Exam Tips June 2016

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ACCA Exam tips June 2016
F5 MCQs on the whole syllabus.

ABC.
Environmental accounting.
Limiting factors.
Relevant costing.
Flexed budget and budgeting discussion.
Transfer pricing.
Mix and yield variances.
F6 Employment benefits.
Basis periods.
Partnerships.
Pensions.
Loss relief for individuals and companies.
Groups of companies.
PAYE.
Administration of tax.
VAT small company schemes.
CGT: Entrepreneurs relief, PPR, share disposals.
Interpretation of accounts including ratio calculations
and written analysis
Preparation of consolidated SFP and/or SPL with
associate, PUP and fair value adjustments.
Preparation of single company accounts including
tangible non-current assets, intangible assets, taxation
and IFRS 15. Possible written element or EPS
calculation.
Ethics.
Audit risk and auditor response.
Internal control - deficiencies, implications and
recommendations.
Audit evidence and substantive testing.
Subsequent events, written representations and going
concern.
Modified auditors reports.
LSBF
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* Ethical threats and safeguards.

* Audit risk and response.
* Internal controls.
* Deficiencies/procedures/tests over sales.
* Substantive testing trade payables and receivables,
and bank.
* Audit report scenarios.
* Internal audit VFM audits.
* Reliance on internal auditor by external auditor.
F9 Discussion of the economic environment and the impact
on interest and exchange rates.
Working Capital Management receivables and
payables plus operating cycle.
Investment appraisal & cost of capital.
Business valuations.
Risk management (currency risk calculations)
P1 50 mark scenario question, to include: ethics,
governance and risk management. Optional questions
to include: Importance of internal controls, directors
remuneration, business risks and their mitigation,
integrated reporting and one v two tier board structures
P2 Q1: Group question on disposals or cash flows.
Ethics.
Revenue recognition.
Leases current issue.
Deferred tax.
Share based payments.
Pensions
P3 Section A
Environmental analysis, people with financial analysis.
Section B
Project management.
Strategic action.
Information technology pricing strategy
P4 International investment appraisal techniques focusing
on risk management tools such as Value at risk.
Impact on WACC following hedging of interest rate risk.
Capital structure; traditional debt finance & Islamic
Finance Sukuk Bonds.
Financial restructuring.
(ACCA, CMA, CPA) 2
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P5
Critique an existing performance management system
and the performance hierarchy.
Quality as a critical success factor.
Value based approaches to performance management.
Effective use of information systems.
Environmental performance/analysis.
Balanced scorecard or Performance Prism.
P6
Group relief and consortium relief for companies.
Incorporation relief.
IHT planning.
Patent box.
Share schemes.
* IHT with the death estate including BPR and APR and
lifetime gifts into a trust and gifts with reservation.
* Domicile including deemed domicile and election to be
treated as UK domiciled.
* Group question, involving losses, group relief.
* Research and development options for a large
enterprise.
* Change of accounting date and trading losses made
by an unincorporated business.
* Capital gains tax including entrepreneurs relief, shares
matching rules and gift relief
* Incorporation relief.
P7 Business risks in a scenario.
Identifying ethical and other professional issues in a
scenario.
Matters to be considered and audit evidence for a
couple of core accounting issues.
Money laundering.
Insolvency issues.
Discussion on audit reports.
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BPP's JUNE 2016 EXAM TIPS
F5
Q1-3: All areas of the syllabus!
Q4: Planning and operational variances, mix and yield variances, and
evaluation of company performance.
F6
Employment benefits.
Property income.
Relief for pension contributions.
Adjustments to profit to arrive at trading income for both companies and sole
traders.
Capital allowance computations.
Likely 10 mark questions on VAT, IHT and CGT.
F7
Q1-2
Interpretation or statement of cash flows.
Consolidation (if Q3 is not a consolidation).
Other possibilities - conceptual framework, intangible/tangible assets and
impairment, provisions and contingencies, revenue and grants, financial
instruments, discontinued operations/assets held for sale, or earnings per
share.
Q3
Financial statement preparation (30-marker).
Single entity or a consolidation (statement of profit or loss and other
comprehensive income or/and statement of financial position).
Statement of changes in equity, statement of cash flows extract, earnings per
share calculation or linked written topic.
Consolidation including one subsidiary and often an associate, with
adjustments, eg fair values, deferred/contingent consideration, PUP on
inventories/PPE, intragroup trading and balances, goods/cash in transit.
Single entity preparation from a trail balance or restatement of given financial
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statement with usual adjustments for depreciation, revaluation and

current/deferred tax.
F8
Q1-4
Ethical threats and safeguards.
Corporate governance and internal audit.
Audit planning, materiality, audit procedures (especially substantive
procedures), audit finalisation and audit reports.
Q5-6
Audit risk
Internal controls
Audit procedures substantive procedures and tests of control.
F9
Calculations on improvements to improvements to receivables management
early settlement discounts and factoring.
Weighted average cost of capital calculations components.
Ration analysis to support financing decisions.
NPV calculations, possibly correcting an incorrect NPV given by the
examiner, which includes incorrect tax and inflation calculations.
P1
Read any new articles recently published by the examiner.
Use of stakeholder.
Ethical and other CSR theories applied to scenarios
Use of risk and governance board directors, remuneration and reporting.
P2
Section A
Preparation of a statement of financial position and/or a group statement of
profit of loss, and other comprehensive income or statement of cash flows. This
may include foreign subsidiary, discontinued activities, disposals and/or
acquisitions. You can add accounting complications to this, such as financial
instruments, pensions, share-based payment and impairments.
Accounting adjustment and social/ethical/moral aspects of corporate reporting.
Section B
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Q2-3
Deferred tax, foreign currency transactions, financial instruments, pensions,
share-based payment, non-current assets (recognition and/or impairment of
tangible and intangible assets), borrowing costs, the effect of accounting
treatments on earnings per hare or ratios.
Industry-based testing range of standards such as accounting policies and the
framework, leases, grants, IFRS for SMEs, reorganisations, provisions, events
after reporting period and related parties.
Q4
Current development in corporate reporting and problems with existing
standards revision of the conceptual framework, regulatory issues over
adoption and consistent application of IFRSs, implementation issues,
application of the definition of control and significant influence (equity
accounting), improvement in performance measurement, classification in profit
or loss vs OCI, integrated reporting, revenue recognition.
Group accounting.
P3
Integrated reporting will increasingly feature in P3.
Project management.
Times series, relevant costing, decision trees and decision making techniques.
Role of corporate parent, including BCG matric/Ashridge.
Business process change, including the POPIT model and Harmons process-
strategy matrix.
E-business, e-marketing, and the impact of Big Data on areas like the 7Ps and
CRM.
P4
Q1
Project appraisal domestic and overseas.
Business valuations cost of capital calculations.
Risk management (hedging).
Q2-4
Risk management currency or interest rate.
Business re-organisation.
(ACCA, CMA, CPA) 6
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Real options.
Ethics and general financing issues dividend policy.
P5
Q1
Numerical techniques KPIs, EVA, transfer pricing, financial reporting
measures, analysis of quality related costs, ABC.
Performance management frameworks building blocks model or balanced
scorecard.
Know the difference between evaluating a performance report and evaluating
the underlying performance of the organisation.
Q2-4
Quality management Six Sigma.
Information reporting CSFs and KPIs, non-financial performance indicators.
HR frameworks reward & appraisal systems.
Risk management and environmental management accounting.
Performance management frameworks building blocks, performance
pyramid, balanced scorecard.
P6
Groups of companies with overseas aspects.
Unincorporated business particularly loss relief or involving a partnership.
Capital gains tax versus inheritance tax.
Overseas aspects particularly the new rules on residence.
Personal service company.
Company purchase of own shares.
Enterprise investment schemes/venture capital trusts.
Change in accounting date.
Takeover.
VAT partial exemption.
Transfer of trade versus sale of subsidiary.
Disincorporation relief.
Pension contributions.
Patent box, research and development expenditure.
(ACCA, CMA, CPA) 7
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P7
Section A
Planning, risk assessment, evidence gathering and practice management
issues.
Non-audit engagement, with the prospective financial information (PFI) or due
diligence.
Audit completion or consolidated groups.
Section B
Audit evidence and financial reporting issues.
Practice management, including ethics and quality control.
Reporting issues, including completion and communication
(ACCA, CMA, CPA) 8

Exam Tips June 2016

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Exam Tips June 2016

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Contact: +923327670806

ACCA Exam tips June 2016

F5 MCQs on the whole syllabus.

* Ethical threats and safeguards.

ACCA #BPP #ExamTips

statement with usual adjustments for depreciation, revaluation and

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