Master F7 with practice exams and full syllabus coverage

LSBF
BIG
book of
ACCA
TIPS
TUITION
REVISION
www.LSBF.org.uk/ACCAtips
0203 435 4643
QUESTION BASED DAYS
EXAM EXTRAS
Contents
01
Introduction
essentials
knowledge
02-03
F1
Accountant in Business
20-21
P1
Governance, Risk and Ethics
04-05
F2
Management Accounting
22-23
P2
Corporate Reporting
06-07
F3
Financial Accounting
24-25
P3
Business Analysis
SKILLS
options
08-09
F4
Corporate and Business Law
26-27
P4
Advanced Financial Management
10-11
F5
Performance Management
28-29
P5
Advanced Performance Management
12-13
F6
Taxation
30-31
P6
Advanced Taxation
14-15
F7
Financial Reporting
32-33
P7
Advanced Audit & Assurance
16-17
F8
Audit & Assurance
18-19
F9
Financial Management
01
INTRODUCTION
We understand that gaining your ACCA qualification is
the key to you pursuing a successful career. So at LSBF
we try to do everything possible to ensure your exam
preparation is as effective as possible.
This book of tips is designed to give you an insight on
each individual paper from both our team of expert
tutors and the students they have guided to exam
success. Our tutors also share their top revision
tips having recently reviewed the latest December
ACCA exams.
Rob Sowerby,
Director of Professional Courses
Introduction
F1 Accountant in Business
02
Gain vital insight into the role of the
accountant, including the impact of
the global business environment upon
it. This module will give you a solid
understanding of the fundamental
factors in the effective management of
of an organisation.
Knowledge papers
03
TUTOR TIP: Isaac Osei-Kwame

As questions are spread evenly across the learning outcomes on the study guide it is a high risk
strategy to question spot by focusing on some topics at the exclusion of others, so try and gain a
good base knowledge of all syllabus areas.
Section B requires knowledge of academic models and management theories, very few questions can
be answered by common sense alone. Time management is crucial in this paper especially Section B.
As part of your revision, time yourself while you complete mock questions.
knowledge
Waseem Abdool Raman
Rachel Valdez
Student tip:
ACCA Award winner tip:
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.
www.LSBF.org.uk
F2 Management Accounting
Develop essential knowledge and an
in-depth understanding of how to
prepare and process basic cost and
quantitative information to support
management in planning and decisionmaking in a variety of business
contexts.
Knowledge papers
04
05
TUTOR TIP: Brigita Petrova

Success = knowledge + speed + attention to detail.
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.
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
notthe one you want.
Answer the quick questions first to gain some easy marks, increase your confidence and warm up
your brain.
knowledge
Shahzad Ali
Student tip:
Pay close attention to the precise requirement of
each question. Its important to understand what
the examiner wants before you answer the question,
rather than realising halfway through that you have
misinterpreted the requirement of the question.
Masood Rahim
Student tip:
Do mock exams and past papers in a time-bound
scenario, helping you to complete exams on time.
Moreover, the exams kits are very helpful for
understanding how examiners want you to answer a
question.
www.LSBF.org.uk
F3 Financial Accounting
Develop a clear understanding of the
fundamental principles, concepts
and regulations surrounding financial
accounting. You will become proficient
with double-entry accounting
techniques and will learn how to
prepare rudimentary financial
statements.
Knowledge papers
06
07
TUTOR TIP: Philip Brabin

Your preparation should involve attempting both the ACCA F3 Pilot Paper (available via the ACCA
website), as well as LSBFs 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.
knowledge
Ali Abbas
Shahneel Shahid
Student tip:
Student tip:
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
that you dont 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.
www.LSBF.org.uk
F4 Corporate and Business Law
08

This paper will develop your knowledge
of the general legal framework, and of
specific legal areas relating to business,
recognising the need to seek further
specialist legal advice where necessary.
Skills papers
09
TUTOR TIP: Debbie Crossman

Do NOT attempt to question spot - every nook and cranny of the syllabus is examinable.
Read the question very carefully. The questions are not intended to trick you: but you need to
pick up on whether a question is asking you to select a CORRECT option, or an option that is NOT
CORRECT.
skills
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 examiners
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.
www.LSBF.org.uk
F5 Performance Management
Develop the ability to apply
management accounting techniques
to quantitative and qualitative
information for planning,
decision-making, performance
evaluation and control.
Skills papers
10
11
TUTOR TIP: Hafeez Qazi

Remember that this is a performance management paper. When revising different topics, think
about how those areas can be linked to the performance of an organisation.
Also, it is essential to practise as many questions as possible under exam conditions, especially
focusing on discursive parts.
Remember to finish Section A of the exam first within one hour (include reading time as well)
leaving two full hours to concentrate on Section B.
skills
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.
www.LSBF.org.uk
F6 Taxation
12
F6 Taxation
The introductory paper for taxation
examines all major types of tax,
including Income Tax, Corporation Tax,
and VAT. You will learn the basics of
all these taxes, and will also be able to
calculate tax computations.
Skills papers
13
F6 Taxation
TUTOR TIP: Meera Shah

The challenge with this paper is the volume of tax rules and pro formas that need to be learnt.
Practice is key - revise by doing lots of past exam questions. Time management in the exam is also
crucial; attempt to answer all questions to ensure you score enough of the easy marks in each
question to pass the paper.
skills
Raihana Kamawal
Low Kang De
Student tip:
Do not cherry pick topics while preparing for
There isnt 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 wasnt behind
And practise makes perfect, so practise as many
schedule. Most importantly, practise as many past
questions as you can, arranging group study sessions
year papers as possible and yes practise makes
to share your knowledge if you can.
perfect.
www.LSBF.org.uk
F7 Financial Reporting
This paper covers the crucial discipline
of financial reporting. You will learn
both the theory behind preparing
financial statements, and the methods
required to evaluate and interpret the
financial statements of a business.
Skills papers
14
15
TUTOR TIP: Francis Braganza

F7 now has 40 marks of MCQs, and any topic can be examined in this Section or in Section Bs 2 x
15 markers or the 30 marker. So cover the Whole Syllabus. Especially important are the accounting
standards.
skills
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.
www.LSBF.org.uk
F8 Audit & Assurance

This paper will develop your
understanding of the assurance
engagement process, and its
application in the context of
the professional and regulatory
framework.
Skills papers
16
17
TUTOR TIP: Paul Merison

Despite the new exam format with MCQs added, the majority of the marks are still for the same skills
- practical scenario based questions on the core areas of audit risk, internal controls and substantive
testing, plus ethics, audit reports and internal audit.
The only strategy for passing F8 remains practising the past exam questions in these core areas,
writing out full answers under exam time pressure, and reviewing your performance as you go. But
practise the MCQ to embed your knowledge and understanding.
skills
Rachel Valdez
Student tip:
Do past exam questions as well in an exam kind of
environment. Time yourself. Remember that time
is always, always of the essence - not only during
exams, but during revision.
Junaid Ali
Student tip:
Practise explaining audit concepts, because explaining
them is often harder than understanding them.
Also, practise the application questions on internal
controls, explaining audit risks, and substantive tests
relative to the scenarios in questions.
www.LSBF.org.uk
F9 Financial Management
Gain the key knowledge and skills
required to become a Financial
Manager. These include business and
investment appraisal, management of
capital and risk management.
Skills papers
18
19
TUTOR TIP: Lisa Kiddell

The most important thing to know about ACCA F9 is that the examiner writes very clear and
fair questions. Successful candidates are therefore those that demonstrate a comprehensive
understanding of the F9 syllabus, rather than just focusing on certain topics.
skills
Quy Phi Vinh
Maricel Garcia
Student tip:
Student tip:
There are many easy marks to be gained for each
Always make a point of reading the question first,
question. You should answer all the questions to gain
taking note of important parts and planning your
as many easy marks as possible. This is better than
answers. Conducting group discussions and finding
trying to gain one mark on a difficult question.
a study partner can also help you by allowing you to

share your understanding of the topic.
www.LSBF.org.uk
P1 Governance, Risk and Ethics

Gain the knowledge, skills and
judgement to make professional,
ethically sound decisions on business
accounts concerned with governance,
internal control, compliance and risk
management.
Essentials papers
20
21
TUTOR TIP: John Cope

Rather than learning by rote, think about why the theory is important, e.g. why the provisions in
a corporate governance code are there, and what they are trying to achieve. This will help you
understand what themes or issues the examiner is focusing on in the exam scenarios.
essentials
Abhinav Kumar
Maleeha Akbar
Student tip:
Student tip:
Often, the compulsory question is based on real-life
Dont use real world examples in theory papers such
events, allowing all three parts of the syllabus to be
as P1, P3 etc. Markers wont reward you for that
tested. You should, therefore, consider organisations
because everything they expect from you is always
with governance issues and how they control their
there in the case study, so dont waste your time
exposure to risk and any resultant ethical dilemmas.
giving references to other companies.
www.LSBF.org.uk
P2 Corporate Reporting
Learn how to evaluate various types
of financial reports, in a range of
business contexts. The paper covers
everything from financial reporting
frameworks to professional ethics.
Essentials papers
22
23
TUTOR TIP: Martin Jones

My main advice is to be aggressive. P2 can seem daunting and overwhelming and I think it helps to attack
the paper as if your life depended upon it.
The key to this paper is section B and, of course, metronomic time keeping.
essentials
Raihana Kamawal
Hendri Lee
Student tip:
Take those subjects that are linked to one other. For
Writing quickly and knowledge of FRSs are essential
instance, P2 and P7 go really well together.
for this paper, as is paying total attention to your
Moreover be focused and understand each area of

the syllabus in depth.
tutors understanding the concepts they explain is

crucial.
www.LSBF.org.uk
P3 Business Analysis
This paper is about what businesses
can do to improve profits.
At the end of the course, you will
have developed your analytical skills,
and your ability to identify WHY
issues affect an organisation and why
businesses take certain actions.
Essentials papers
24
25
TUTOR TIP: David Laws

Learn the models, learn when to use them, learn how to interpret them. In other words, practise lots
of past questions.
Above all though, apply the models to real life. If you start writing theory - you are missing the point the paper is about applying ideas.
essentials
Rachel Valdez
Usman Ghani
Student tip:
Student tip:
Apply theories by answering past exam questions and
Students should try to form study groups to
using the revision kit. Practicing gives you a better
reinforce what they have read in books. This will help
understanding of study notes and texts. Make sure
them to pass exam papers as they know better than
you answer the questions without the answer key
those who only studied from given materials.
and note your mistakes so you wont repeat them.
www.LSBF.org.uk
P4 Advanced Financial Management
26
P4 Advanced
Financial Management
Develop the knowledge you need to
exercise professional judgment as
a Financial Executive or Financial
Advisor, at a senior level. You will study
investment appraisal, risk management
and mergers, amongst other topics.
Options papers
27
P4 Advanced Financial Management
TUTOR TIP: Frederick Aikon

Most P4 questions are divided into different parts, so try to answer all aspects as reasonably as you
can within reasonable time. Make sure you answer the easy questions first and in answering the
questions your answers should relate to the scenario of the question.
options
Rachel Valdez
Wilson Tan Kee Hoong
Student tip:
A month before the exam, if time permits, do the
Most P4 topics can be mixed into a single question, so
revision kit again. Otherwise, do those questions you
it is impossible to practise all possible combinations
had a hard time answering/understanding.
of question. Thus, knowing the concept well will help
Be consistent, persistent, work smartly, and lastly,
us recognise what the question is actually asking and
have faith in yourself!
help us answer the question correctly.
www.LSBF.org.uk
P5 Advanced Performance Management
P5 Advanced
Performance Management
Learn vital strategic management
accounting techniques and how to
apply them in different contexts.
A central part of this is evaluating the
performance of global organisations
and their strategic development.
Options papers
28
29
P5 Advanced Performance Management
TUTOR TIP: Marcus Dankwah

Remember to always answer the question youre most confident on first. During the three hours,
make sure you thoroughly read the scenario to highlight all the important information given. Then
make sure your answer relates to each scenario.
options
Atif Hashaam
Cheng Jun Hong Paul
Student tip:
Start from scratch and keep on scratching. What
There are no secrets, just pure hard work.
dents the students performance more is not failing
Its essential to study everything, the lecture notes
to read and understand stuff, but pretending that
were very useful for revision and my tutors gave me
you know. Even if you know something, revise it
total support.
thoroughly before you sit the paper.
www.LSBF.org.uk
P6 Advanced Taxation
30
Develop the ability to make
well-informed business decisions based
on insight into the impact of large-scale
taxation. A large part of this ability
comes from accurate evaluation of an
organisations performance.
Options papers
31
TUTOR TIP: Carolyn Napier

Always start with the question you know you can do well first and then move on to your next best
question and so on. This will build your confidence as you work through the paper ensuring you get
as many marks as you can.
options
Salman Samnani
Cashel Ephraim
Student tip:
Student tip:
Be Committed!
Look at the trends in past exams, and focus on topics
Be Dedicated!
which come up very frequently. In some papers there
Ask if you dont understand, and practise, practise
are certain topics that will always be tested, and it
and practise youll pass the exam!
is important to have a clear understanding of those

topics because they are giveaway marks in the exam.
www.LSBF.org.uk
P7 Advanced Audit & Assurance
32

Learn to analyse the issue of assurance
engagement, and other audit and
assurance issues, bearing in mind best
practice and current developments.
You will also discover how to obtain
evidence for use in audit management.
Options papers
33
TUTOR TIP: Paul Merison

The core areas of audit risk analysis, suggesting audit tests/evidence, audit reports, ethics and nonaudit assignments come up on virtually every sitting, so these are the areas that must take 90% of
your preparation time and question practise.
When practising questions, aim to write at least 2-3 lines per point you want to make, and explain
everything you say.
options
Qudisa Khalid
Kunal Durjan
Student tip:
Cover the whole course. Do not leave any area.
Manage your time well, and discuss every topic you
Most importantly, master the core topics - practice
find yourself confused about with your tutor. Talk
them so well that you look at the question and you

can see how the answer should look like.
to your friends about these topics too. Prepare in

advance, and always tell yourself you can do it. Think
positive, be positive, practise. Practise and practise.
www.LSBF.org.uk
London campus
22 Billiter Street, London, C3M 2RY, UK
Tel: +44 (0) 203 435 4643
Email: professional@LSBF.org.uk
www.LSBF.org.uk/ACCAtips

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LSBF

QUESTION BASED DAYS

TUTOR TIP: Isaac Osei-Kwame

ACCA Award winner tip:

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.

TUTOR TIP: Brigita Petrova

TUTOR TIP: Philip Brabin

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

that you dont 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.

F4 Corporate and Business Law

F4 Corporate and Business Law

F4 Corporate and Business Law

TUTOR TIP: Debbie Crossman

Mubashir Riaz Mirani

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 examiners

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.

TUTOR TIP: Hafeez Qazi

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.

TUTOR TIP: Meera Shah

ACCA Award winner tip:

Do not cherry pick topics while preparing for

There isnt 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 wasnt behind

And practise makes perfect, so practise as many

schedule. Most importantly, practise as many past

questions as you can, arranging group study sessions

year papers as possible and yes practise makes

to share your knowledge if you can.

TUTOR TIP: Francis Braganza