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ACCA F5 Exam Tips September 2017
BPP
As any syllabus area could be tested in sections A & B the best advice is to study all areas of the syllabus.
For section C expect （but not limited to） planning and operational variance, mix yield variances & evaluation of the company performance （either as a whole or on a divisional basis）。
There is no longer any formal reading and panning time at the start of the exam. You are strongly advised to plan answers to section C questions before starting to write. Ensure to make reference to the scenario in your answer!
The exam is approx. 40% calculation and 60% discussion – so doing the maths won’t be enough to pass this paper. Interpretation and application are crucial, especially in section C.
Kaplan
MCQ’s can come up from any syllabus area so cover the breadth of every topic.
Section A:
ABC, Life Cycle costing, Target Costing and Throughput Costing are very commonly tested topics while Environmental costing is rarely tested.
Section B:
Usually there are two questions from this area. Commonly tested topics are
– Relevant Costing
– Pricing
– Cost Volume Profit Analysis
– Limiting Factor
– Make or Buy or Shutdown Decisions and other Short term decisions
– Dealing with Risk and Uncertainty
Section C:
There are two questions from this area. Variances analysis is more commonly tested topics while Budgeting is also tested off and on. Every exam has some variances in it and could be basic or advanced variances.
Section D:
Performance evaluations is another area where questions always come up – very hard to learn a set method as each one is different. The important thing is to read the question carefully and make sure you link your analysis to the scenario. Commonly tested areas are
Transfer Pricing
Balance scorecard
The examiner does not like students who simply quote from the textbook, writing information that is not relevant to the question. The examiner also likes you to have an opinion – has the company done well or not? Clearly state your opinion and reasons why it is so.
ACCA F6 Exam Tips September 2017
BPP
Expect at least a couple of the OTs to be devoted to the administration of income tax and corporation tax. So, you have to be comfortable with the following:
* Due dates for the payment of income tax （including payments on account）。
* Due dates for the payment of corporation tax （including instalments for large companies）。
* Filing dates for the income tax and corporation tax returns.
* Penalties and interest for late payments and returns.
Also likely to be tested in section A are:
* VAT rules on registration, impairment loss （bad debt） relief, and SME schemes relating to cash accounting, annual accounting and flat-rate schemes.
* IHT due to lifetime transfers both in the donor’s life and on death.
* Statutory residence test for individuals.
* Identification of groups of companies for corporation tax loss reliefs and gains.
* Trading loss reliefs for both companies and sole traders.
Section B – see section A and think longer scenario!
At least 50% of your revision time has to be spent answering section C questions in the practice and revision kit.
Remember to learn the income tax and corporation tax proformas.
Calculations which require no more than two or three entries into your calculator can be included on the face of your proformas （eg time apportioning a salary）。 Calculations which are more complex （eg company car benefits） need separate workings which are properly referred （W1, W2, etc） and have a heading.
Make sure to attempt the narrative parts of the requirement – aim for as many sentences as there are marks with each sentence containing something technical. Keep your paragraphs to no more than three sentences long.
The two longest questions will focus on income tax and corporation tax. These are likely to include the following:
* Employment benefits.
* Property income.
* Adjustments to profit to arrive at trading income for both companies and sole traders –in past sittings we have seen a number of questions whereby you have to correct errors in computations included in the scenario.
* Relief for pension contributions.
* Capital allowance computations.
Kaplan
Make sure you read the tax rates and allowances in the exam. You may find they prompt you to remember things. For example, as high emission cars only receive a 8% WDA for capital allowances it may remind you that high emission leased cars with CO2 of > 130g/km have a restriction in taxed adjusted profit computations of 15%.
The badge of trade to determine if someone is self employed can be remembered using the mnemonic SOFIRM and FAST:
Subject matter of the transaction
Ownership period
Frequency of the transactions
Improvements and marketing
Reasons for sale
Motive （profit）
Finance
Acquisition （method of）
Similar transactions
ACCA F7 Exam Tips September 2017
ACCA F7 Exam Tips September 2017 Session are given below by famous tuition providers
BPP
Section A – a wide range of topics including several on consolidation and interpretation of financial statements. And expect a few questions on no—core areas such as inflation, & specialised entities.
Section B – scenario will usually consist of two/three calculations and two/three narratives. The questions are not dependent on each other and can be answered in any order.
Longer questions – two 20 mark questions, one covering interpretations and the other preparation of financial statements.
* One question likely to be in context of a single company and one in the context of a group, so you could have a single company interpretation and a groups preparation or vice versa.
* An accounts prep question may include extracts or stand alone calculations or full statements of profit or loss and other comprehensive income and/or statement of financial position.
* Both questions will cover the accounting for items from other areas of the syllabus.
* May include a short separate part, eg with a statement of changes in equity, statement of cash flows extract, earnings per share calculation or linked written topic.
* A consolidation question would include one subsidiary and often an associate, with adjustments, eg fair values, deferred/contingent consideration, PUP on inventories/PPE, interagroup trading and balances, goods/cash in transit.
* A single entity question could be preparation from a trial balance or restatement of given financial statements with the usual adjustments for depreciation, revaluation and current/deferred tax （including deferred tax on revaluations） plus a mixture of adjustments on other syllabus area, eg leases, substance over form issues, financial instruments （change in fair value or amortised cost）， share issues, government grants, inventory valuation, revenue recognition ort construction contracts.
* Interpretation questions are unlikely to be straightforward and you should be prepared to analyse a group or a single company with a significant change in the year.
Kaplan
MCQ’s can come from any syllabus area.
Consolidation of Financial Statements
For the consolidation question you will benefit from having the proforma/standard workings of your final answer set up first. For example if the question requires a consolidated SFP then drawing up the SFP with open brackets beside those numbers that do not need a standard working can get all the easy adding across 100% of the Parent and subsidiary figures. The other headings can have the standard working number written beside them instead. A couple of lines would need to be left for each section of the SFP in case other things come up in the additional information.
In addition to this setting up the standard workings can also be done. The subsidiaries’ share capital figures and the year end retained earnings can be put into these without reading any of the additional information. In addition to this the parents retained earnings figure can also be put into W5 （Retained earnings） without reading any additional narrative.
With all of the proformas and standard workings set up, it means that you are able to tackle the issues in the order that they are presented in the question. It also allows you to deal with both sides of any adjustments as everywhere is set up to make the adjustments. It hopefully prevents non-balancing accounts and means that each issue only has to be addressed once; thus helping with time management. Also if you run out of time, you will get full credit for all that you have already done provided everything is referenced through.
A similar process can be applied to the income statement equivalent of setting up final answer and workings to help tackle the issues that come up.
Single Company Financial Statements
As with the groups question, it may be possible to get the proforma of the final answer set up, particularly if the data in the question is set up with the draft financial statements rather than the trial balance. If possible it then means that open brackets can be used and the draft figures placed in them, ready for adjustments as they arise. Generally speaking there are often more adjustments required for cost of sales figure in the income statement and the PPE figure in the SFP. As such I would suggest these are likely to need separate workings rather than just a bracket beside the final answer.
If there is a topic/adjustment that you are unsure of, come back to it. You are better to get the adjustments that you are comfortable with done first. It is easy to get bogged down and waste time on a difficult adjustment at the expense of doing an easier one that appears later in the question.
Performance Appraisal
With a performance appraisal question you may be asked to calculate ratios or prepare a statement of cash flow or both. When calculating ratios, if you are unsure of a particular calculation always have a go, as even if the calculation is incorrect you will be awarded merit for your discussion of the incorrect number in the written section of the question. It also really helps the marker if you note your formula down so that your working is clearly identified.
When preparing a statement of cash flow setup you proforma immediately and begin to get the easy marks in the cash flow such as finding the movement in the cash and cash equivalent balance, and finding the movements on basic shares and loans. You will also find the operating activities section familiar and useful for scoring marks. If there are any cash items that you are unfamiliar with come back to these at the end after you have dealt with the items that you can do.
Finally, when appraising the performance of a company ensure that you always refer to the scenario provided to ensure maximum credit is awarded.
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