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  1. #1
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    Default ACCA Exam Tips from FTC-June 2008

    ACCA Exam tips for June 2008


    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
    Tips include:
    English Legal system
    Law of Obligations
    • Contract Law
    o Consideration
    o Types of terms
    o Remedies
    • Law of tort - Professional Negligence
    Employment Law
    • Wrongful and unfair dismissal
    Formation and Constitution of Business Organisations
    • Partnerships
    o Authority of partners
    o Dissolution
    Capital and financing of companies
    • Loan capital and differences between fixed and floating charges Management, Administration and Regulation of Companies
    • Types of directors
    • Removal of directors
    Insolvency
    • Differences between compulsory and voluntary winding up
    • Administrations
    Governance and ethical issues relating to business
    • Fraudulent and wrongful trading
    Kaplan Financial 2/6 June2008

    F5 – Performance Management
    Tips include:
    • Performance measurements with both financial and non-financial indicators
    • Budgeting with learning curve or ABB
    • Variances Mix and Yield
    • Decision making either apply decision criteria or linear programming

    F6 – Taxation
    Tips include:
    Income tax
    Employment Income, self employed, property income, Income tax computation and loss reliefs
    Corporation tax
    PCTCT, allowable expenditure, capital allowances, relief fro trading losses, VAT
    Registration, accounting schemes, CGT
    Part disposals, Chattels, Share identification rules for individuals, exemptions and reliefs

    F7 – Financial Reporting
    Tips include:
    Q1 Consolidated Statement of Financial Position / Balance Sheet plus Income Statement / Profit & Loss, subsidiary only, possible mid-year acquisition.
    Q2 TB to financial statements, including non-current assets / fixed assets(possible sum of digits depreciation), deferred taxation.
    Q3 Cashflow and related analysis report.
    Q4 & Q5 Impairment
    Framework / Statement of Principles
    Construction contracts
    Not-for-profit entities (3 E’s: Effectiveness, Efficiency, Economy)
    Kaplan Financial 3/6 June2008

    F8 – Audit and Assurance
    Tips include:
    • Identify and explain / address risks in a scenario
    • Substantive tests on debtors/receivables, stock/inventory
    • Weaknesses in internal controls and recommendations (sales, payroll)
    • Types of assurance assignments
    • Completion – overall review
    • Confidentiality and conflicts of interest
    • Role of internal audit, reliance by external auditors

    F9 – Financial Management
    Tips include:
    Investment appraisal.
    NPV/IRR with tax and possibly inflation.
    Payback, replacement analysis and capital rationing.
    Working Capital Management.
    Receivables and Payables.
    Business Finance.
    Gearing/capital structure calculations and comment thereon. Cost of Capital
    CAPM theory, its advantages and disadvantages, and its use in calculating a cost of equity and a risk adjusted WACC.
    Risk Management.
    Hedging foreign exchange risk and interest rates and risk management Valuations
    Asset and cash flow based values.
    The Financial Management Function and the impact of the economic environment upon it.
    Objectives in both the corporate and NFP sectors.
    Kaplan Financial 4/6 June2008

    P1 – Professional Accountant
    Tips include:
    Governance problems and solutions.
    Roles of directors.
    Internal audit scope.
    Risk analysis.
    CSR policy decision.

    P2 – Corporate Reporting
    Tips include:
    Q1 Foreign entity Statement of Financial Position /IS (Comprehensive income)/
    Reconciliation or cashflow. Revision of IAS 1 / ethics
    Q2/Q3 Mixed transactional.
    • Financial instruments/ deferred tax/ actuarial gains and losses/ revaluation of assets/ forex gains/ losses.
    • Segmental reporting/related party transactions/revenue recognition.
    • Current issue.
    • Harmonisation of accounting standards (IFRS and US).

    P3 – Business Analysis
    Tips include:
    A fundamental appreciation of the key activities associated with strategic analysis, choice and implementation will always be required in interpreting the scenario.
    Quality and six sigma.
    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
    Kaplan Financial 5/6 June2008

    P4 – Advanced Financial Management
    Tips include:

    Section A
    NPV or APV of a foreign investment project, with discussion of political risk
    Business valuation for a takeover, using book plus model, and including discussion of defence tactics and ethical issues.

    Section B
    Interest rate management including a recommendation to the Board
    Discussion question on stakeholder conflicts and dividend policy
    Cost of capital and free cash flow for a valuation.

    P5 – Advanced Performance Management
    Tips include:
    • Transfer pricing
    • Performance appraisal question (financial and non - financial measures, maybe benchmarking)
    • Strategy - missions & objectives
    • Gap analysis, pest or swot
    • Corporate failure (z score)
    • NPV & ROCE or RI
    • EMA
    Kaplan Financial 6/6 June2008

    P6 – Advanced Taxation
    Tips include:
    • Corporation tax including IBA, loss relief (S393A), group and consortium relief, overseas subsidiaries, group gains and VAT.

    Key scenarios:
    One or more of the following is likely to feature on the exam:
    o CGT vs IHT for lifetime gifts
    o Employed vs self-employed (IT and NICs)
    o Badges of trade (IT vs CGT)
    o Employee vs partner (IT and NICs)
    o Extraction of funds from company: salary vs dividend (IT, NICs, Corp. Tax)
    o Incorporation (IT, NICs, VAT, CGT), perhaps with incorporation relief vs gift
    relief
    o Comparison of employment packages and benefits (eg. cash vs car, share
    options vs bonus)
    o Corporation tax – disposal of business: sale of shares vs sale of assets
    • Close companies - maybe a letter on this.
    • VAT – cash accounting scheme, annual accounting scheme, due date for registration.
    • Financial planning – sources of finance, lease versus buy, investments including EIS vs VCT, the Financial Services and Markets Act 2000, pensions

    P7 – Advanced Audit and Assurance
    Tips include:
    • Risk Assessment / Risk Management / Audit Strategy
    • Audit Evidence
    • Practice Management - Obtaining professional work / tendering
    • Assurance Services - Prospective Financial Information / Due Diligence Reviews
    • Reporting/Application of GAAP
    • Professional conduct & ethical issues

  2. #2
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    Wink Thks!

    Hi!

    Thks for the tips! Checked on FTC's site but did not find it.

  3. #3
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    Default





    where r FTC tips for CAT exams June 2008...?

  4. #4
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    Default

    Thanks for sharing.

  5. #5
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    Default

    Thanks alot

  6. #6
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    Default

    Thnx 4 Postin

  7. #7
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    Lioncity
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    Default

    Have been seaching for tips... Thanks for posting!

  8. #8
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    Smile

    This is very informative thanks for sharing

  9. #9
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    Default

    Thank you for sharing.

  10. #10
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    Default Required urgently: P# & P5 exam tips!

    Kindly forward me above mentioned exam tips or links (reached without any hastle) for a friend sitting this june session. Thanks!

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