PQ magazine is for part qualified accountants.
Read the latest web issue here if you like what you see sign up today
ACCA March exam tips
03 March 2017
YOUR ACCA MARCH 2017 EXAM TIPS
Planning & operational variances.
Mix& yield variances
Evaluation of the company performance (either as a whole, or on a divisional basis).
Administration of income.
Due dates for income tax, payments on account.
Due dates for corporation tax, installments for large companies.
Filing dates income & corporation tax.
Penalties & interest for late payments & returns.
VAT rules on registration, impairment loss (bad debt) relief, and gains.
Trading loss reliefs for both companies and sole traders.
Section B & C
The two longest questions will focus on income & corporation tax, and will include (likely):
- Employment benefits.
- Property income.
- Relief for pension contributions.
- Adjustments to profit.
- Capital allowance computations.
10 marker questions on VAT, IHT or CGT.
Expect a few questions on consolidation and interpretation of financial statements.
Two 20 mark questions, one covering interpretations and the other preparation of financial statements.
Context of a single company interpretation & preparation, a significant change in year.
Context of a group interpretation & preparation, a significant change in year.
Statement of changes in equity.
Statement of cash flows extract.
Earnings per share calculations.
Consolidation one subsidiary and often an associate, with adjustments. Could be fair values, deferred/contingent consideration, PUP on inventories/PPE, intergroup trading and balances, or goods/cash in transit.
Single entity trail balance or restatement, with adjustments for depreciation, revaluation and current/deferred tax. Plus a mixture of leases, substance over form issues, financial instruments, share issues, government grants, inventory valuation, revenue recognition or construction contracts.
Audit risk identify and explain audit risks and the auditors response to each.
Internal controls deficiencies and recommendations, or description of tests of controls.
Audit procedures substantive procedures and tests of control.
The concept of shareholder wealth.
Fiscal and monetary policy.
The efficient market hypothesis.
Working capital management operating cycle, impact of a change in credit period or accepting a factors offer.
Business or security valuations methods of valuation.
Financial risk management currency risk, or aspects of interest rate risk.
Working capital management.
Investment appraisal NPV with inflation and tax.
Business finance evaluation of financing options (interest coverage and gearing ratios).
Cost of capital calculation.
First Intuition tips
50 mark scenario question, to include: ethics, governance and risk management.
AAA model on ethical issues.
Optional questions to include: evaluation of risks and their mitigation, board structures, the role of the professional and corporate ethics.
Q1: Group question on disposals or step acquisitions.
Share based payments.
Three strategic lenses.
Critical success factors.
Porters generic strategie.
Harmons process strategy mix.
International investment appraisal techniques focusing on risk management tools such as value at risk.
Traditional debt finance & Islamic finance Sukuk Bonds.
Financing strategy business valuation.
Critique an existing performance management system and the performance hierarchy.
Quality as a critical success factor.
Effective use of information systems.
Reward systems linked to performance measures.
Performance model (balanced scorecard, building block model or performance pyramid).
Economic value added.
Cessation of trade (unincorporated) basis periods and loss relief.
Transfer pricing and thin capitalization.
VAT option to tax and partial exemption.
EIS, SEIS and VCTs.
Business or audit 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.
Insolvency issues (UK Stream).
Discussion on current issues.
Subscribe to RSS