ACCA Exam Tips

ACCA Exam Tips

ACCA exam tips, advice, videos and strategies. Expert sharing information knowledge from FTMSGlobal ACCA Subject Specialist to help you pass your exams.

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Exam Tips for P6 Tax Paper

These are the topics that you want to concentrate:

(A) Individual Tax Planning
1. SP/Partnership/LLP v Co
2. Employment income
- structuring employment packages
- NOR scheme

(B) Corporate Tax Planning
3. Trading in/with Singapore – PE
4. Deemed Income and withholding Tax
5. Outward Investments – DTR/UTR
6. Corporate restructuring, merger and liquidations
7. Tax losses etc/Group reliefs

(C) Tax Incentives
8. Pioneer, Investment allowances, Development & Expansion incentive

(D) Others
9. GST – registration, types of supplies, partially exempt trader and group registration
10. Stamp duties and property tax


Likely to have a question on identifying business risks. Be prepared for defining and identifying risk of MM, see latest April 2012 article on the new term risk of MM. (See Dec 2008 Q1a and Dec 2009 Q1c). Must learn to link business risks to FS risks of MM (see June 2008 Q1). See Dec 2010 Q1a, June 2009 Q1 and June 2008 Q1a for business risk.

Roles of audit committee (= Functions of AC) and impact of AC on external audit.

Internal auditing – Reliance on IA, Evaluating IA function and evaluate adequacy of IA work, outsourcing IA issues to consider (from audit firm’s point of view, from company’s point of view), advantages and disadvantages of outsourcing IA to external audit firm. See Dec 2006 Q2 and June 2010 Q2.

Accounting problems/issues (Many past exam questions on these) Read up and focus on the recent 3 years for this type of question - Important areas include audit of provision (including warranty and decommissioning provision), deferred tax, share-based payments, government grants, impairment, related parties, investment property. Read Lisa’s article on how to tackle this type of accounting question in her article (where she talked about Type 1 vs Type 2 questions. Look out for the audit of accounting estimates and fair value (latest article in Jan 2011).

June 2013 Exam Tips by Mr. Luo Weijie Irwin

F1 (MCQ 50Q)

• Ensure familiarity with all topics as the questions can be based on ANY topic.

• Do not merely memorize. Ensure ability to apply the models when a scenario is presented.


There is a trend towards more and more scenario-based questions.

• Utilize the exam skills of eliminating wrong answers and making intelligent guesses.

• Write notes and finish the Revision Kit.

June 2013 Exam Tips by Mr. Luo Weijie Irwin

F2 (MCQ 50Q)

• Keep in mind that theory questions make up a significant part (up to 50%) of the exam.

• Besides knowing HOW to calculate, be able to understand WHY a certain model or formula is used.

Fully comprehend the purpose of the formula.

• Instead of just knowing the formulas, be able to manipulate the formulas and work backwards.

• Utilize the exam skills of eliminating wrong answers and making intelligent guesses.

• Write notes and finish the Revision Kit.

June 2013 Exam Tips by Mr. Lim Teck Chuan (Ivan)

Hot topics:

IAS 16, 37 & 10
Correction of errors
Accrual & prepayment
Bank Reconciliation Statement
Bonus issue, Rights issue & cash issue
Incomplete records

Exam success

• Do not spot question. Candidate must note that the examiner will test every area of the syllabus so you must revise all topics.

• Do not rush. Be systematic in your revision. Candidates must ensure they have strong double entry book keeping concept by practicing preparation question before attempting exam style question.

• Practice. It is possible to complete the revision kit. Upon completion, chances of doing well in examination will be greatly increased.

• Be familiar with exam condition. Candidates may not be familiar with computer based examination.

• Time allocation. Feedback from candidates on this paper is unable to complete the exam within the given time. The exam is a combination of ‘straight forward’ and ‘Time consuming’ questions. By looking at the length of question, Candidates will be able to assess whether the question is ‘straight forward’ or ‘Time consuming’. Candidate may wish to attempt all ‘straight forward’ question first as it is essential to obtain all possible ‘easy marks’.

Lastly, I wish you all the best in your ACCA route.

June 2013 Exam Tips by Mr. Balwant Singh

The following should be the main focus areas for the 5 questions:

1) Costing
- Target costing
- Life cycle costing
- Theory of constraints

2) Decision making
- Linear programming
- Decision Rules
- Relevant costing
- Pricing decision

3) Budgeting
- Learning curves
- Flexible budgets
- Regression analysis

4) Standard costing
- Sales Mix & Quantity variance
- Market share and size variance
- Basic Variance analysis including reconciliation statements

5) Performance Measurement
- Financial & non financial performance measures
- Balanced Scorecard theory

Note that to pass, there is no substitute for adequate preparation and hence a comprehensive review of the whole syllabus is required. The above list of topics should therefore be viewed as best not be left out in your revision.

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