June 2008 ACCA Exam Tips
Soon we will post here more OpenTuition.com Tips for ACCA June 2008 Exams!
Tips for ACCA F4 Corporate and Business Law (Eng)
Question 1
Interpretation of statutes
Question 2
Terms, conditions, warranties
Question 3
Auditors'/accountants' liability for negligence
Question 4
Directors' statutory duties
Question 5
Annual general meeting, general meetings, special and ordinary resolutions
Question 6
Liability of partners
Question 7
Employed / self-employed
Question 8
Advert, invitation, offer, counter offer, option period, postal rule
Question 9
Meaning of terms relating to shares and debentures
Question 10
Insider dealing or money laundering
Tips for ACCA Paper F5 "Performance Management"
Question 1
Written on target costing and ways of reducing costs
Activity Based Costing
Question 2
a) Divisional performance measurement (ROI and RI)
b) Non-financial performance measures
Question 3
a) Variances - preparation of operating statement
b) Possible reasons for variances
c) Discussion of purpose of planning and operational variances
Question 4
a) Linear programming
b) Discussion of uses of shadow (dual) costs
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 income statement
Question 2
Adjustments to a draft set of accounts and re-preparation of Income Statement, Changes in Equity, and Statement of Financial Position
Question 3
Statement of Cash Flows
Question 4
Earnings per share calculation with bonus and rights issue
Question 5
Construction contract
Tips for ACCA Paper F8 Audit and Assurance (INT)
30 marks:
Receivables - internal control system and circularisations
10 marks:
(a) Adjusting/non-adjusting events;
(b) Self interest threats
20 marks:
Corporate governance/audit committees
Computer system controls
Audit planning/risk
Tips for ACCA Paper F9 "Financial Management"
Question 1
a) Calculation of the operating cycle (working capital cycle)
b) Receivables arithmetic - whether or not to offer a discount
c) Written on ways of reducing the operating cycle
Question 2
a) Forecasting exchange rates
b) Foreign exchange risk - forward rates and money markets
c) Written on methods of reducing interest rate risk
Question 3
a) Calculation of WACC (using beta to estimate cost of equity)
b) Limitations of capital asset pricing model
c) Calculation (and discussion) of various financial ratios
Question 4
a) Investment appraisal - capital rationing
b) Discussion of ways of raising finance for a small/medium sized
business
Tips for ACCA P1 Professional Accountant
Question 1
50 Marks compulsory on Business risk
could be made into 4 or even 5 parts including:
a) report. Identify and analyze the business risk facing the company
b) indicate ways in which the company can successfully manage those risks
c) write report on the corporate governance improvements which can be achieved by the company
d) assess the role of the risk management committee
3 options questions (25 marks each)
Question 2
On internal auditors and their role and the auditor committees and their roles and the ideal characteristics of audit committee members
Question 3
The examiner has written 2 articles in January and February about stakeholders. He did ask a question in December 2007 about stakeholders, but these two articles suggest that stakeholders could very well be the subject of a question this time. So Stakeholders, stakeholder theory, how companies can prioritize and categorize stakeholders
Question 4
Ethical matters
The ethics of an auditor, the ethics of a company, the ethics of the directors, the ethics of society in general, Maybe bringing into the question Kohlberg and his cognitive, pre-cognitive, and post cognitive categories.
Tips for ACCA P2 Corporate Reporting (INT)
Question 1
Consolidated cash flow
Question 2
Report on the applicability of four or five accounting standards
Question 3
Deferred tax
Question 4
Discussion question on just about anything within the syllabus
Tips for ACCA Paper P3 Business Analysis
Case study
Analyse strategic and financial position. Takeovers/merger and acquisition/strategic alliances
25 marks
Internet and e-commerce
Process change - Harmon, Bagolun and Hope Hailey; commoditisation of business process outsourcing
Software quality control: V model and CMMI (see question 27 in revision kit, from pilot paper)
Tips for ACCA Paper P5 "Advanced Performance Management"
Question 1
Preparation of budget ad actual profit statements
Financial and non-financial performance measures
Question 2
Written on environmental management accounting
Question 3
Transfer pricing
Question 4
Learning curves arithmetic
Written on usefulness/problems for budgeting
Question 5
Beyond Budgeting
Tips for ACCA P7 Advanced Audit and Assurance (INT)
Question 1
Business risk analysis and effective management of those risks
Question 2
Analytical assessment of client's draft financial statements
Question 3
Practice management, quality control
Question 4
Reporting to those charged with corporate governance.
Question 5
Insider dealing
Please check back soon for other Papers!
OpenTuition Team
