ACCA Exam Tips June 2014 Exams

acca exam tips june 2014

June 2014 ACCA Exam tips

See also:

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Exam Technique Articles
How to pass ACCA exams
OpenTuition Exam Preparation Advice
ACCA Exam rules and regulations
Article for ACCA Students with exemptions
Download ACCA Candidate Answer Booklet front sheet

Please Note:
ACCA Exam Tips should not be relied on, they are only intelligent guesses.
The only purpose of the ACCA Exam Tips 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.
To get the most from your preparation, make sure you watch all OpenTuition ACCA lectures, and practice as many past exam questions as possible! Also check all the latest Student Accountant Technical Articles.

Exam Tips for ACCA F1 – F3

No exam tips available – Multiple choice questions cover entire syllabus

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ACCA F1 course notes – and watch free F1 lectures

ACCA F2 course notes – and watch free F2 lectures

ACCA F3 course notes – and watch free F3 lectures


[ACCA Exam tips from Kaplan, BPP, LSBF are available here >>]

ACCA Exam tips for Paper F4 English

1 Criminal law, civil law and arbitration (D07), or
hierarchy of the UK courts

2 Distinguish offer, acceptance, invitation

3 Terms, representations, express and implied (J09)

4 Directors appointment and removal or,
directors ultra vires acts and the affect on company contracts

5 Meetings, AGMs, OGMs, Class (Pilot)

6 Agency, rights and duties of agent and / or principal

7 Corporate governance: rights, duties and role of auditors (D07)

8 Scenario question covering offer, counter offer, goods in shop window (D07)

9 Distinguish between different securities received as an inheritance by a person who has little or no knowledge of company law

10 Fraudulent and wrongful trading (D09), or
the effects of trading without a trading certificate

ACCA Exam tips for Paper F4 Global

Q1 Criminal law / civil law / arbitration Q1D07

Q2 Offer / acceptance / invitation Q2J08, Q2J12

Q3 Agency: express, implied, ostensible Q4D11

Q4 Promoters and pre-incorporation contracts Q4J11

Q5 Incoterms (2 new ones + ExW) SA article

Q6 Lifting the veil Q4J08

Q7 Arbitration advantages and disadvantages Q2J09, Q1D11

or Advantages and disadvantages of trading as a limited company –

Q8 Sale of goods scenario:
passing of risk, or Q3J08, Q8D09, Q7J11
buyer’s remedies on seller’s breach Q3D10

or Meetings: annual, other, class Q6 pilot paper

Q9 Treasury shares –

Q10 Wrongful trading, trading without a trading certificate Q10D09

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ACCA Exam tips for Paper F5

1 Activity Based Costing

2 Linear Programming

3 Budgeting – mainly written

4 Mix and yield variances

5 Non-financial performance measures

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ACCA Exam tips for Paper F6

Detailed F6 June 2014 tips are available here >>

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ACCA Exam tips for Paper F7

Q1 Consolidated Statement of Financial Position AND Statement of Income, mid-year acquisition, share for share exchange, nci value based on share price, fair value upward adjustments, intra-group sales and pups, goodwill impairment

Q2 Statements of Financial Position, Income AND Changes in Equity, list of balances, problems with revenue recognition (consignment goods), inventory adjustment, TNCA revaluation, depreciation straight line and reducing balance, loan interest accrual, tax provision and deferred tax movement

Q3 20 mark cash flow (last time there was a question WITHOUT interpretation was December 2011) with a part b) 5 mark chat

Q4 15 mark question covering 2 or 3 IAS with short, relatively straight-forward calculations. Possibles? Could be anything, but here are 3 wild guesses:-
subsequent events, leasing and borrowing costs. As an alternative guess, short discussion about the re-introduction of “prudence” into The Framework

Q5 10 mark question – could be something like development expenditure, complex depreciation question or (relatively easy) earnings per share

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ACCA Exam tips for Paper F8

Wages system: Internal control, weaknesses and audit tests


Engagement letter and procedures

Audit reports

Computer assisted audit techniques

Remember, if asked for audit procedures state which assertion the procedure helps with.

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ACCA Exam tips for Paper F9

NPV with inflation and tax / Internal Rate of Return / Capital Rationing

Working capital – cash management + written on overtrading and funding of working capital

Weighted average cost of capital + CAPM / Business valuation

a) Sources of finance / rights issue

b) Foreign exchange risk management

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ACCA Exam tips for Paper P1

Q1 5 part 50 mark question touching on risk, ethics, environment, internal controls with 16 – 18 marks for drafting a report / briefing notes / press release / magazine article

Q2 Corporate governance with internal auditors and internal controls. Risk management committee, mitigation (according to a recent SA article, risk
management and a sound system of internal control are “inextricably intertwined”)

Q3 Sub-committees under corporate governance, their roles, functions, objectives, make up

Q4 Kohlberg and attitudes to ethics compared with Gray, Owen and Adams and their 7 sub-categories

OR! Accountancy as a profession

OR! Deontology and teleology

Be prepared to need to use a calculator in the exam

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ACCA Exam tips for Paper P2

Q1 Consolidated Statement of Income tent structure including a foreign subsidiary (35 marks); 8 marks of corporate governance and 7 marks chat about management commentaries

Q2 Scenario question with 4 problem areas worth 5 – 7 marks each with up to 12 references to IAS / IFRS. Occasionally, the directors will have proposed an appropriate treatment – just occasionally! So, be aware that the proposed action may in fact be ok – it’s not always a poor choice by the directors

Q3 Similar to question 2 – a scenario question with 3 – 4 parts worth anywhere from 5 – 12 marks with up to 6 references to IAS / IFRS

Q4 Current issue question – the last 4 have been on proposed revision to IAS 37 Provisions and Contingencies, IFRS 13 Fair Values, heavy Discussion about how much disclosure is “enough” and how much is “too much” and Discussion about IAS 8. There hasn’t been a 25 marker on Management Commentary since it started to become a fashionable discussion topic but, if it appears in Q1 as a part (c), then Q4 could be something like Continuing problems associated with convergence with US GAAP or maybe a discussion about the move to re-introduce “prudence” as a content of The Framework

For quite extensive information about current issues, log onto and read www.iasplus. It’s long and detailed, but you’ll get a good idea of what’s happening in the accounting World

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ACCA Exam tips for Paper P3

PESTEL/SWOT/5 forces analysis; evaluation of a strategy (acceptability, feasibility, suitability)

Activity based costing; contribution analysis

Project management: project gateways; project initiation document

Process change management (Balogun and Hope Hailey)

Human resources and culture

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ACCA Exam tips for Paper P4

Section A:
Report on NPV of investment in project in foreign country, including inflation / tax / forecasting exchange rates / calculation of relevant discount rate (using CAPM)
Written discussing ways of financing and on other factors to be considered!

Section B
Foreign exchange risk management

Valuation of share options + delta hedge

Macauley duration and discussion of credit risk

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ACCA Exam tips for Paper P5

Performance report design and criticism. Performance prism

Boston Consulting Group Matrix


Environmental reporting

Transfer pricing

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ACCA Exam tips for Paper P6

Detailed P6 tips are available here >>

ACCA Exam tips for Paper P7

Q1 Respond to an email from a partner – possible subject matters include risk of material misstatement, corporate governance and the role of the auditor,

Q2 Practice management, recruitment, training, review

Q3 Discovery of evidence of insider dealing, offences against the Bribery Act and suggested auditor action

Q4 Assurance services, ethical and professional issues and the format of reports for non-audit assignments

Q5 A scenario question with 3 or 4 contentious matters with the requirement of “Comment on the matters above and explain the procedures you should expect
to have been followed”

As a “flyer”, discuss the merits of fixed periods for audit tenure. For the EU students, be aware that the EU parliament has, 3 weeks ago (in April),
approved mandatory audit rotation after 10 years (unusual exemptions may apply) together
with stating the date in the future when the company will start to invite tenders

One more: discuss the merits of the re-introduction of “prudence” into The Framework (it was replaced by “neutrality”)

Remember to take your calculator to the exam and pay great attention to any dates mentioned within the question. Materiality frequently is an issue
within the questions

You really should refresh your memory about accounting standards from P2 course notes or, if you cannot face P2 course notes, then at least look through F7
course notes

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[ACCA Exam tips from Kaplan, BPP, LSBF are available here >>]