deeds of variation or interaction with CGT.
*Incorporation of a business (lifecycle of a sole trader style).
*Share for share exchanges, perhaps to create a group of OMBs.
*Tax efficient ‘remuneration’ planning for a director.
*Industrial buildings allowances, specifically on a building being sold.
*Controlled foreign companies.
*Gift relief and lifetime gifts.
*Car and loan benefits.
*Business property relief.
P7 ADVANCED AUDIT & ASSURANCE
*Ethics/professional issues.
*Planning/risk assessment (audit risk).
*Forensic auditing.
*Prospective financial information.
*Evidence gathering.
*Reporting.
*Corporate governance.
Tips from kaplan site
QUOTE
ACCA Exam tips for December 2007
NOTE: These exam tips should only be used in conjunction with proper studying. We cannot guarantee that these tips will appear in the actual exam as we have not seen the exam papers. The tips are based on Kaplan’s experience and understanding of the ACCA exams.
F4 – Corporate and Business Law
English Legal system - Interpretation of statutes and Human Rights
Contract - Formation and remedies.
Tort - Negligence
Employment - Dismissal
Partnership - authority of partners
Company Law
- Doctrine and veil of incorporation,
- Memo and articles
- Capital Maintenance
- Directors
Corporate Governance
Fraudulent Behaviour
F5 – Performance Management
ABC
Variance analysis, including mix and yield and interpretation
Learning curves
Performance measurement, including NFIs, the balanced scorecard and Fitzgerald et al
Decision making
F6 – Taxation
Income Tax, Income from employment, Income from self, the computation of taxable income and income tax liability, the self assessment system
Corporation tax, Profits chargeable to corporation tax [in particular, the allowable expenditure in calculating the tax adjusted trading profit, capital allowances, property business profits, and relief for trading losses.]
Value Added Tax, the circumstances of registration, the computation of VAT, the annual accounting scheme.
Capital Gains Tax, Computation of capital gains, computation of the amount of allowable expenditure for a part disposal, computation of a chargeable gain on disposal of a chattel, computation of exemption when PPR is disposed, Share identification rules – Individuals, Computation of capital gains tax payable by Individuals, Exemptions and reliefs
F7 – Financial Reporting
CBS or, slightly more likely, CPLA
Published Accounts with mixed standards
Interpretations or CFS, with latter more likely, maybe with bits of Interpretation
Standards with concepts, such as Leasing, DT, Construction contracts, Impairment, Depreciation with Revaluation, etc
Standards with concepts (other standards, standard setting, human assets, conceptual framework, etc)
F8 – Audit and Assurance
Ethics – objectivity, conflicts of interest
Planning – identifying and explaining/addressing risks in a scenario
Internal controls – weaknesses and recommendations
Audit evidence – substantive tests, sales and debtors
Completion – overall review
Internal audit – role, reliance by external auditors
F9 – Financial Management
Investment appraisal – especially NPV with tax and inflation. Additionally make sure you know the advantages and disadvantages of each appraisal method.
Working capital management – especially cash operating cycle and associated calculations.
Finance – especially financial and operating gearing and financial and business risk.
P1 – Professional Accountant
Director Remuneration Packages
Roles / Problems with NEDs
Unitary v 2-Tier Boards
Criticism of a company's current Governance
How/whether companies should deal with stakeholders
Board - Performance Evaluation
Role of internal Audit + Audit Committees
Different Ethics Models in business
Identification + Management of risks in a company
P2 – Corporate Reporting
Group accounts - foreign currency or cash flow
Accounting standards set in a case study environment including - impairment, financial instruments, pension, retirement benefits
Discussion - conceptual framework
P3 – Business Analysis
A fundamental appreciation of the key activities associated with strategic analysis, choice and implementation will always be required in interpreting the scenario.
The relevance of ethics and corporate governance to strategic decision making
Issues related to globalization and international business management
Be able to comment in general on how things like HR and IT can help underpin a strategic plan
Also review the pilot paper and make sure you know what CMMI is
P4 – Advanced Financial Management
Business Valuation through acquisitions
Foreign exchange hedging
Investment Appraisal and risk
Cost of capital and sources of finance
Advantages and disadvantages of listing and corporate objectives
P5 – Advanced Performance Management
Corporate failure.
Performance improvement strategies.
Value based management approaches.
Environmental management accounting.
The changing role of the management account in today's business environment
P6 – Advanced Taxation
Corporation tax including IBA, loss relief (S393A), group and consortium relief, group gains and VAT.
Overseas aspects of corporation tax including controlled foreign companies and transfer pricing.
CGT vs IHT for lifetime gifts
Employed vs self-employed (IT and NICs)
Badges of trade (IT vs CGT)
Employee vs partner (IT and NICs)
Sole trader/partnership vs company (IT, NICs and Corp. Tax)
Extraction of funds from company: salary vs dividend (IT, NICs, Corp. Tax)
Incorporation (IT, NICs, VAT, CGT), perhaps with incorporation relief vs gift relief
Comparison of employment packages and benefits (eg. cash vs car, share options vs bonus)
Corporation tax – disposal of business: sale of shares vs sale of assets
Property business profits including conditions for FHL and the advantages.
Close companies - maybe a letter on this.
VAT – cash accounting scheme, annual accounting scheme, due date for registration, partial exemption for VAT
Financial planning – sources of finance, lease versus buy, investments including EIS vs VCT, the Financial Services and Markets Act 2000, pensions
Ethics
P7 – Advanced Audit and Assurance
Audit Risk Assessment and Management
Matters and evidence
Professional conduct and ethics
Reporting
Assurance Services - CDD
NOTE: These exam tips should only be used in conjunction with proper studying. We cannot guarantee that these tips will appear in the actual exam as we have not seen the exam papers. The tips are based on Kaplan’s experience and understanding of the ACCA exams.
F4 – Corporate and Business Law
English Legal system - Interpretation of statutes and Human Rights
Contract - Formation and remedies.
Tort - Negligence
Employment - Dismissal
Partnership - authority of partners
Company Law
- Doctrine and veil of incorporation,
- Memo and articles
- Capital Maintenance
- Directors
Corporate Governance
Fraudulent Behaviour
F5 – Performance Management
ABC
Variance analysis, including mix and yield and interpretation
Learning curves
Performance measurement, including NFIs, the balanced scorecard and Fitzgerald et al
Decision making
F6 – Taxation
Income Tax, Income from employment, Income from self, the computation of taxable income and income tax liability, the self assessment system
Corporation tax, Profits chargeable to corporation tax [in particular, the allowable expenditure in calculating the tax adjusted trading profit, capital allowances, property business profits, and relief for trading losses.]
Value Added Tax, the circumstances of registration, the computation of VAT, the annual accounting scheme.
Capital Gains Tax, Computation of capital gains, computation of the amount of allowable expenditure for a part disposal, computation of a chargeable gain on disposal of a chattel, computation of exemption when PPR is disposed, Share identification rules – Individuals, Computation of capital gains tax payable by Individuals, Exemptions and reliefs
F7 – Financial Reporting
CBS or, slightly more likely, CPLA
Published Accounts with mixed standards
Interpretations or CFS, with latter more likely, maybe with bits of Interpretation
Standards with concepts, such as Leasing, DT, Construction contracts, Impairment, Depreciation with Revaluation, etc
Standards with concepts (other standards, standard setting, human assets, conceptual framework, etc)
F8 – Audit and Assurance
Ethics – objectivity, conflicts of interest
Planning – identifying and explaining/addressing risks in a scenario
Internal controls – weaknesses and recommendations
Audit evidence – substantive tests, sales and debtors
Completion – overall review
Internal audit – role, reliance by external auditors
F9 – Financial Management
Investment appraisal – especially NPV with tax and inflation. Additionally make sure you know the advantages and disadvantages of each appraisal method.
Working capital management – especially cash operating cycle and associated calculations.
Finance – especially financial and operating gearing and financial and business risk.
P1 – Professional Accountant
Director Remuneration Packages
Roles / Problems with NEDs
Unitary v 2-Tier Boards
Criticism of a company's current Governance
How/whether companies should deal with stakeholders
Board - Performance Evaluation
Role of internal Audit + Audit Committees
Different Ethics Models in business
Identification + Management of risks in a company
P2 – Corporate Reporting
Group accounts - foreign currency or cash flow
Accounting standards set in a case study environment including - impairment, financial instruments, pension, retirement benefits
Discussion - conceptual framework
P3 – Business Analysis
A fundamental appreciation of the key activities associated with strategic analysis, choice and implementation will always be required in interpreting the scenario.
The relevance of ethics and corporate governance to strategic decision making
Issues related to globalization and international business management
Be able to comment in general on how things like HR and IT can help underpin a strategic plan
Also review the pilot paper and make sure you know what CMMI is
P4 – Advanced Financial Management
Business Valuation through acquisitions
Foreign exchange hedging
Investment Appraisal and risk
Cost of capital and sources of finance
Advantages and disadvantages of listing and corporate objectives
P5 – Advanced Performance Management
Corporate failure.
Performance improvement strategies.
Value based management approaches.
Environmental management accounting.
The changing role of the management account in today's business environment
P6 – Advanced Taxation
Corporation tax including IBA, loss relief (S393A), group and consortium relief, group gains and VAT.
Overseas aspects of corporation tax including controlled foreign companies and transfer pricing.
CGT vs IHT for lifetime gifts
Employed vs self-employed (IT and NICs)
Badges of trade (IT vs CGT)
Employee vs partner (IT and NICs)
Sole trader/partnership vs company (IT, NICs and Corp. Tax)
Extraction of funds from company: salary vs dividend (IT, NICs, Corp. Tax)
Incorporation (IT, NICs, VAT, CGT), perhaps with incorporation relief vs gift relief
Comparison of employment packages and benefits (eg. cash vs car, share options vs bonus)
Corporation tax – disposal of business: sale of shares vs sale of assets
Property business profits including conditions for FHL and the advantages.
Close companies - maybe a letter on this.
VAT – cash accounting scheme, annual accounting scheme, due date for registration, partial exemption for VAT
Financial planning – sources of finance, lease versus buy, investments including EIS vs VCT, the Financial Services and Markets Act 2000, pensions
Ethics
P7 – Advanced Audit and Assurance
Audit Risk Assessment and Management
Matters and evidence
Professional conduct and ethics
Reporting
Assurance Services - CDD
Anyone has BPP's tips?
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