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Hello, I wanted to ask some questions about the ACCA
I understand that accountants need knowledge and understanding of Debits and Credits. Basic Maths etc.
BUT for example in F4 and in Cost accounting.
There are LOTS of: cases/laws/company acts etc – different types of e.g variance sales/ price, process costing , throughput etc.
After you pass the F4 exam, can you forget that? Or do you have to REMEMBER everything? will it come up in our Professional exams?
Or can you simply remember it, pass the exam and forget it after? Because I have passed F4, but now looking back i have forgot 80% of F4 and now I am worried F4 parts will come back in P level
Thank You
As a P level student, i would say you can pretty much stop worrying about F4 and its case laws. Theres just a basic understanding required of how things work in law, penalties to auditors and directors can help you in later exams and thats that really. It can add depth in your answer if you comment from a legal standpoint, but dont worry, you will learn those things again in the relevant exams like P1 and F8
For cost accounting, if you are thinking about P5 then yes. There are some elements of cost accounting in P3 (variance, regression analysis, decision tree, among others) and F9 (inventory management is one thing i can remember)
I see Thanks for that
And you know the IAS do we MUST remember all off them? or can you remember pass exam and forget them?
You shouldn’t really be passing exams then forgetting the subject matter. If you want to be an accountant, this knowledge is a big part of you selling yourself. I think many people do just that, learn what they need to to pass, then just forget it all
That doesn’t make a good accountant though
But, what I suspect you are asking is, do we need to be able to recall every detail from each paper to carry forward, and the short answer is no, as for each paper you will learn the requirements for the exam, but, you need to be able to reflect on past papers as they all feed into each other in some way, especially in the higher papers where there is a certain degree of assumption. For example, the legal aspects of tax avoidance, which you may learn in P1 could pop up in a P6 exam
Agree with carl…
Im afraid I cant say that for IASs, you will come across your first Standards in F3 which i suppose you have completed, then in F7. A somewhat good knowledge from F7 will help you in F8, as it is after all, audit of the accounting standards and statements.
I usually recommend doing 7 and 8 together so whatever you learn in 7, it can help you in 8. Like there will be inventory involved (IAS 2) in F8 scenarios, provisions (IAS 37), intangibles, (IAS 38) may be impairment, (36) among others
This F7 knowledge will be briefly revised in your P2, and then further built on. Like in F7 you deal with the calculation aspect of standards, but here you comment on your findings as well. Eg, inventory is not at lower of NRV and cost, it may be that window dressing or wrong valuation is involved.
The P2 knowledge of standards help you in P7, again very briefly revised as they are an assumed knowledge.
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