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.

For more info about the ACCA course, visit: ACCA Preparatory Course
Or call us at +65 6735 0003 & Email info@ftmsglobal.edu.sg

June 2013 Exam Tips by Mr. Ang Ming Kiat (Billy)


Q1

Prepare consolidated financial statements with adjustments relating to multiple non-consolidation FRSs

1. Consolidated statement of cash flows AND/OR changes of parent’s interest in subsidiary WITH adjustments relating various FRSs (see below)
Consolidation of foreign operation (including subsidiary and associate)
2. Discuss conceptual/ ethical issues

Q2/Q3

These questions will be scenario based which require you to advise on suitable accounting practices, include analysing and interpreting the financial position and performance of an entity. This may include the appraisal of ethical and professional issues in advising clients. The questions are likely to integrate many topics (FRSs) within a single question.

Q4

Likely to be an essay question which covers currently discussed issues (with application into mini-case question) such as:

• FRS110 Consolidated Financial Statements
• Conceptual Framework for Financial Reporting
• Revenue from Contracts with Customers
• FRS for SMEs

Important FRSs you should not miss for this coming exam:

FRS110, FRS28R, FRS103

FRS12, FRS16, FRS18, FRS19R, FRS21, FRS24, FRS33, FRS38, FRS32, IFRS9, FRS102

Exam Techniques

• Plan for your answers and pay attention to instructions. Make sure you read the instructions carefully; how many questions are to be attempted and how long do you have? You should underline key words and remember to look for the verb in the requirement. You should understand al question requirements careful y to make sure you are able to make the best attempt at answering. While reading the questions, you should write or make notes on the question paper but not the answer paper such as:
- read through and highlight relevant information and financial data, noting why it is included and how the additional information reconciled to the financial statements;
- start to plan their answers, particularly for discursive questions;
- think about the order in which to attempt questions; and
- make preliminary calculations.

• Manage your time properly. You should allocate the correct time to each question and requirement – the ‘magic’ number is 1.8. You should attempt all parts of the question, and stick to the time allocation.

• Present answers well. You should plan your answers, laying them out clearly to make life as easy as possible for the marker. Using headings, sentences, paragraphs and bullet points are all useful techniques. Use black or dark-blue ink and to leave enough white space, not cramming too much text on to one page.

• Make answers relevant. It is important that you answer the question you have been asked, not the one you would have liked to answer. You should read the requirement at least twice to make you understand it.

• Gain easy marks. You should have a plan of attack, and go for the easier marks first. Remember, you can still earn easy discursive marks even when you have struggled with the calculations or suspect the numbers are flawed.

• Don’t panic. You should focus on the parts of the exam you can do, not what you can’t do. Even if you feel an exam is going badly, you should keep going, moving on from question to question and answering as much as you can.

June 2013 Exam Tips by Mr. Martin John Windle (Marty)


• Magic of examination technique
• The key is SPICE: Structure, Phrase, Introduction, Conclusion, Example
• For P3, you need to maximise your examples
• COMPLETE 3 questions in the exam:
• get your timing right, 1.8 minutes per mark
• You must have started your final question by 5:45

• Don't forget Strategic Analysis
• Make sure you know Marty's 6 Financial Ratios
• For Business Process Change - Don't forget Marty's 3 Re-design solutions
• 4 Stages in the Project Management LifeCycle
• Bring a reliable calculator with you!
• Start with a DEFINITION, Finish with a CONCLUSION!



For more detailed exam tips, please visit our Oficial FTMSGlobal YouTube Channel and watch his P1 Exam Tips Video! Subscribe now to: www.youtube.com/ftmsglobalsingapore

 

June 2013 Exam Tips by Mr. Martin John Windle (Marty)


• Magic of examination technique
• The key is SPICE: Structure, Phrase, Introduction, Conclusion, Example
• For P3, you need to maximise your examples
• COMPLETE 3 questions in the exam:
• get your timing right, 1.8 minutes per mark
• You must have started your final question by 5:45

• Don't forget Strategic Analysis
• Make sure you know Marty's 6 Financial Ratios
• For Business Process Change - Don't forget Marty's 3 Re-design solutions
• 4 Stages in the Project Management LifeCycle
• Bring a reliable calculator with you!
• Start with a DEFINITION, Finish with a CONCLUSION!



For more detailed exam tips, please visit our Oficial FTMSGlobal YouTube Channel and watch his P1 Exam Tips Video! Subscribe now to: www.youtube.com/ftmsglobalsingapore

 

June 2013 Exam Tips by Mr. Eliott James Betts


1. Investment appraisal (Question 1. could well be a comprehensive question on project appraisal using a number of techniques)

2. Financial performance evaluation

3. Free cash flow (dividend capacity)

4. Treasury management

5. Schemes of reconstruction

6. Debt financing, interest rate risk and duration.

New to the syllabus is Islamic finance. Make sure you read the relevant article on the ACCA website.

June 2013 Exam Tips by Mr. Luo Weijie Irwin


1. Development in management accounting system
-Traditional approach vs ABC in overheads absorption
-Cost plus pricing vs target costing
-Environmental management accounting
-Contingency theory and Institutional theory

2. Management accounting information & MIS
-Evaluate the usefulness of management report
-Evaluate the impact of adoption of MIS (e.g. EIS) in performance management

3. Planning
-Uses of SWOT/PESTEL/5 forces
-Uses of Critical Success Factors analysis
-Uses of Ansoff's product market matrix for performance improvement
-Uses of BCG matrix for performance measurement
-Traditional Budgeting vs Beyond Budgeting
-Evaluate the uses of Budgeting in performance management

4. Decision making
-Transfer pricing
-Investment appraisal with NPV, MIRR

5. Performance Measurement + Human Resource Management
-Divisional performance measurement with : ROI, RI, EVA
-Uses of Balanced scorecard, Building Block, Performance Pyramid, Value for Money to evaluate the effectiveness of the existing performance measurement system in an organization
-Difficulty in performance measurement
-Reward scheme

June 2013 Exam Tips by Mr. Chan Tze Kang


1. Development in management accounting system
-Traditional approach vs ABC in overheads absorption
-Cost plus pricing vs target costing
-Environmental management accounting
-Contingency theory and Institutional theory

2. Management accounting information & MIS

-Evaluate the usefulness of management report
-Evaluate the impact of adoption of MIS (e.g. EIS) in performance management

3. Planning
-Uses of SWOT/PESTEL/5 forces
-Uses of Critical Success Factors analysis
-Uses of Ansoff's product market matrix for performance improvement
-Uses of BCG matrix for performance measurement

-Traditional Budgeting vs Beyond Budgeting
-Evaluate the uses of Budgeting in performance management

4. Decision making
-Transfer pricing
-Investment appraisal with NPV, MIRR

5. Performance Measurement + Human Resource Management
-Divisional performance measurement with : ROI, RI, EVA
-Uses of Balanced scorecard, Building Block, Performance Pyramid, Value for Money to evaluate the effectiveness of the existing performance measurement system in an organization
-Difficulty in performance measurement
-Reward scheme

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