ACCA Exam Tips

ACCA Exam Tips June 2023

ACCA Exam Tips
 The secrets of exam success 

Important Topics

ACCA EXAM Tips June 2023 Important Topics

PM EXAM Tips (Performance Management)

  1. Activity-Based Costing
  2. Throughput Accounting
  3. Variance Analysis
  4. Linear Programming
  5. CVP
  6. Pricing
  7. Risk and Uncertainty
  8. Performance Management

TX EXAM Tips (Uk Taxation)

  1. Individual Income Tax along with Partnership
  2. Corporate Tax
  3. Vat
  4. Inheritance Tax
  5. CGT

FR EXAM Tips (Finance Reporting)

  1. Consolidation
  2. Final accounts
  3. Ratio
  4. MCQs can be from anywhere

Questions to practice Final Accounts

  • PRICE WELL
  • XTOL
  • KANDY
  • TRIAGE

Questions to practice Consolidation

  • POLESTAR
  • PENKETH
  • PELISTAR
  • DARGENT
  • LAUREL

Important Questions to practice Ratios & Cash-flow

  • HARDY
  • PINTO
  • BENGAL
  • FUNJECT
  • MOWAIR

AA EXAM Tips (Audit and Assurance)

  1. Ethic
  2. Corporate governance
  3. Reporting
  4. Internal Controls (sales, Payroll, Purchases)
  5. Substantive Procedures (Cash cycle, revenue, and fixed asset)

FM Exam Tips (Financial Management)

  1. Investment appraisal
  2. The weighted average cost of capital
  3. Forex
  4. Sources of Finance
  5. Working Capital

SBL EXAM Tips (Strategic Business Leader)

  1. PESTEL
  2. Porter 5 Forces
  3. Human Resources
  4. Swot Analysis
  5. SFA Model
  6. Value Chain
  7. E . business, E-Marketing
  8. BCG Matrix
  9. Financial Information
  10. Internal Controls
  11. Corporate Governance
  12. Pestel/P5F/ Str Position
  13. Swot/Tows
  14. Corporate Portfolio
  15. Growth Strategies
  16. Culture
  17. E-Business / 61/ 7P
  18. IT Risk / Security / Cloud
  19. Harmon Process Matrix
  20. Context Change
  21. Outsourcing/ shared services
  22. Financial Proj/ Analysis
  23. Stakeholder/ Mendelow
  24. Prof/ Ethical behavior
  25. Agency / Conflict of interest
  26. NEDs/ Board Comm
  27. Family-owned business
  28. Integrated Rep/ 6 Capita

SBR EXAM Tips (Strategic Business Reporting)

  1. Consolidated cash flow statement
  2. consolidated income statement
  3. IAS 19
  4. IAS 37
  5. IFRS 8
  6. IFRS 10
  7. IFRS 16
  8. IFRS 15
  9. IFRS 13
  10. IAS 38
  11. Financial Instruments

APM EXAM Tips (Advanced Performance Management)

  1. ABC
  2. BCG Matrix
  3. Ash-ridge Model
  4. Performance management
  5. Corporate Failure
  6. HR

AAA EXAM Tips (Advanced Audit and Assurance)

  1. Business Risk and ROMM
  2. Audit Procedure
  3. Ethic and quality control
  4. Sufficiency and Appropriateness of audit evidence or matters
  5. Due Diligence
  6. Forex
  7. Audit  report (Critical appraisal or matters)
  8. Current issue ED ISA540

However ACCA Exam Tips all are just guesses based on research and our Experience, Please do not ignore the other areas as well

See Also:

Preparing for ACCA exams can be daunting, but there are some steps you can take to set yourself up for success. First, make sure you understand the exam structure and regulations. Knowing what to expect on the test day can help reduce any excess anxiety. Next, create a study plan and stick to it. This can include attending classes, studying with a group or on your own, and taking practice exams to gauge your progress. It’s also important to take breaks during your studying, so you don’t burn out.

ACCA exams can be hard to pass, but with proper preparation, you can increase your chances of success. One helpful tip is to create a study schedule and stick to it. This will ensure that you cover all the essential topics and give yourself enough time to review.

It’s also important to practice with past exam questions and review any topics you struggle with before the exam day. Additionally, remember to take breaks and maintain a healthy lifestyle; stress and fatigue can impact your performance on the test. You can pass the ACCA exams and reach your goals with persistence and focus.

ACCA exams contain various question types, including many choices, written responses, and case studies. Each type of question serves a different purpose, ensuring that students are well-prepared for real-world application in the workplace.

Many choice questions test knowledge and understanding of a concept, while written responses assess problem-solving skills and the ability to communicate solutions. Case studies bring the concepts to life,

Requiring students to apply their understanding in a realistic scenario. The exam format also includes exercises, allowing students to demonstrate their practical financial analysis and reporting skills. Overall, ACCA exams provide a comprehensive assessment of a student’s competency in accountancy.

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How To Pass ACCA PM

How To Pass ACCA PM

How To Pass ACCA PM

Total 3 hours for the exam + 15 minutes of reading time

Overall, approximately 50% of the exam involves calculations, and approximately 50% is written.

How To Pass ACCA PM (Performance Management) ”Previous known as F5′

One of the toughest paper in Skills level, Part 2 for students because of two reasons, One student don’t know how to do theoretical commentary in the questions, another reason is a poor presentation by the students and the third reason is Examiner is strict.

Performance Management requires to clear your concepts and writing skills,

After each class at least once practice the questions, Calculation part, as well as theoretical parts(commentary) Practicing commentary parts as well

First, write the theory(Commentary) yourself and then look at the examiner’s solution to find how much of your answer is similar or near to similar to the Examiner’s solution.

How To Pass ACCA PM – Practice maximum MCQs and 4 to 5 questions at least from past papers Computation and commentary part

The examiner wants QUALITY not QUANTITY

Performance Management (PM) Pass Rate

43%39%42%38%41%
Dec 2021March 2022 June 2022 Sep 2022Dec 2022

How to pass Finance Reporting (FR)

How To Pass ACCA FR

How To Pass ACCA FR = (Finance Reporting) ‘Previously known as F7’

Finance Reporting Overview

FR is an advanced-level paper of FA(F3). if you have passed FA with good marks then FR not going to create many problems for you, but definitely the skill and difficulty level will be raised.

Finance Reporting is a mixture of theoretical as well as calculation, and the main thing to know is to pass this paper understanding IAS / IFRS is very important to pass it.

If you are lacking in IAS/IFRSS concepts it will lead to failure, So you just need to learn it

Just after every class make points from them and have a look at them, then practice questions.

Watch the Solutions of 20 marks questions to learn how to do excel on questions, how to do the presentation of your questions so that you can learn how to present your answer in Excel well which can help you score well on allotted MCQs marks

Mainly this is a numeric focused paper with a very less part of the theory

The main thing to know is to pass this paper understanding IAS / IFRS is very important to pass it.

If you are lacking in IAS/IFRSS concepts it will lead to failure, So must take classes from ACCA-approved learning partners in your area.

Learn how to solve the MCQs in the allotted time and how to save your time in MCQs

Learn how to use Microsoft Excel in questions, and how to do the presentation of your questions so that you can learn how to present your answer in Excel impressively which can help you to score good marks in FR.

How To Pass ACCA FR – Keep practicing the questions from past papers

Capabilities Required To Pass FR

  1. The conceptual and regulatory framework for financial reporting
  2. Accountings for transactions in Financial Statements
  3. Preparation of Financial Statements
  4. Analysis and interpretation of Financial Statements

Keys to Success

  • Understand the basics well, Include assumed knowledge
  • Full coverage of the syllabus
  • Do not try to get the answer 100% correct, focus on the easier parts more
  • Question Practice to get experience and learn time management skills

The examiner wants QUALITY not QUANTITY

FR Pass Rate

51%51%47%50%46%
Sep 2018Dec 2018Mar 2019June 2019Sep 2019

FR

ACCA Financial Reporting FR F7

ACCA Financial Reporting (FR)

Previously Known as F7 ¬ ACCA FR Textures

Miscellaneous Topics

Books & Revision Kits

FR Video lectures

ACCA Member acca qualification
ACCA Member Journey

Financial Reporting FR (F7) is the 7th paper of ACCA & and the advanced level of FA (F3).

ACCA FR Relation with other papers of ACCA
ACCA FR Relation with other papers of ACCA

This paper deals with Financial accounting.

The main purpose of this paper is to build capabilities & skills in applying International Accounting Standards and theoretical framework. and interpretation of Financial Statements

Financial Statements

  • Statement of Financial Position (Balance sheet)
  • Income Statement
  • Statement of cash flow
  • statement of changes in equity
  • Disclosure of Financial Statements

FA is mainly a calculation-based paper- Examiner wants you to apply standers on different scenarios which are given in the exam paper

For Example, a question in the exam is from IFRS 16, So for the most problem examiner with the check, your knowledge and application of this stander as technically as He/She can.

But if you have a full grip on International Accounting Standers And IFRS, Then believe exam questions will be just a child’s play for you and you will pass this Exam Easily

FR Paper Pattern

  1. Section A: 15 Objective Test Questions, 2 Marks each 30Marks)
  2. Section B: 3 OT Case Questions. Each case contains 5 OT Questions (30Marks)
  3. Section C: 2 Constructed Response Questions, 15Marks each (40 Marks)
    • Interpretation of Financial Statements
    • Preparation of Financial Statements (Individual or Group)

If we calculate time per mark, it’s 1.8 Minutes per mark.

So we have

  • 54 minutes total for section A
  • 18 Minutes for each question in section B
  • 36 Minutes for each question in section C

Exam time allocated 3 Hours
Passing Marks 50

ACCA FR Syllabus 2023

The Conceptual and Regulatory Framework for Financial Reporting

  • Property Plant Equipment
  • Intangible Assets
  • Inventory
  • Biological Assets
  • Impairment of assets
  • Financial instrument
  • leasing
  • Provision and event after the reporting period
  • taxation
  • Reporting Financial Performance
  • Revenue
  • Government Grant
  • Foreign Currency transaction

FR Pass Rate

Dec 2017Jun 2018Dec 2018Jun 2018Dec 2019
49%50%51%50%46%

Also, Read
How to pass ACCA FR
ACCA Exam Tips

ACCA AAA Syllabus 2023

ACCA Advanced Audit and Assurance AAA

ACCA AAA (Advanced Audit and Assurance) – Previously known as P7 – AAA, And ACCA

ACCA AAA Syllabus 2023

AAA Syllabus includes two sections

1: Audit of historical Financial Statements (All syllabus of AA)

Acceptance of Audit
Audit planning & Risk Assessment (18-24 Marks Normally in Question No 1)
Audit Evidence (20-30 Marks Normally It can be tested anywhere in the paper, in any part out of 3)
Review (Around 15 Marks in every paper)

2: Other Areas
Two sections in this area

Ethic & Practice Management.
(Around 20 Marks from this area)		Other Assignments
(Q3 10-20 Marks Normally)
Audit RegulationForensic Audit
Code of ethicsPFI
Audit QualitySocial & Environment Audit
Advertising Professional servicesAudit of performance information of public sector
Due diligence

Paper Pattern

  • Question 1 50 Marks Case study and can b from
    • Risk (Must)
    • Audit Procedure (Usual)
    • Ethic (Usual)
    • Any other topic from the syllabus
  • Question 2:
    • Review and report (Must)
    • Any other topic can be tested with a review
  • Question 3:
    • Other assignments + any other topic can be tested here

Books & Revision Kits

How to pass AAA (Tips and Tricks)

AAA video lectures

AAA Pass Rate

Dec 2018March 2019June 2019Sep 2019Dec 2019
31%30%31%36%30%

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How to Pass ACCA AAA

How to Pass ACCA P7 AAA

How to Pass ACCA AAA Advanced Audit and Assurance, Answering Techniques

How to Pass ACCA AAA

Regulatory Environment

Syllabus Area A, B & C

  • Law and Regulations
  • Money Laundering

Professional and Ethical Considerations

  • Code of Ethics
  • Fraud and Error
  • Professional Liability

Practice Management

  • Quality
  • Obtaining and accepting professional assignments

Commonly Tested Requirements

Comment on the

  • Ethical
  • Professional
  • Quality Control
  • And other issues
  • And Recommend Further action to be taken

Ethical:

identify the issue from the scenario, Link to IESBA’s code of ethics and write the relevant safeguard from the code.

Professional:

Identify issues from the scenario related to the WAY the audit work has been done, explain why it is wrong and what impact it will have on the audit.

Quality control:

identify the issue from the scenario related to the WAY the audit work has been done, explain why it is wrong and link it to the element of Quality control (ISQC or IAS) that has not been conducted properly.

Recommend further action:

what steps should the auditor take next regarding each issue identified and discussed above?

1. Answering technique for Risk of Material Misstatement in Financial Statement.

  1. Comment on Materiality
  2. Write the relevant IFRS/IAS treatment
  3. Explain the risk, Make sure you clearly mention which part of the F/S (Amount or Disclosure) is under or overstated

2. An answering technique for Matters to consider and Audit Evidence or Audit Procedure

Matters to consider

  • Comment on Materiality
  • Relevant IFRS treatment (there might be more than on IFRS!)
  • Risk/other issues based on the information given in the scenario

Audit procedures OR evidence

  • Substantive testing: inspection, Enquiry, External confirmation, recalculation, discussion, etc
  • Audit Evidence: Start your answer with ‘I would expect to see…’

3. The answering technique for Audit Opinion and audit Report

The question would normally begin with matters that need to be discussed with the management at the completion stage or further procedures at the completion stage. These will be answered by writing further procedures/ discussions that need to be done based on the information given.

The question will then ask for an impact on audit opinion and audit reports.

Writing the opinion
  1. Mention whether it is a misstatement or an inability to get the sufficient appropriate evidence
  2. Calculate and explain whether it is immaterial OR material OR pervasive
  3. Decide and write the opinion: Unmodified or modified. IF modified, explain the TYPE of opinion QUALIFIED EXCEPT FOR or ADVERSE or DISCLAIMER of opinion.
Writing the impact
  1. if the opinion is modified (above), explain the changes to the audit report
    • The heading of opinion and basis for opinion paragraph will change, explain what the headings will be
    • In the basis for opinion paragraph, nature, amount, IFRS and impact will be explained
  2. Evaluate whether any additional paragraph will be needed, for example, MUGC, EQPM, or OMP or maybe something needs to
Critically Evaluate an Audit report extract

Find answers to the following:

  1. Is the type of opinion correct?
  2. Opinion and basic for opinion paragraph Headings correct?
  3. Basic for opinion (All FOUR of these mentioned? Nature, amount, impact, IFRSs)
  4. Additional paras: Need? if yes, placement is correct?
  5. KAM: Do matters identified as KAM actually fulfill the criteria of being called KAM? introduction proper i.e to explain the concept of KAM etc.? Significance of issues identified as KAM and how these affected auditors’ efforts explained? How each KAM was addressed in the audit explained? placement of the paragraph correct?
  6. Unprofessional wording?
Communication
  • Required format
  • with a professional tone and use of language
  • avoiding ambiguity, unnecessary explanations, and repetition.
  • Language concise, clear and factual
  • use ‘justifying’ words, such as ‘because’, For example ”I recommend you this because…..”

Conclusion:

  • Conceptual knowledge of course of AAA
  • Good command on IFRS
  • Must knows exam technique
  • Must be able to apply those technique and draft answer as per those technique
  • First 2 points are 40% – and last 2 points are 60%
    Normally students prepare only 40% but don’t knows how to apply it practically

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SBL Tips and Techniques

How to pass ACCA SBL - Tips and Techniques

How to pass SBL – Tips and Techniques

This is a technical article on how to pass SBL and SBL Tips and Techniques for students.

  1. One of the issues students face in the exams is to handle the case study in the allotted time.
  2. To handle this exam effectively and efficiently, You, must plan your paper for 40 to 50 Mins at least and then start a draft answering the answers…
  3. If you think that it is just a combo of P1 and P3 sorry folks you are absolutely wrong here. A lot of new techniques are involved in it.
  4. Another thing which makes this paper the unique it has 80 Knowledge marks and 20 Professional Marks, and if you plan that you will focus on Knowledge area and ignore the Professional marks and Strategy it is folks
  5. To get those professional marks you must work on these professional skills Communication, Commercial Acumen, Analysis, Scepticism, and Evaluation.
  6. You must know, how to Apply knowledge into the application of Scenarios
  7. Learn concepts and how to draft answers and pass this Beast paper

The Recommended approach

  • Read information in the sequence (Background, List of exhibits, task, exhibits)
  • Link tasks to exhibits when reading exhibits
  • Highlight relevant and useful information
  • Once scenario read, read requirements again
    • Be certain about what is being asked
    • Verb
    • Rule of AND
    • No professional marks if technical answer incorrect

Writing Skills in SBL Tips and Techniques

  1. Sentences should be short and to the point
  2. Each point in a separate paragraph
  3. Leave space between the paragraph
  4. include heading and subheadings but not excessively so
  5. Answer Questions in Numerical Order (Preferred)
  6. Don’t define the framework
  7. The Formate: Cant get full professional marks if formats not used correctly

Professional Marks

  • Making the most important or crucial points.
  • Only making relevant points and not including extra information or wrong or unsupported points.
  • A not repeating point already made.
  • Use short sentences
  • Use headings to break down information into the clearly identifiable section

In the words of the examiner

Time Management

250 minutes available
-40 minutes: Read the case study, plan the answer (Read all pages end to end, know where to find relevant information easily when writing)
-200minutes: individual requirements:
prepare for and answer (100 marks so 2 minutes per mark)
-allocate time for each part

Effective Reading

-No point in skimming through the paper-
no choice in the exam
-Read info in the sequence given
-Link task to exhibits when readings
exhibits
-highlight relevant and useful information

Analyzing the requirements

-Be certain about what is being asked
-No professional marks if technical answer incorrect
-Verb
-Rule of AND
-Translate into your native Language

Planning

-Plan the whole exam before answering any part of the paper because of the integrated nature of the case information.
-One requirement may directly or indirectly relate to the next one
-Can cross reference answer instead of wasting time
-Decide how many points need to be made
(1 mark for 1 point usually in SBL- another mark for the same point possibly if fully
developed)
-Use syllabus and previous knowledge when identifying points you will later write but link it to the case
-Be aware of the professional marks

Writing Skills

-Get into the character of the task
-be aware of what you are being asked to do and who they answer is for (the audience)
-Answer the requirement
-The breadth of issues (Depth of the discussion by applying syllabus knowledge to the scenario but not excessive).
-Sentences should be short and to the point (2-4 sentences for each point)
-Each point in separate paragraphs
-Include headlines and subheadings but not excessively so

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How to Pass ACCA AA

How to pass ACCA AA

Audit and Assurance Exam Tips

  • In September 2017 ACCA introduced Computer-based Exams for skill-level papers.
  • According to The New Pattern ACCA F8 AA Exam Formate as follows.
  • Section A: 3 case studies, each case study have 5 questions with 2 marks each.
  • Section B: 3 long questions, Each question has 30 marks and two questions of 20 marks each.

How to pass ACCA AA

ACCA Testing Some topics frequently in past exams

  1. Ethics
  2. Audit risks and responses
  3. Purchases, revenue, Payroll
  4. Auditor’s reports
  5. Limited assurance engagements
  6. Auditor rights and duties
  7. Engagement letters
  8. Fraud and error
  9. Inherent limitations of internal control
  10. Risk
  11. Financial statement assertions
  12. inventory, purchases, Cash
  • How to pass the ACCA AA exam you must be familiar with IAS and IFRS deeply,
  • However near 40% of AA exam depends on IAS and IFRS,
  • you need to support your statements with evidence to complete sentences.
  • in AA many area’s Examiner tests straightforwardly,
  • so straightforward knowledge must be rote-learning to gain easy marks.
  • Practice: Practice plays a key role in passing ACCA exams, so practice as much as you can it’s very important

Some important terms you need to be comfortable with

  • Classes of transactions for the period under review: (Means area in the statement of Profit and loss)
  • Account balance at the period end (Means area in Statement of Financial Position)
  • F/s Disclosure (Notes to the Accounts)
  • Public company vs Public sector Org
    • Pubic Company means a listed company
    • And Public sector Org means  Government controlled Org which is not for profit Org

Some Common Reasons for Unsuccessful F8 AA attempt

  1. Insufficient number of relevant points to obtain a pass stander
  2. Not explaining comments made in the answer in sufficient detail
  3. lack of understanding of audit procedures and the audit method
  4. Not applying knowledge to the scenario in question
  5. Not answering all the questions (Time Management issue?)
  6. Insufficient number of relevant points to obtain a pass stander

How to pass ACCA AA

  • Understanding of concepts of Audit and Finance reporting (FR, like IASs & IFRS) is essential to passing Audit assurance
  • Do practice the questions again that you did in the classes regularly at least once a week, Keep revising your concepts, If you keep revising your concepts you will forget your concepts.
  • Do practice other questions from Exam kits and Past papers as well
  • Make your habit to read the requirement first so that you will know your direction then read the scenario, Contact your knowledge of the scenario.
  • Remember, If you write the knowledge only and do not connect to the scenario, you will gain only 0.5 marks which won’t help you to pass.

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