LSBF BIG BOOK OF ACCA TIPS www.LSBF.org.uk/ACCA
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Contents 01
01
INTRODUCTION
Introduction
KNOWLEDGE
ESSENTIALS
F1 Accountant in Business
20-21
04-05
F2 Management Accounting
22-23
P2 Corporate Reporting
06-07
F3 Financial Accounting
24-25
P3 Business Analysis
02-03
P1 Governance, Risk and Ethics
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
We know that gaining your ACCA qualification is central to your career plans. So we do everything possible to ensure you pass your papers first time. You will be taught by experts, chosen for their dedication, experience and knowledge of ACCA. This book of tips gives you further insight into each individual paper, both from those expert tutors and the students they have guided to exam success. Rob Sowerby, Director of Professional Courses
Introduction
F1 Accountant in Business
02
03
F1 Accountant in Business
F1 Accountant in Business
TUTOR TIP: Isaac Osei-Kwame For this paper you will be answering 50 questions in 120 minutes, so on average, you should spend 2.4 minutes on each question. In order to maximise use of the time available, candidates should avoid selecting answers too quickly or spending too long persuading themselves that their choice is appropriate.
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
KNOWLEDGE
understanding of the fundamental factors in the effective management of an organisation.
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.
Knowledge papers
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F2 Management Accounting
04
05
F2 Management Accounting
F2 Management Accounting
TUTOR TIP: Brigita Petrova Success = knowledge + speed + attention to detail.
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 decision-
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 not the one you want. Answer the quick questions first to gain some easy marks, increase your confidence and warm up your brain.
KNOWLEDGE
making in a variety of business contexts.
Shahzad Ali
Student tip: Pay close attention to the precise requirement of each question. It’s 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.
Knowledge papers
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.
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F3 Finacial Accounting
06
07
F3 Finacial Accounting
F3 Financial Accounting
TUTOR TIP: Philip Brabin Your preparation should involve attempting both the ACCA F3 Pilot Paper (available via the ACCA website), as well as LSBF’s 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!
Develop a clear understanding of the fundamental principles, concepts and regulations surrounding financial accounting. You will become proficient
KNOWLEDGE
with double-entry accounting techniques and will learn how to prepare rudimentary financial statements. Knowledge papers
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 don’t 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.
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F4 Corporate and Business Law
08
09
F4 Corporate and Business Law
F4 Corporate and Business Law
TUTOR TIP: Debbie Crossman Pay attention to the examiner’s requirements. You must answer the question that your examiner has set – not perhaps the one you would have liked him to have set.
This paper will develop your knowledge
So this leads me to my second tip. Enrol on a Revision Course to get that all essential practice at HOW to answer YOUR examiner’s questions.
of the general legal framework, and of specific legal areas relating to business, recognising the need to seek further
SKILLS
specialist legal advice where necessary. 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 examiner’s
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.
Skills papers
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F5 Performance Management
10
11
F5 Performance Management
F5 Performance Management
TUTOR TIP: Jenny Cummins Remember that this is a performance management paper. When revising different topics, think about how those areas can be linked to the performance of a company.
Develop the ability to apply
Also, it is essential to practise questions under exam conditions.
management accounting techniques to quantitative and qualitative information – for planning,
SKILLS
decision-making, performance evaluation and control.
Skills papers
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.
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F6 Taxation
12
13
F6 Taxation
F6 Taxation
TUTOR TIP: Zainab Hameer
The introductory paper for taxation
The challenge with F6 is not the complexity of the paper, but the volume of tax rules that need to be memorised. In order to nail the paper and avoid the pre-exam stress, you need to go through the new tax rules taught each week in class.
examines all major types of tax, including Income Tax, Corporation Tax, and VAT. You will learn the basics of
SKILLS
all these taxes, and will also be able to calculate tax computations.
Skills papers
Raihana Kamawal
Low Kang De
Student tip:
ACCA Award winner tip:
Do not cherry pick topics while preparing for
There isn’t 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 wasn’t behind
And practice makes perfect, so practise as many
schedule. Most importantly, practice as many past
questions as you can, arranging group study sessions
year papers as possible and yes practice makes
to share your knowledge if you can.
perfect.
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F7 Financial Reporting
14
15
F7 Financial Reporting
F7 Financial Reporting
TUTOR TIP: Zainab Hameer
This paper covers the crucial discipline
Remember you are training to be an accountant, not a parrot! Don’t just memorise workings and formats, but understand the financial statements. When in doubt, always rely on your basic skills of double entry and financial statements, and you can face any task in the exam!
of financial reporting. You will learn both the theory behind preparing financial statements, and the methods
SKILLS
required to evaluate and interpret the financial statements of a business.
Skills papers
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.
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F8 Audit & Assurance
16
17
F8 Audit & Assurance
F8 Audit & Assurance
TUTOR TIP: Elly Otieno
This paper will develop your
The best way to pass this paper is to practise lots of application type questions (questions relating to scenarios Q1, Q3-Q5) after reading the relevant chapters. The current examiner has been testing the syllabus very widely, so narrowing your reading is a sure way to fail.
understanding of the assurance
Key areas of the syllabus include ethics, planning and risk assessment, internal controls, audit of specific items (substantive test) and reporting.
engagement process, and its application in the context of
SKILLS
the professional and regulatory framework.
Rachel Valdez
Junaid Ali
Student tip:
Student tip:
Do past exam questions as well in an exam kind of
To revise any ACCA paper, it is good to learn every
environment. Time yourself. Remember that time is
single paragraph of the theory section and then
always, always of the essence -- not only during exam,
rewrite it in your own words. While revising a
but as well as during revision.
numerical question, first revise all the formulas that are going to be used in a question.
Skills papers
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F9 Financial Management
18
19
F9 Financial Management
F9 Financial Management
TUTOR TIP: Lisa Kiddell
Gain the key knowledge and skills
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 areas of the syllabus.
required to become a Financial Manager. These include business and investment appraisal, management of
SKILLS
capital and risk management. 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 gain one mark on a difficult question.
a study partner can also help you by allowing you to share your understanding of the topic.
Skills papers
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P1 Governance, Risk and Ethics
20
21
P1 Governance, Risk and Ethics
P1 Governance, Risk and Ethics
TUTOR TIP: Jenny Cummins
Gain the knowledge, skills and
Rather than learning by rote, think about why the theory is important, e.g. why are the provisions in a corporate governance code there, and what are they trying to achieve?. This will help you understand what themes or issues the examiner is focusing on in the exam scenarios.
judgement to make professional, ethically sound decisions on business accounts concerned with governance,
ESSENTIALS
internal control, compliance and risk management.
Essentials papers
Abhinav Kumar
Maleeha Akbar
Student tip:
Student tip:
Often, the compulsory question is based on real-life
Don’t use real world examples in theory papers such
events, allowing all three parts of the syllabus to be
as P1, P3 etc. Markers won’t 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 don’t waste your time
exposure to risk and any resultant ethical dilemmas.
giving references to other companies.
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P2 Corporate Reporting
22
23
P2 Corporate Reporting
P2 Corporate Reporting
TUTOR TIP: Martin Jones My main advice is to be aggressive. P2 can seem daunting and overwhelming and I think it helps to attack
Learn how to evaluate various types
the paper as if your life depended upon it. The key to this paper is section B and, of course, metronomic time keeping.
of financial reports, in a range of business contexts. The paper covers everything from financial reporting
ESSENTIALS
frameworks to professional ethics. Raihana Kamawal
Student tip:
ACCA Award winner 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.
Essentials papers
Hendri Lee
tutors – understanding the concepts they explain is crucial.
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P3 Business Analysis
24
25
P3 Business Analysis
P3 Business Analysis
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.
This paper is about what businesses
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
can do to improve profits. At the end of the course, you will have developed your analytical skills,
ESSENTIALS
and your ability to identify WHY issues affect an organisation and why businesses take certain actions.
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. Practising 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 won’t repeat them.
Essentials papers
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P4 Advanced Financial Management
26
27
P4 Advanced Financial Management
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.
Develop the knowledge you need to exercise professional judgment as a Financial Executive or Financial
OPTIONS
Advisor, at a senior level. You will study investment appraisal, risk management and mergers, amongst other topics.
Options papers
Rachel Valdez
Wilson Tan Kee Hoong
Student tip:
ACCA Award winner tip:
A month before the exam, if time permits, do the
Most P4 topics can be mixed into a single question,
revision kit again. Otherwise, do those questions you
so it is impossible to practise all possible combination
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.
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P5 Advanced Performance Management
28
29
P5 Advanced Performance Management
P5 Advanced Performance Management
TUTOR TIP: Marcus Dankwah Remember to always answer the question you’re 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.
Learn vital strategic management accounting techniques and how to apply them in different contexts.
OPTIONS
A central part of this is evaluating the performance of global organisations and their strategic development.
Atif Hashaam
Cheng Jun Hong Paul
Student tip:
ACCA Award winner tip:
Start from scratch and keep on scratching. What
There are no secrets, just pure hard work.
dents the student’s performance more is not failing
It’s 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.
Options papers
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P6 Advanced Taxation
30
31
P6 Advanced Taxation
P6 Advanced Taxation
TUTOR TIP: Carolyn Napier
Develop the ability to make
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.
well-informed business decisions based on insight into the impact of large-scale taxation. A large part of this ability
OPTIONS
comes from accurate evaluation of organisations’ performance.
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 don’t understand, and practise, practise
are certain topics that will always be tested, and it
and practise – you’ll pass the exam!
is important to have a clear understanding of those topics because they are giveaway marks in the exam.
Options papers
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P7 Advanced Audit & Assurance (UK or International)
32
33
P7 Advanced Audit & Assurance (UK or International)
P7 Advanced Audit & Assurance
TUTOR TIP: Polly Wilson Don’t attempt question spotting! Review all areas, and applying of theory related to scenario questions is crucial – simply repeating theory will not result in an exam pass.
Learn to analyse the issue of assurance
Also, when answering questions, consider the structure, presentation and layout of your answers to help maximise marks.
engagement, and other audit and assurance issues, bearing in mind best practice and current developments.
OPTIONS
You will also discover how to obtain evidence for use in audit management.
Options papers
Cashel Ephraim
Kunal Durjan
Student tip:
ACCA Award winner tip:
Look for syllabus areas that have not been tested in
Manage your time well, and discuss every topic you
a long time and give those areas a lot of attention.
find yourself confused about with your tutor. Talk
Pay close attention to the question structure which
to your friends about these topics too. Prepare in
would be the different ways a particular topic can
advance, and always tell yourself you can do it. Think
be tested.
positive, be positive, practise. Practise and practise.
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LONDON SCHOOL OF BUSINESS & FINANCE
UKBA HIGHLY TRUSTED
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