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  1. #1
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    Default ACCA Exam tips by kaplan

    Key Examinable Areas
    for December 2012
    F4

    English legal system
    Court structure
    Court vs tribunal
    Interpretation of statute
    Human Rights Act
    Tribunals
    Contract law
    Exclusion clauses
    Offer and acceptance
    Consideration
    Express and implied terms
    Intention to create legal relations
    Tort of negligence
    General negligence
    Professional misstatement
    Employment law
    Common law duties
    Remedies
    Dismissal
    Agency/partnership
    How agency relationship arises
    Liability of agents & partners
    Termination of partnership
    Company law
    Separate personality/lifting the veil
    Articles of association
    Company registration
    Company names
    Choice of business structure/private v public company
    Treasury shares
    Class rights
    Capital maintenance/reduction of capital
    Appointment/removal/disqualification of directors
    Directors’ duties
    Auditors
    Fraudulent behaviour
    Insider dealing
    Market abuse
    Bribery
    Fraudulent and wrongful trading
    WORK , WORK , WORK WITH HONESTY AND FAITH IN YOURSELF

  2. #2
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    F5
    • Throughput accounting and TOC
    • Learning curves
    • Variances: Sales Variances, Market size and market share
    • Decision Trees
    • Pricing
    • Zero based budgeting
    • Multi-product breakeven charts
    WORK , WORK , WORK WITH HONESTY AND FAITH IN YOURSELF

  3. #3
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    F6
    Income tax
    – Husband and wife
    – Joint investment income
    – Some exempt income
    – Adjustment of profits
    – Calculation of PA based on adjusted net income
    – Employment Income - benefits
    – National insurance
    – Payments on account
    – Interest/penalty – explanation/calculation
    Corporation tax
    – Possibly a straddling and/or short period of account
    – Capital allowances
    – Chargeable gains to calculate, with rollover relief
    – Capital gains group – transfers, elections and group rollover relief
    – Group loss relief – with some tax planning
    – Penalties for late filing of return
    – Interest on late payment of corporation tax
    VAT
    – Separate part of question 1 or 2 or whole question 4/5
    – VAT registration – futures test
    – VAT return – including some discounts and impaired debts relief
    – Cash accounting scheme
    – Default surcharges
    Capital gains tax
    – Husband and wife making disposals
    – Transfer between spouses
    – Incorporation relief
    – PPR, gift and entrepreneurs’ relief
    Sundry topics for questions 4 and 5
    – Partnerships
    – Income tax Basic Planning – comparative scenario with calculation of net cash consequences
    – IHT (part of a question)
    – Self assessment
    WORK , WORK , WORK WITH HONESTY AND FAITH IN YOURSELF

  4. #4
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    F7
    Q1
    Consolidated statement of comprehensive income and consolidated statement of financial position
    with adjustments to include: PURP, share exchange, current accounts, impairment, revaluation, fv adj.
    Q2
    Published accounts to include: statement of comprehensive income, statement of financial position
    and SOCIE from TB. Possible adjustments to include: revenue recognition, depreciation, revaluation,
    tax & deferred tax, financial asset/liabilities, construction contract and investment property.
    Q3
    Ratios with interpretation.
    Q4/Q5
    Qualitative characteristics, finance leases, tangible & intangible assets, government grants and events
    after the reporting date.
    WORK , WORK , WORK WITH HONESTY AND FAITH IN YOURSELF

  5. #5
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    F8
    • Audit risk including analytical procedures
    • Assurance engagements
    • Ethics including fundamental principles
    • Systems: purchasing/sales (including tests of control)
    • Evidence: purchases/payables; share capital/directors transactions; bank and cash
    • Specific standards/topics:
    − Communicating with those charged with governance (ISA 260/265)
    − Materiality (ISA 320)
    − Audit/review of accounting estimates
    − External confirmations (ISA 505)
    − Using the work of an auditor’s expert (ISA 620)
    − Emphasis of matter and other matter paragraphs (ISA 706)
    • Completion (ISA 580 – written representations?)
    • Auditor’s reports
    • Internal Audit (benefits/outsourcing?)

    Please be aware that recent diets for F8 have ranged from those requiring knowledge of the content
    of a broad range of standards (some quite peripheral to the syllabus) and those requiring grounding in
    the core auditing concepts/techniques. Therefore, students should be prepared for either possibilities
    in the December 2012 paper, or a combination of the two.
    WORK , WORK , WORK WITH HONESTY AND FAITH IN YOURSELF

  6. #6
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    F9
    Investment appraisal
    This is a key topic which is highly likely to be examined every time. The most common technique
    assessed is NPV with inflation and taxation although be prepared for a twist, possibly involving some
    of the more basic methods of the applications of NPV such as capital rationing or lease v buy.
    Working Capital Management
    Another key topic which is likely to examined every time. Exams to date have covered much of this
    topic but it’s been a while since we’ve seen the more numerical aspects surrounding inventory or
    payables management or anything regarding cash budgeting.
    Valuations
    This has been examined in virtually every F9 exam to date. Cash flow based values have yet to be
    examined although the PE ratio and dividend valuation methods still appear to be the more
    examinable areas. This syllabus area often appears alongside cost of capital questions.
    Business Finance
    This topic has been heavily examined recently and in particular the impact of financing on ratios is an
    area the examiner likes. Make sure you’re able to discuss the impact that different policies may
    have on company by being able to both calculate and interpret financial ratios.
    Cost of Capital
    This topic features in virtually every exam to a greater or lesser extent. Good coverage of all of the
    syllabus areas is therefore essential to ensure you can handle any eventuality on the day. It’s been a
    while since we’ve seen any of the more technical CAPM based calculations regarding de-gearing and
    re-gearing betas.
    Risk Management
    Within this section of the syllabus, foreign exchange risk has been examined more often than
    interest rate risk. However, both are fairly under-examined areas of the syllabus as a whole and so
    this is a topic worth being on top of.
    The Financial Management Function and the impact of the economic environment upon it
    We can probably expect one specific topic from these syllabus areas to feature as a tag on discursive
    element within one question on the exam. The most recent question focussed on stakeholder
    conflicts.
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  7. #7
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    P1
    Corporate governance: stock exchanges/company secretary
    • Ethical theories – Absolutism/relevativism
    • Internal control failures
    • Transaction cost theory
    • Normative / instrumental stakeholder views
    • Risk assessment – Risk map
    • Risk strategies – TARA
    • Audit committee
    • Sustainability – Social and environmental footprints
    WORK , WORK , WORK WITH HONESTY AND FAITH IN YOURSELF

  8. #8
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    P2
    Question 1
    Group statement of cash flows plus ethics, possibly including inappropriate application of IFRS 10
    and/or accounting errors.

    Other questions
    Content of Questions 2, 3 and 4 can come from any part of the syllabus. Possible topics which may be
    examined include:
    Reconstructions
    Employee benefits and share option schemes
    Financial instruments
    Foreign currency
    Fair value measurement – possibly as essay question
    WORK , WORK , WORK WITH HONESTY AND FAITH IN YOURSELF

  9. #9
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    P3
    • Project management
    • Decision trees
    • Strategic change
    • Finance
    • Strategy evaluation
    • Benefits realisation
    WORK , WORK , WORK WITH HONESTY AND FAITH IN YOURSELF

  10. #10
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    P4
    Section A:
    Business Valuation
    Investment appraisal (foreign cashflows)
    Corporate reconstruction
    Section B:
    BSOP model
    Interest rate hedging
    The Eurozone debt crisis (see recent Student Accountant article)
    WORK , WORK , WORK WITH HONESTY AND FAITH IN YOURSELF

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