ACCA Exam Tips June 2010

ACCA June 2010 Exam Tips provided by Open Tuition

Tips for ACCA F7 Financial Reporting (INT)

1. Consolidated Statements of Income and financial Position with subsidiary and associate
2. Preparation of a company’s financial statements from an adjusted trial balance
3. Report on a company’s performance including ratio calculations. Maybe with a relatively straight forward cash flow
4. Construction contracts
5. IAS 8 on prior year adjustments and changes in accounting policies


Tips for ACCA Paper F8 Audit and Assurance (INT)

1. Sales system/receivables, including audit planning.
2. CAAT
3. Analytical procedures
4. Reasons for qualifying – Clarity statement
5. Events after the period end
6. Ethics and risk/client acceptanc

Tips for ACCA Paper F9 Financial Management

1. WACC / NPV / IRR
2. Debtors Management / EOQ / overtrading
3. Business Valuation etc (Q54)
4. Foreign exchange risk

Tips for ACCA P1 Professional Accountant

1. Something to do with External and Internal Actors – Student Accountant Article from August 2009 . Scenario involving chair who is also chief exec, too few neds, domination by one person and ineffective other board members. Role of Corporate Governance and critical commentary about why this company fails and how it could improve. 5 marks worth of definition about transparency and integrity
2. Report ( or memo ) requiring identification of business risks and recommendations of how to best manage those risks
3. Role, function and responsibilities of internal auditors and maybe a comparison with external auditors
4. Scenario question with some very questionable ethical activities – maybe incorporating problems for both directors and auditors


Tips for Paper P4 Advanced Financial Management

1. Big NPV involving calculation of WACC using CAPM (gearing and ungearing betas), possibly a foreign investment needing forecasting of exchange rates,
2. Financial appraisal of a business (from sets of accounts) and calculation of Z-score (in which case formula will be given)

Section B:

1. Foreign exchange risk – futures and options
2. Either interest rate risk (futures and options), or possibly Option Pricing (share options and delta hedge)
3. Written question – impossible to guess, but possibly – “Quantitative easing”. What is it? Why do it? Risk involved in doing it?

Tips for ACCA P7 Advanced Audit and Assurance (INT)

1. Audit risk ( 12/02, 6/03, 6/04 )
2. “Matters to consider and evidence you would expect to find / audit tests to be performed” ( 12/01, 6/02, 12/03, 6/05, 6/06, 12/06, 6/07, 6/08, 12/08 )
3. Going concern – Article from March Student Accountant ( 6/02, 12/08 )
4. Ethics ( Pilot paper, 6/02, 6/03, 6/04, 6/05, 6/06, 12/06, 6/07, 6/08, 12/08, 6/09 )
5. Audit reports including environmental issues, groups (Pilot paper ) and key performance indicators ( 12/08 )