F4(GLO) Exam tips for june 2011 [ATC, EXP]

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    EXP Tips

    • Alternative forms of dispute resolution – arbitration/mediation
    • UNCISG – offer/counter offer/invitation to treat
    • UNCISG – main obligations seller
    • Letters of credit/letters of comfort
    • Insider dealing/money laundering
    • Separation of powers – legislature/executive/judiciary
    • Different types of partnership – general/limited/LLP
    • Maintenance of capital
    • Directors agency powers

    ATC

    Exam Tips – June 2011 Session
    The exam tips set out below are not intended as a guaranteed or definitive list of
    the topics that will be contained in the forthcoming examination paper and should
    not be construed as such. What follows is presented as an additional resource for
    students’ preparation, based on knowledge and past experience of ACCA
    examinations. ATC International accepts no liability where final examination papers
    differ from these suggestions.
    Paper: F4GLO (Corporate and Business Law – Global variant)
    By Deborah Lloyd
    The F4 paper contains 10 compulsory 10-mark questions, testing knowledge and
    understanding across the whole syllabus. Questions 1-7 are knowledge-based
    questions, and Questions 8 – 10 are scenario-based problem questions calling for
    application of legal principles. The law relating to Legal Systems is examined in
    knowledge-based questions. The other syllabus areas can be examined in either
    (or both) knowledge and problem-based forms.
    There is no fool proof method for predicting the exact contents of the examination.
    Only the Examiner himself knows what will be in the paper, and he repeatedly
    warns against ‘question spotting’. The tips that follow suggest key topics which we
    consider to be likely subjects for examination at this sitting.
    The Examiner favours English law as the model for looking at business
    organisations – agency, partnerships and company law. Bear in mind that in the
    present financial environment business funding, good governance, insolvency
    and the rights of creditors remain particularly topical.
    Exam Tips
    • 1 Question 1 and often also question 2 is always based on the nature of law, its
    creation, interpretation and enforcement. Possible areas for testing at this
    sitting are the different forms and sources of law that operate in states (e.g.
    codified Civil Law; religious law, etc); or the various international regulatory,
    legioslative and law enforcement organisations (eg UN, ICC, OECD etc).
    Look also at the role of the parties and arbitrators in arbitration
    proceedings using the UNCITRAL Model Law on Arbitration.
    Exam Tips – June 2011 Session
    • 2 You can expect three or four questions on international business transactions
    and methods of payment, with two or three being knowledge-based and one
    problem-based. Be ready to answer a question about aspects of the creation of
    contracts under the United Nations Convention on Contracts for the International
    Sale of Goods (‘CISG’) – offer, acceptance, rejections and revocation by
    the offeror or offeree are possible topics this time
    • 3 You should be prepared to explain the rights and duties of buyer or seller
    if the contract fails, in order for them to access available remedies under CISG.
    • 4 Questions 4, 5 and 6 are usually about business organisations. There may be
    a question on partnership law. Be aware of the different forms of
    partnership organisation, and the liability of business partners for
    business debts and obligations
    Also look at the separate legal personality, and the matters to be considered
    by the company promoters.
    • 5 Corporate finance is always important: look particularly at the nature of
    shares and debentures.
    • 6 Corporate management and governance are central to the syllabus. Be
    ready to explain and apply the rules relating to appointment removal and
    duties of directors or auditors. Meetings and resolutions should also be
    considered.
    • 7 Question 7 frequently addresses the management of transport, risk and
    payment in international business transactions. Be ready to answer a question
    on INCOTERMS 2010 (note that these vary slightly from INCOTERMS
    2000 – the ICC website at http://www.iccwbo.org/incoterms/ has links)
    • 8 Questions 8, 9 and 10 are always problem-based, requiring you to analyse a
    scenario and often to advise the parties. Question 8 is likely to be about
    international business transactions (see tips 2 and 3 above).
    • 9 Insolvency proceedings and the rights of creditors could form the basis of
    a knowledge or problem-based question.
    • 10 Business mismanagement and fraudulent activity is another very topical
    subject. Consider market abuse, fraudulent and wrongful trading and their
    consequences.
    Exam Tips – June 2011 Session
    Exam Technique
    Don’t forget the following advice while in the exam:
    Use the Reading and Planning Time before the start of the examination to make
    sure that you understand what each question is about, and to jot down key
    thoughts and reminders on the examination paper, to refer back to when you plan
    and write each answer. For each part of Questions 1-7 highlight the instruction
    (“define”, “explain”, “describe”, etc) as a guide to how you should write and the
    content to be addressed.
    Do this quickly, in a couple of minutes, without thinking about the answer points to
    these. Then move on to Questions 8-10 – again highlighting instruction and
    content. Now re-read these in turn* and read the scenario – underline or sideline
    the information relevant to answering each part. * Start with the question(s) that
    has a single requirement for 10 marks – since this will be the one which requires
    most planning. Jot down any thoughts or reminders (as single words or
    annotations only) on the question paper. If you have time, start planning any of
    Question 1-7 which have 10 mark requirements.
    Remember! 15 minutes is not all the time you should expect to spend in reading,
    planning and thinking!
    Answer ALL 10 questions, being sure to number them in the answer book as
    instructed. Keep each answer together – so if you skip a part (to come back to
    later) leave space for this. If you do go back to a part and have run out of space
    cross reference where it goes to!
    Allocate your time carefully between questions so that you do not become
    bogged down in a handful at the expense of others. Remember that each question
    carries 10 marks: the scenario questions are worth the same as the knowledge
    questions. You should allow an average of 18 minutes for each question, no more
    than 20 minutes nor less than 15 on any one in order to do yourself justice. On
    any one question you might need to spend another five minutes or more thinking
    and planning. But look for example at Q4 of the June 2010 exam which had three
    parts of 3 or 4 marks each – that means just three or four mark-earning sentences
    for each part. As a general rule, the more the requirement is “broken down” for
    you into parts – the less time you need to spend planning.
    Exam Tips – June 2011 Session
    Do not overrun on time trying to find the last, more difficult one or two marks of
    a question at the expense of getting the straightforward six or seven marks in
    another question. Many successful candidates leave the question(s) which they
    consider most challenging until last, to make sure they pick up the ‘easier’ marks
    on the other questions first. But you must attempt those more challenging
    questions too!
    Answer the question that has been set, do not reinterpret it – for example, if it
    refers to buyers’ rights, do not give detailed answers about sellers’ rights; if it asks
    about partnerships, do not give answers based on company law.
    Be sure to give authority for your answers. If a rule you describe or apply
    derives from statute, from a model law, from an international code or from a
    judicial precedent, say so. If you can remember the particular statutory reference
    or case name, quote it; if not, refer to it generally. There is usually no benefit in
    quoting detailed case facts but you may need to make comparisons or distinctions
    when you apply case law in scenario questions.
    Presentation is important! Use short headings and sub-heading to give your
    answer visual impact – and use a ruler to underline them. Remember your script is
    going to be scanned – you must write in black! Try your writing out on a friend or
    colleague before the exam – if they have problems reading some words you may
    need to take care in forming some letters. “Dotting the ‘i’ and crossing the ‘t’” may
    sound pedantic – but consider that not doing so may make them look like ‘l’.
    Good Luck!
    In addition to noting the guidance set out above, students should make use of
    ACCA past examination papers, pay close attention to articles published in Student
    Accountant this year and should read the Examiner’s review of the last examination
    session at http://www.accaglobal.com/students.

    Source – PQ magazine
    http://www.pqaccountant.com/

    good luck with exam!
    ansi

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