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More ACCA March exam tips...
03 March 2017
MARCH 2017 ACCA EXAM TIPS FROM LSBF
• The whole syllabus!
• Divisional performance & transfer pricing.
• CVP analysis.
• Decision tree analysis.
• Budgeting theory.
• The entire syllabus, including the more obscure standards – recent questions covered government grants, borrowing costs, investment properties, etc.
• Ratios and interpretations.
• Published accounts with standards, including cash flow aspects.
• For MCQs focus on ethics, especially threats to objectivity & corporate governance principles.
• For the three long questions:
- Substantive procedures - purchases or inventory.
- Internal control objectives, deficiencies and procedures, tests (purchase or inventory).
- Audit risk & response practical scenario.
- Audit reports scenario, with KAM and MURGC.
- Internal audit pros and cons of outsourcing, comparison with external audit.
- Different levels of assurance.
- ISA 220, 240, 250, 260, 560, 610, 720.
• Foreign exchange risk.
• Working capital management.
• Investment appraisal.
• Business finance.
• Q1: Balance sheet or CFS.
• Q2&3: Usual mix of revenue and PPE and intangibles and impairment and discounted and financial instruments, and the rest!
• Q4: Current issues on provisions or groups.
• External analysis.
• Evaluation of strategic choice using SFA
• Relevant costs in decision-making.
• Improving business processes/Harmon.
• Scenario planning
• Management of risk.
• Valuation with mergers and acquisitions.
• Or, corporate reporting.
• Hedging foreign exchange risk.
• International investment appraisal.
• Selection of KPIs.
• Technology & performance management.
• Budgeting impact.
• Building block model.
• Divisional issues & selection of KPI.
• IHT with the death estate including BPR and APR and lifetime gifts gifts with reservation and relief for a fall in value.
• Domicile including deemed domicile and election to be treated as UK domiciled and deed of variation.
• Group question, sale of shares versus sale of the trade and assets.
• Overseas aspects of corporation tax – branch versus subsidiary and controlled foreign companies.
• Relief for trading losses made by a sole trader/partnership at the beginning or end of the trading cycle.
• Choice of accounting date made by an unincorporated business.
• Cash basis of accounting .
• Residency rules, remittance basis and overseas aspects of income tax.
• Investment in a VCT the theory versus investing in a registered pension scheme.
• Overseas aspects of VAT.
• Share incentive plan versus EMI share option scheme.
• Ethics – conflict of interest or duties of a senior accounting officer.
• Audit risk, for a group.
• Extra information needed to assess those risks.
• Accounting matters and audit evidence.
• Ethics and prof issues including:
- Money laundering.
- Quality control.
* Audit reports including KAM and MURGC.
* Social/environmental or public sector disclosures – evidence.
* UK stream – insolvency.
* ISA 250, 260, 510, 560, 720.
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