lsbf bigbook of acca tips

19 Pages·2013·6.19 MB·English

BIG
LSBF BOOK
OF ACCA TIPS

www.LSBF.org.uk/ACCA
OF LBOUNSIDNOENSS S &C HFOINOALNCE
UKBSAP HOIGHNLYS TORURSTED
Contents
01 Introduction
INTRODUCTION
01
Introduction
We know that gaining your ACCA qualification is central
KNOWLEDGE ESSENTIALS
to your career plans. So we do everything possible to
ensure you pass your papers first time.
F1 P1
02-03 20-21
Accountant in Business Governance, Risk and Ethics
You will be taught by experts, chosen for their
F2 P2 dedication, experience and knowledge of ACCA. This
04-05 22-23
Management Accounting Corporate Reporting book of tips gives you further insight into each individual
paper, both from those expert tutors and the students
F3 P3 they have guided to exam success.
06-07 24-25
Financial Accounting Business Analysis
Rob Sowerby,
Director of Professional Courses
SKILLS OPTIONS
F4 P4
08-09 26-27
Corporate and Business Law Advanced Financial Management
F5 P5
10-11 28-29
Performance Management Advanced Performance Management
F6 P6
12-13 30-31
Taxation Advanced Taxation
F7 P7
14-15 32-33
Financial Reporting Advanced Audit & Assurance
F8
16-17
Audit & Assurance
F9
18-19
Financial Management
F1 Accountant in Business 02 03 F1 Accountant in Business
F1 Accountant in Business
TUTOR TIP: Isaac Osei-Kwame
For this paper you will be answering 50 questions in 120 minutes, so on average, you should spend
Gain vital insight into the role of the
2.4 minutes on each question. In order to maximise use of the time available, candidates should
avoid selecting answers too quickly or spending too long persuading themselves that their choice is
appropriate.
accountant, including the impact of
the global business environment upon K N OW L E D G E
it. This module will give you a solid
understanding of the fundamental
factors in the effective management of
Waseem Abdool Raman Rachel Valdez
Student tip: ACCA Award winner tip:
of an organisation. Start revising from the very beginning of the session Do past exam questions in an exam environment.
and continue to practise on a daily basis. This will Time yourself. Remember that time is always, always
ensure that you are confident and at ease both in of the essence – not only during the actual exam, but
your exams and at work. If you want to go far in life during revision as well.
and your career, you had better start early.
Knowledge papers www.LSBF.org.uk
F2 Management Accounting 04 05 F2 Management Accounting
F2 Management Accounting
TUTOR TIP: Brigita Petrova
Success = knowledge + speed + attention to detail.
Develop essential knowledge and an
Everything from the syllabus is examined; you need to know it all, and you need to know it well.
With an average of only 2.4 minutes available for each exam question, you need to work fast.
in-depth understanding of how to
But make sure you read each question carefully, paying attention to each detail. Some questions tend
to be worded in a confusing manner, so ensure you are answering the question being asked, and not the one you want.
prepare and process basic cost and Answer the quick questions first to gain some easy marks, increase your confidence and warm up your brain.
quantitative information to support K N OW L E D G E
management in planning and decision-
making in a variety of business
Shahzad Ali Masood Rahim
Student tip: Student tip:
contexts. Pay close attention to the precise requirement of Do mock exams and past papers in a time-bound
each question. It’s important to understand what scenario, helping you to complete exams on time.
the examiner wants before you answer the question, Moreover, the exams kits are very helpful for
rather than realising halfway through that you have understanding how examiners want you to answer a
misinterpreted the requirement of the question. question.
Knowledge papers www.LSBF.org.uk
F3 Finacial Accounting 06 07 F3 Finacial Accounting
F3 Financial Accounting
TUTOR TIP: Philip Brabin
Your preparation should involve attempting both the ACCA F3 Pilot Paper (available via the ACCA
Develop a clear understanding of the
website), as well as LSBF’s F3 mock examination, sat under exam conditions. This will develop your
exam technique, which is crucial for passing professional examinations! Ensure you fully debrief your
marked scripts, focusing your remaining revision time on those areas most in need of attention!
fundamental principles, concepts
and regulations surrounding financial
K N OW L E D G E
accounting. You will become proficient
with double-entry accounting
techniques and will learn how to
Ali Abbas Shahneel Shahid
Student tip: Student tip:
prepare rudimentary financial Firstly, you should make sure you get ACCA approved When revising, one should quickly go through the
notes. Then I would recommend going through the chapters and make a mental image of the pages.
exam kit at least twice. In the exam itself, ensure When revising through LSBF class notes, I make an
statements. that you don’t spend a single second more on each image of every page in my mind. In this way, all the
question than is necessary. topics can be easily recalled.
Knowledge papers www.LSBF.org.uk
F4 Corporate and Business Law 08 09 F4 Corporate and Business Law
F4 Corporate and Business Law
TUTOR TIP: Debbie Crossman
Pay attention to the examiner’s requirements. You must answer the question that your examiner has
This paper will develop your knowledge
set – not perhaps the one you would have liked him to have set.
So this leads me to my second tip. Enrol on a Revision Course to get that all essential practice at
of the general legal framework, and of HOW to answer YOUR examiner’s questions.
specific legal areas relating to business,
S K I L LS
recognising the need to seek further
specialist legal advice where necessary.
Mobeen Khan Mubashir Riaz Mirani
Student tip: Student tip:
The key is to strategise from an exam-focused point The important thing students need to bear in mind
of view. An analysis of the past papers and the pattern is that they have to tackle the pressure in three
of the papers can achieve a lot. The examiner’s hours and must complete the paper in time. In my
reports and answers are also great tools for experience, remembering this is the key to success.
concentrating your efforts in the most effective way.
Skills papers www.LSBF.org.uk
F5 Performance Management 10 11 F5 Performance Management
F5 Performance Management
TUTOR TIP: Jenny Cummins
Remember that this is a performance management paper. When revising different topics, think
Develop the ability to apply
about how those areas can be linked to the performance of a company.
Also, it is essential to practise questions under exam conditions.
management accounting techniques
to quantitative and qualitative
S K I L LS
information – for planning,
decision-making, performance
evaluation and control.
Muhammad Nouman Shafique Awan Cashel Ephraim
Student tip: Student tip:
Focus on gripping the basics of any particular topic, Try to complete the entire syllabus at least one
memorising the concept. When it comes to the month prior to the exam. This will ensure that you
exam, start by jotting down a few lines about the have a clear understanding of all areas of the syllabus
basic concept and then apply it to the scenario. and will allow you to dedicate the entirety of the next
This way, gaining marks might become easier. month to past paper questions.
Skills papers www.LSBF.org.uk
F6 Taxation 12 13 F6 Taxation
F6 Taxation
TUTOR TIP: Zainab Hameer
The challenge with F6 is not the complexity of the paper, but the volume of tax rules that need to
The introductory paper for taxation
be memorised. In order to nail the paper and avoid the pre-exam stress, you need to go through the
new tax rules taught each week in class.
examines all major types of tax,
including Income Tax, Corporation Tax,
S K I L LS
and VAT. You will learn the basics of
all these taxes, and will also be able to
calculate tax computations.
Raihana Kamawal Low Kang De
Student tip: ACCA Award winner tip:
Do not cherry pick topics while preparing for There isn’t any secret but what I did was to follow
your exams, as you never know what will come up. the lectures closely and make sure I wasn’t behind
And practice makes perfect, so practise as many schedule. Most importantly, practice as many past
questions as you can, arranging group study sessions year papers as possible and yes practice makes
to share your knowledge if you can. perfect.
Skills papers www.LSBF.org.uk
F7 Financial Reporting 14 15 F7 Financial Reporting
F7 Financial Reporting
TUTOR TIP: Zainab Hameer
Remember you are training to be an accountant, not a parrot! Don’t just memorise workings and
This paper covers the crucial discipline
formats, but understand the financial statements. When in doubt, always rely on your basic skills of
double entry and financial statements, and you can face any task in the exam!
of financial reporting. You will learn
both the theory behind preparing
S K I L LS
financial statements, and the methods
required to evaluate and interpret the
financial statements of a business.
Saifullah Shaikh Syed Ali Ul Hassan Gillani
Student tip: Student tip:
Divide your time equally in proportion to the marks Always try to understand the underlying concepts
available for each question/sub question. behind the given topic. While you may be able to
Make an answer plan. Even if it is only brief notes earn some marks for pure knowledge, most marks
beside the question, it will help you cover all your in ACCA exams are awarded for the application of
points and give a structure to your answer. concepts in a given scenario.

Skills papers www.LSBF.org.uk
F8 Audit & Assurance 16 17 F8 Audit & Assurance
F8 Audit & Assurance
TUTOR TIP: Elly Otieno
The best way to pass this paper is to practise lots of application type questions (questions relating
This paper will develop your
to scenarios Q1, Q3-Q5) after reading the relevant chapters. The current examiner has been testing
the syllabus very widely, so narrowing your reading is a sure way to fail.
Key areas of the syllabus include ethics, planning and risk assessment, internal controls, audit of
understanding of the assurance
specific items (substantive test) and reporting.
engagement process, and its
S K I L LS
application in the context of
the professional and regulatory
framework.
Rachel Valdez Junaid Ali
Student tip: Student tip:
Do past exam questions as well in an exam kind of To revise any ACCA paper, it is good to learn every
environment. Time yourself. Remember that time is single paragraph of the theory section and then
always, always of the essence -- not only during exam, rewrite it in your own words. While revising a
but as well as during revision. numerical question, first revise all the formulas that
are going to be used in a question.
Skills papers www.LSBF.org.uk