ACCA exam tips for December 06 exams.
Paper
Exam Tips
Part 1
1.1
GBR/IAS
SECTION A (50 %)來源：www.examda.com
25 Multiple choice questions
Will cover all areas of the syllabus
SECTION B (50%)
Longer questions – will include theory and computational questions, each question worth between 8 to 12 marks.
Preparation of financial statements for a sole trader/company
Consolidated balance sheet
Fixed/Non current assets ledger accounting
Incomplete records
Accounting standards/ concepts/theory
Ratios and interpretation
1.2
The paper will consist of 25 MCQs of 2 marks each and 5 long questions of 8-12 marks each. The MCQs will vary in difficulty, but the variety will ensure that the paper reflects the syllabus. The five long questions will be a mix of (mostly) calculations and (a few) written marks. The vast majority of the marks in this paper will be for calculations.
The nine key areas of the syllabus will make up the bulk of the exam paper:
Cost classification and behaviour.
Material, Labour and Overhead costs.
Absorption and Marginal Costing.
Process Costing.
Standard Costing (includes variances).
CVP analysis (includes break-even).
Pricing Methods.
Relevant Costing
Limiting Factors and Linear Programming
1.3
Primary Tips:
Counseling
Individual, Groups and Team behaviour
Motivational Theories
Objective setting; performance indicators
Effective Communication
Management of Diversity/Equal Opportunities
Secondary Tips:
Leadership Theories
Recruitment and Selection
Management by Objectives
The Learning Process – Mumford and Kolb
Part 2
2.1
Managing Information Systems
Business strategy and IS/IT strategy
Legacy systems
Accounting for IS/IT costs
Staff roles and responsibilities
Project management and control
Centralisation/decentralisation
Designing Information Systems
Methodologies
Modelling
External design: data capture
Invitation to tender
Prototyping and 4GL
Evaluating Information Systems
Security/legislation
Quality
Documentation
Maintenance
2.2
EC law
Courts
Offer & acceptance
Consideration (including Pinnel's case)
Exclusion clauses
Discharge by performance
Remedies for breach (including liquidated damages clauses & privity)
Memorandum of Association (especially name clause)
Reductions of capital
Dividends
Debentures and charges
Directors (especially types & duties)
Auditors
Minority protection
Insolvency
Common law duties of employer & employee
Dismissal
Dissolution of the partnership
Liability of partners to outsiders
2.3
SECTION A
Corporation Tax Q1 Adjustment of profits with capital
allowances & industrial buildings
allowance and some calculation of
chargeable gain. CTSA. Long period
of account.
Income Tax Q2 Trading income assessment , Employment Income leading to income tax and possible gains tax payable.
SECTION B
VAT Q3 VAT return - calculation of VAT payable
Compulsory registration
Tax point
CGT Q4 Capital Gains Tax
Rollover and Gift Relief
Capital losses
As from June 2005 exam, the format of the exam has changed and questions 5 to 7 can now be set on any topic
Groups – losses or Gains group
Partnership with losses
Choice of business medium/extraction of profits
Disposal of business with capital allowances, CGT and some planning
Income tax losses [ Sec 380/385 and 72]
Terminal loss relief for Sole Traders has not been examined
2.4
Investment Appraisal; NPV to include relevant costs, tax and inflation, and possibly capital rationing and/or sensitivity analsysis
Working capital management, possibly to include stock
Costing systems (ABC ?)
Budgeting and Budgetary control
Long term finance and gearing
2.5
Groups
Restated financial statement
Substance
Provisions
Cash flow
Interpretation
2.6 (INT and UK)
New Client Appointment / Conflicts of Interest
Practical Audit Risk
Engagement Letters
Materiality
Management Letter - purchases / computer controls
Sampling
Substantive Testing of Receivables / Payables
Audit Report scenarios
Role of Audit Committees
Responsibilities for fraud
Part 3
3.1
Risk Appraisal, Risk Management and Audit Strategy
Assurance Services - PFI and Performance Measurement
Matters and Evidence - usual GAAP favourites - Intangibles, Provisions, Impairment etc.
Audit Reports - ISAs 570 & 720
Ethics/Professional Conduct/Practice Management
Current Issues - 'Yesterday's News'
3.2
IHT including lifetime and death gifts and the extended definition of domicile for IHT.DTR and gift with reservation.
Trusts – Uses of different types of trust and the tax implications of trustees disposing of chargeable assets held in the trust.
CGT – Chattel rules, shares involving bonus and right issues,rollover and holdover relief, gift relief, PPR exemption and letting exemption.
Income tax computation including property business profits, employment income
Calculation of benefits – car, fuel, mileage, accommodation etc.
Employed versus self employed
Overseas aspects (including overseas aspects definitions of residency and ordinary residency) and DTR
Income tax, capital gains tax implications for international travellers maybe a letter on this.
Conditions for FHLA and the advantages.
National Insurance
Income tax – trading losses for a partnership on
Commencement/cessation of a business and SELF-ASSESSMENT.
Financial planning – sources of finance, lease versus buy, investments including ISAs the Financial Services and Markets Act 2000.
Protection products such as life assurance, critical illness insurance, heath insurance, keyperson insurance, intervivos insurance.
Close companies maybe a letter on this.
Corporation tax including IBA, loss relief and group and consortium relief.
Overseas aspects of corporation tax including controlled foreign companies and transfer pricing.
Group registration for VAT, due date for VAT registration.
Stamp duty land tax
3.3
Contribution based decision-making – possibly involving expected values, maximax, maximin & minimax regret.
Practical aspects of pricing policy
Performance evaluation – ROI/RI and the conflict between performance evaluation and investment appraisal.
The strategic framework – specifically a question based around the examiner’s recent article on “Business Strategy and Performance Models” (Student Accountant – April 2006). This is likely to focus on Porter’s 5 Forces and/or Ansoff’s matrix
3.4
Porters five forces
Macfarlan/Peppard
Earls 3 leg
PEST
EIS
Data management and data mining
Soft systems methodology
Impacts of the use of ecommerce
Software selection – web site design
3.5
Corporate appraisal
Ethics
Corporate governance
CSR
Globalisation issues
Marketing
3.6 GBR & IAS
Section A
This compulsory question will be on the preparation of consolidated accounts and the preparation of a group accounts with a foreign subsidiary is due, as is cash flow statements!
Section B
Share based payments
Deferred tax
Financial instruments.
Developments in group accounts
Management Commentary / the OFR
Reporting of non financial performance e.g. Corporate Social Responsibility, sustainability reporting
Measurement issues
3.7
Section A
Overseas NPV: Ability to perform a basic overseas NPV/FCF calculation. Including one off cash flows, annuities and perpetuity calculations and the knowledge of the specific issues that relate to foreign direct investment.
Company Valuation within the context of Merger and Acquisitions: A possible question that requires a valuation under various methods like NAV, DVM, P/E Ratio and FCFs. (maybe within the context of Going Private.) Also review the share for share exchange style questions.
WACC - Risk adjusted WACC – APV calculations within the context of a standard investment appraisal question. However risk adjusted WACC could also be examined within the context of traditional gearing.
Risk management: Interest rate risk / Currency Risk
Section B:
Economic Value Added – EVA
Portfolio Theory and CAPM - summary and alpha tables
Dividend Policy
Term Structure of Interest rate
International economics – I.M.F., Treasury Management. Balance of payments deficits and Forecasting exchange rates.
Paper
Exam Tips
Part 1
1.1
GBR/IAS
SECTION A (50 %)來源：www.examda.com
25 Multiple choice questions
Will cover all areas of the syllabus
SECTION B (50%)
Longer questions – will include theory and computational questions, each question worth between 8 to 12 marks.
Preparation of financial statements for a sole trader/company
Consolidated balance sheet
Fixed/Non current assets ledger accounting
Incomplete records
Accounting standards/ concepts/theory
Ratios and interpretation
1.2
The paper will consist of 25 MCQs of 2 marks each and 5 long questions of 8-12 marks each. The MCQs will vary in difficulty, but the variety will ensure that the paper reflects the syllabus. The five long questions will be a mix of (mostly) calculations and (a few) written marks. The vast majority of the marks in this paper will be for calculations.
The nine key areas of the syllabus will make up the bulk of the exam paper:
Cost classification and behaviour.
Material, Labour and Overhead costs.
Absorption and Marginal Costing.
Process Costing.
Standard Costing (includes variances).
CVP analysis (includes break-even).
Pricing Methods.
Relevant Costing
Limiting Factors and Linear Programming
1.3
Primary Tips:
Counseling
Individual, Groups and Team behaviour
Motivational Theories
Objective setting; performance indicators
Effective Communication
Management of Diversity/Equal Opportunities
Secondary Tips:
Leadership Theories
Recruitment and Selection
Management by Objectives
The Learning Process – Mumford and Kolb
Part 2
2.1
Managing Information Systems
Business strategy and IS/IT strategy
Legacy systems
Accounting for IS/IT costs
Staff roles and responsibilities
Project management and control
Centralisation/decentralisation
Designing Information Systems
Methodologies
Modelling
External design: data capture
Invitation to tender
Prototyping and 4GL
Evaluating Information Systems
Security/legislation
Quality
Documentation
Maintenance
2.2
EC law
Courts
Offer & acceptance
Consideration (including Pinnel's case)
Exclusion clauses
Discharge by performance
Remedies for breach (including liquidated damages clauses & privity)
Memorandum of Association (especially name clause)
Reductions of capital
Dividends
Debentures and charges
Directors (especially types & duties)
Auditors
Minority protection
Insolvency
Common law duties of employer & employee
Dismissal
Dissolution of the partnership
Liability of partners to outsiders
2.3
SECTION A
Corporation Tax Q1 Adjustment of profits with capital
allowances & industrial buildings
allowance and some calculation of
chargeable gain. CTSA. Long period
of account.
Income Tax Q2 Trading income assessment , Employment Income leading to income tax and possible gains tax payable.
SECTION B
VAT Q3 VAT return - calculation of VAT payable
Compulsory registration
Tax point
CGT Q4 Capital Gains Tax
Rollover and Gift Relief
Capital losses
As from June 2005 exam, the format of the exam has changed and questions 5 to 7 can now be set on any topic
Groups – losses or Gains group
Partnership with losses
Choice of business medium/extraction of profits
Disposal of business with capital allowances, CGT and some planning
Income tax losses [ Sec 380/385 and 72]
Terminal loss relief for Sole Traders has not been examined
2.4
Investment Appraisal; NPV to include relevant costs, tax and inflation, and possibly capital rationing and/or sensitivity analsysis
Working capital management, possibly to include stock
Costing systems (ABC ?)
Budgeting and Budgetary control
Long term finance and gearing
2.5
Groups
Restated financial statement
Substance
Provisions
Cash flow
Interpretation
2.6 (INT and UK)
New Client Appointment / Conflicts of Interest
Practical Audit Risk
Engagement Letters
Materiality
Management Letter - purchases / computer controls
Sampling
Substantive Testing of Receivables / Payables
Audit Report scenarios
Role of Audit Committees
Responsibilities for fraud
Part 3
3.1
Risk Appraisal, Risk Management and Audit Strategy
Assurance Services - PFI and Performance Measurement
Matters and Evidence - usual GAAP favourites - Intangibles, Provisions, Impairment etc.
Audit Reports - ISAs 570 & 720
Ethics/Professional Conduct/Practice Management
Current Issues - 'Yesterday's News'
3.2
IHT including lifetime and death gifts and the extended definition of domicile for IHT.DTR and gift with reservation.
Trusts – Uses of different types of trust and the tax implications of trustees disposing of chargeable assets held in the trust.
CGT – Chattel rules, shares involving bonus and right issues,rollover and holdover relief, gift relief, PPR exemption and letting exemption.
Income tax computation including property business profits, employment income
Calculation of benefits – car, fuel, mileage, accommodation etc.
Employed versus self employed
Overseas aspects (including overseas aspects definitions of residency and ordinary residency) and DTR
Income tax, capital gains tax implications for international travellers maybe a letter on this.
Conditions for FHLA and the advantages.
National Insurance
Income tax – trading losses for a partnership on
Commencement/cessation of a business and SELF-ASSESSMENT.
Financial planning – sources of finance, lease versus buy, investments including ISAs the Financial Services and Markets Act 2000.
Protection products such as life assurance, critical illness insurance, heath insurance, keyperson insurance, intervivos insurance.
Close companies maybe a letter on this.
Corporation tax including IBA, loss relief and group and consortium relief.
Overseas aspects of corporation tax including controlled foreign companies and transfer pricing.
Group registration for VAT, due date for VAT registration.
Stamp duty land tax
3.3
Contribution based decision-making – possibly involving expected values, maximax, maximin & minimax regret.
Practical aspects of pricing policy
Performance evaluation – ROI/RI and the conflict between performance evaluation and investment appraisal.
The strategic framework – specifically a question based around the examiner’s recent article on “Business Strategy and Performance Models” (Student Accountant – April 2006). This is likely to focus on Porter’s 5 Forces and/or Ansoff’s matrix
3.4
Porters five forces
Macfarlan/Peppard
Earls 3 leg
PEST
EIS
Data management and data mining
Soft systems methodology
Impacts of the use of ecommerce
Software selection – web site design
3.5
Corporate appraisal
Ethics
Corporate governance
CSR
Globalisation issues
Marketing
3.6 GBR & IAS
Section A
This compulsory question will be on the preparation of consolidated accounts and the preparation of a group accounts with a foreign subsidiary is due, as is cash flow statements!
Section B
Share based payments
Deferred tax
Financial instruments.
Developments in group accounts
Management Commentary / the OFR
Reporting of non financial performance e.g. Corporate Social Responsibility, sustainability reporting
Measurement issues
3.7
Section A
Overseas NPV: Ability to perform a basic overseas NPV/FCF calculation. Including one off cash flows, annuities and perpetuity calculations and the knowledge of the specific issues that relate to foreign direct investment.
Company Valuation within the context of Merger and Acquisitions: A possible question that requires a valuation under various methods like NAV, DVM, P/E Ratio and FCFs. (maybe within the context of Going Private.) Also review the share for share exchange style questions.
WACC - Risk adjusted WACC – APV calculations within the context of a standard investment appraisal question. However risk adjusted WACC could also be examined within the context of traditional gearing.
Risk management: Interest rate risk / Currency Risk
Section B:
Economic Value Added – EVA
Portfolio Theory and CAPM - summary and alpha tables
Dividend Policy
Term Structure of Interest rate
International economics – I.M.F., Treasury Management. Balance of payments deficits and Forecasting exchange rates.