ACCA exam tips December 2010 by First Intution

Paper F4

• Sources of law
• Offer and Acceptance
• Contract terms
• The law of torts
• Employment law
• Partnerships
• Corporations and separate legal personality
• Directors
• Company meetings and resolutions
• Fraudulent behaviour

Paper F5

• Life cycle costing
• Throughput accounting
• Demand curves
• Risk techniques
• Types of budget
• Mix and yield variances
• Company performance analysis

Paper F6

• BIKS
• Opening year rules, change of year end
• Capital allowances
• Losses
• IT comp
• Pensions
• Corporation tax comp long period
• Chattels
• Entrepreneurs relief, gift relief
• Class 1 NI
• VAT cash accounting
• Tax payment dates

Paper F7

• Qn 1 Consolidation- Revenue statement with goodwill computation
• Qn 2 Single company accounts with, lease, non current asset, tax and sale or return
• Qn 3 Ratios and report writing
• Qn 4 The framework with contingent liabilities and Financial instruments
• Qn 5 Long term contracts

Paper F8

• Qn 1 : Qn on substantive audit procedures and tests of control on a key area of the Statement of Financial Position e.g. non-current assets or receivables
• Q2 : short 10-marker on ISAs e.g. subsequent events, audit reports, fraud & error
• Q3 : Qn on “identifying and explaining” the threats to auditor independence and ways of managing them
• Q4 : Mgt letter : identifying the weaknesses, consequences and recommendations in a particular company
• Q5 : audit reports : emphasis of matter and when it is appropriate/inappropriate to use it

Paper F9

• Discussion of the economic environment and the impact on interest and exchange rates
• Working Capital Management
• Investment Appraisal & Cost of Capital
• Business Valuations

Paper P1

• Kohlberg, Risk assessment and TARA risk framework.
• Role of audit committee, chairman, CEO.
• Corporate social responsibility
• Gray, Owen and Adams, normative, and Instrumentalists view of stakeholders.

Paper P2

• Qn 1 = Group question on cashflows or Foreign subsidiaries
• Ethics
• Revenue Recognition
• Deferred Tax
• Impairment (especially goodwill)
• Share based payments
• Related parties

Paper P3
Section A

• Strategic Choice (Portfolio Models), People with Financial Analysis

Section B

• Strategic Position
• Strategic Action
• Information Technology

Paper P4

• Q1 International Investment Appraisal techniques
• Q2 Financial reconstruction techniques, possible company valuation post reconstruction.
• Q3 Impact on WACC following change in credit rating.
• Q4 SWAP/currency SWAP scenario
• Q5 Written question on risk management following the examiner’s article released 23 Sept 2010

Paper P5

• Sensitivity analysis
• Impact of fiscal and monetary policy on performance
• Management information
• Private sector v public sector performance analysis
• Divisional performance assessment (ROI, RI and EVA)
• Corporate failure assessment
• Six sigma

Paper P6

• Groups and companies
• CGT and IHT on lifetime gifts
• Benefits v’s salary
• Income tax losses
• VAT on property

Paper P7

• Business Risks in a scenario
• Identifying ethical and other professional issues in a scenario
• Audit reports
• Group audits
• Money laundering