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LONDON SCHOOLOF BUSINESS & FINANCE

LSBF BIG BOOKOF ACCA TIPS

www.LSBF.org.uk/ACCA

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.

01

Contents

INTRODUCTIONIntroduction

02-03F1Accountant in Business

04-05

06-07

F2Management Accounting

F3Financial Accounting

08-09F4Corporate and Business Law

10-11

12-13

F5Performance Management

F6Taxation

14-15F7Financial Reporting

18-19F9Financial Management

20-21

22-23

P1Governance, Risk and Ethics

P2Corporate Reporting

24-25P3Business Analysis

26-27

28-29

P4Advanced Financial Management

P5Advanced Performance Management

30-31P6Advanced Taxation

16-17F8Audit & Assurance

32-33P7Advanced Audit & Assurance

Introduction01

KNOWLEDGE

SKILLS

ESSENTIALS

OPTIONS

Rob Sowerby, Director of Professional Courses

F1 Accountant in Business

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 understanding of the fundamental

factors in the effective management of

an organisation.

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.

Knowledge papers

F1 Accountant in Business F1 Accountant in Business

Student tip:

Start revising from the very beginning of the session and continue to practise on a daily basis. This will ensure that you are confident and at ease both in your exams and at work. If you want to go far in life and your career, you had better start early.

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ACCA Award winner tip:

Do past exam questions in an exam environment. Time yourself. Remember that time is always, always of the essence not only during the actual exam, but during revision as well.

Waseem Abdool Raman

02 03

Rachel Valdez

KNOWLEDGE

F2 Management Accounting

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-

making in a variety of business

contexts.

04 05

Knowledge papers

F2 Management Accounting F2 Management Accounting

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.

Student tip:

Pay close attention to the precise requirement of each question. Its 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.

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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Shahzad Ali Masood Rahim

TUTOR TIP: Brigita Petrova

Success = knowledge + speed + attention to detail.

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.

KNOWLEDGE

F3 Financial Accounting

Develop a clear understanding of the

fundamental principles, concepts and regulations surrounding financial accounting. You will become proficient

with double-entry accounting

techniques and will learn how to

prepare rudimentary financial

statements.

Knowledge papers

F3 Finacial Accounting F3 Finacial Accounting

Student tip:

Firstly, you should make sure you get ACCA approved notes. Then I would recommend going through the exam kit at least twice. In the exam itself, ensure that you dont spend a single second more on each question than is necessary.

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Ali Abbas

06 07

Student tip:

When revising, one should quickly go through the chapters and make a mental image of the pages. When revising through LSBF class notes, I make an image of every page in my mind. In this way, all the topics can be easily recalled.

Shahneel Shahid

TUTOR TIP: Philip Brabin

Your preparation should involve attempting both the ACCA F3 Pilot Paper (available via the ACCA website), as well as LSBFs 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!

KNOWLEDGE

F4 Corporate and Business Law

This paper will develop your knowledge

of the general legal framework, and of

specific legal areas relating to business, recognising the need to seek further

specialist legal advice where necessary.

Skills papers

F4 Corporate and Business Law F4 Corporate and Business Law

Student tip:

The key is to strategise from an exam-focused point of view. An analysis of the past papers and the pattern of the papers can achieve a lot. The examiners reports and answers are also great tools for concentrating your efforts in the most effective way.

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Mobeen Khan

08 09

Student tip:

The important thing students need to bear in mind is that they have to tackle the pressure in three hours and must complete the paper in time. In my experience, remembering this is the key to success.

Mubashir Riaz Mirani

SKILLS

TUTOR TIP: Debbie Crossman

Pay attention to the examiners requirements. You must answer the question that your examiner has set not perhaps the one you would have liked him to have set.

So this leads me to my second tip. Enrol on a Revision Course to get that all essential practice at HOW to answer YOUR examiners questions.

F5 Performance Management

Develop the ability to apply

management accounting techniques

to quantitative and qualitative

information for planning,

decision-making, performance

evaluation and control.

Skills papers

F5 Performance Management F5 Performance Management

Student tip:

Focus on gripping the basics of any particular topic, memorising the concept. When it comes to the exam, start by jotting down a few lines about the

basic concept and then apply it to the scenario.

This way, gaining marks might become easier.

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Muhammad Nouman Shafique Awan

10 11

Student tip:

Try to complete the entire syllabus at least one month prior to the exam. This will ensure that you have a clear understanding of all areas of the syllabus and will allow you to dedicate the entirety of the next month to past paper questions.

Cashel Ephraim

SKILLS

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.

Also, it is essential to practise questions under exam conditions.

F6 Taxation

The introductory paper for taxation

examines all major types of tax, including Income Tax, Corporation Tax,

and VAT. You will learn the basics of

all these taxes, and will also be able to calculate tax computations.

Skills papers

F6 Taxation F6 Taxation

Student tip:

Do not cherry pick topics while preparing for your exams, as you never know what will come up. And practice makes perfect, so practise as many questions as you can, arranging group study sessions to share your knowledge if you can.

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Raihana Kamawal

12 13

Low Kang De

SKILLS

ACCA Award winner tip:

There isnt any secret but what I did was to follow the lectures closely and make sure I wasnt behind schedule. Most importantly, practice as many past year papers as possible and yes practice makes perfect.

TUTOR TIP: Zainab Hameer

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.

F7 Financial Reporting

This paper covers the crucial discipline

of financial reporting. You will learn

both the theory behind preparing

financial statements, and the methods required to evaluate and interpret the financial statements of a business.

Skills papers

F7 Financial Reporting F7 Financial Reporting

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Student tip:

Divide your time equally in proportion to the marks available for each question/sub question.Make an answer plan. Even if it is only brief notes beside the question, it will help you cover all your points and give a structure to your answer.

Saifullah Shaikh

14 15

Student tip:

Always try to understand the underlying concepts behind the given topic. While you may be able to earn some marks for pure knowledge, most marks in ACCA exams are awarded for the application of concepts in a given scenario.

Syed Ali Ul Hassan Gillani

TUTOR TIP: Zainab Hameer

Remember you are training to be an accountant, not a parrot! Dont 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!

SKILLS

F8 Audit & Assurance

This paper will develop your

understanding of the assurance engagement process, and its

application in the context of

the professional and regulatory

framework.

Skills papers

F8 Audit & Assurance F8 Audit & Assurance

Student tip:

Do past exam questions as well in an exam kind of environment. Time yourself. Remember that time is always, always of the essence -- not only during exam, but as well as during revision.

Key areas of the syllabus include ethics, planning and risk assessment, internal controls, audit of specific items (substantive test) and reporting.

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Rachel Valdez

16 17

Student tip:

To revise any ACCA paper, it is good to learn every single paragraph of the theory section and then rewrite it in your own words. While revising a numerical question, first revise all the formulas that are going to be used in a question.

Junaid Ali

TUTOR TIP: Elly Otieno

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.

SKILLS

F9 Financial Management

Gain the key knowledge and skills

required to become a Financial

Manager. These include business and investment appraisal, management of capital and risk management.

Skills papers

F9 Financial Management F9 Financial Management

Student tip:

There are many easy marks to be gained for each question. You should answer all the questions to gain as many easy marks as possible. This is better than trying gain one mark on a difficult question.

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Quy Phi Vinh

18 19

Student tip:

Always make a point of reading the question first, taking note of important parts and planning your answers. Conducting group discussions and finding a study partner can also help you by allowing you to share your understanding of the topic.

Maricel Garcia

TUTOR TIP: Lisa Kiddell

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.

SKILLS

P1 Governance, Risk and Ethics

Gain the knowledge, skills and

judgement to make professional, ethically sound decisions on business accounts concerned with governance,

internal control, compliance and risk management.

Essentials papers

P1 Governance, Risk and Ethics P1 Governance, Risk and Ethics

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Student tip:

Often, the compulsory question is based on real-life events, allowing all three parts of the syllabus to be tested. You should, therefore, consider organisations with governance issues and how they control their exposure to risk and any resultant ethical dilemmas.

Abhinav Kumar

20 21

Student tip:

Dont use real world examples in theory papers such as P1, P3 etc. Markers wont reward you for that because everything they expect from you is always there in the case study, so dont waste your time giving references to other companies.

Maleeha Akbar

TUTOR TIP: Jenny Cummins

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.

ESSENTIALS

P2 Corporate Reporting

Learn how to evaluate various types

of financial reports, in a range of business contexts. The paper covers everything from financial reporting

frameworks to professional ethics.

Essentials papers

P2 Corporate Reporting P2 Corporate Reporting

Student tip:

Take those subjects that are linked to one other. For instance, P2 and P7 go really well together.

Moreover be focused and understand each area of the syllabus in depth.

ACCA Award winner tip:

Writing quickly and knowledge of FRSs are essential for this paper, as is paying total attention to your tutors understanding the concepts they explain is crucial.

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Raihana Kamawal

22 23

Hendri Lee

TUTOR TIP: Martin Jones

My main advice is to be aggressive. P2 can seem daunting and overwhelming and I think it helps to attack the paper as if your life depended upon it.

The key to this paper is section B and, of course, metronomic time keeping.

ESSENTIALS

P3 Business Analysis

This paper is about what businesses

can do to improve profits.

At the end of the course, you will have developed your analytical skills,

and your ability to identify WHY

issues affect an organisation and why

businesses take certain actions.

Essentials papers

P3 Business Analysis P3 Business Analysis

Student tip:

Apply theories by answering past exam questions and using the revision kit. Practising gives you a better understanding of study notes and texts. Make sure you answer the questions without the answer key and note your mistakes so you wont repeat them.

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Rachel Valdez

24 25

Student tip:

Students should try to form study groups to reinforce what they have read in books. This will help them to pass exam papers as they know better than those who only studied from given materials.

Usman Ghani

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

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.

ESSENTIALS

P4 Advanced Financial Management

Develop the knowledge you need to

exercise professional judgment as

a Financial Executive or Financial Advisor, at a senior level. You will study investment appraisal, risk management and mergers, amongst other topics.

Options papers

P4 Advanced Financial Management P4 Advanced Financial Management

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Student tip:

A month before the exam, if time permits, do the revision kit again. Otherwise, do those questions you had a hard time answering/understanding. Be consistent, persistent, work smartly, and lastly, have faith in yourself!

ACCA Award winner tip:

Most P4 topics can be mixed into a single question, so it is impossible to practise all possible combination of question. Thus, knowing the concept well will help us recognise what the question is actually asking and help us answer the question correctly.

Rachel Valdez

26 27

Wilson Tan Kee Hoong

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.

OPTIONS

Options papers

P5 Advanced Performance Management P5 Advanced Performance Management

Student tip:

Start from scratch and keep on scratching. What dents the students performance more is not failing to read and understand stuff, but pretending that you know. Even if you know something, revise it thoroughly before you sit the paper.

ACCA Award winner tip:

There are no secrets, just pure hard work. Its essential to study everything, the lecture notes were very useful for revision and my tutors gave me total support.

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Atif Hashaam

28 29

Cheng Jun Hong Paul

P5 Advanced Performance Management

Learn vital strategic management

accounting techniques and how to

apply them in different contexts.

A central part of this is evaluating the performance of global organisations and their strategic development.

TUTOR TIP: Marcus Dankwah

Remember to always answer the question youre 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.

OPTIONS

P6 Advanced Taxation

Develop the ability to make

well-informed business decisions based on insight into the impact of large-scale taxation. A large part of this ability

comes from accurate evaluation of organisations performance.

Options papers

P6 Advanced Taxation P6 Advanced Taxation

Student tip:

Be Committed!Be Dedicated!Ask if you dont understand, and practise, practise and practise youll pass the exam!

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30 31

Student tip:

Look at the trends in past exams, and focus on topics which come up very frequently. In some papers there are certain topics that will always be tested, and it is important to have a clear understanding of those topics because they are giveaway marks in the exam.

TUTOR TIP: Carolyn Napier

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.

OPTIONS

Salman Samnani Cashel Ephraim

P7 Advanced Audit & Assurance

Learn to analyse the issue of assurance

engagement, and other audit and

assurance issues, bearing in mind best practice and current developments.

You will also discover how to obtain evidence for use in audit management.

Options papers

P7 Advanced Audit & Assurance (UK or International) P7 Advanced Audit & Assurance (UK or International)

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Student tip:

Look for syllabus areas that have not been tested in a long time and give those areas a lot of attention. Pay close attention to the question structure which would be the different ways a particular topic can be tested.

ACCA Award winner tip:

Manage your time well, and discuss every topic you find yourself confused about with your tutor. Talk to your friends about these topics too. Prepare in advance, and always tell yourself you can do it. Think positive, be positive, practise. Practise and practise.

Cashel Ephraim

32 33

Kunal Durjan

TUTOR TIP: Polly Wilson

Dont 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.

Also, when answering questions, consider the structure, presentation and layout of your answers to help maximise marks.

OPTIONS

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