F1
|nxdB&1n Exam format
e!0OW7 kV the exam will be have 50 questions which make up 90 marks – the pass mark is 50%. There are 40 multiple choic questions, each question will be on 1 syllabus area and will require selection of the correct answer out of 4; 10 Short questions: where the candidate has to read some information and choose TRUE or False. The CBE exam may make use of other question formats
2$0)?ZC?= This paper is broad but not deep, questions are about knowledge and understanding across a very wide range of general business issue that will provide a foundation for later studies
8LrK94 Syllabus areas
9([6d.`~ There are 6 key syllabus areas, and with an exam of this nature, none can be deemed less important, as all can be tested and exams will aim to be representative across the syllabus.
aiux^V A u=kSSB Context tested in the pilot paper
FsY`nWwg Chapter 1: Span of control; function of marketing; advantage of decentralisation; shamrock organisation; 4P in marketing
m+T2vi Chapter 2: transaction processing system;
3"tg+DncC Chapter 3: Handy’s cultural type; internal stakeholder; Mendelow’s analysis of group of stakeholders;
P>W8V+l![ Chapter 4: no single question appear on the pilot paper
J/7 u7_ Chapter 5:Best practice in corporate governance; Public Oversight Board;
p
JX, n Chapter 6:Policy to expand level of economic activity; types of unemployment;
rC rr
"O#j total level of demand; impact of interest rate increase; impact of inflation;
*a4
b Chapter 7:Situation analysis (environmental scan); population trend; data
)"~=7)~<^ protection legislation; lobby group; utilities company;
FB!z#Eim Chapter 8:Role of accounting; IASB; role of financial accountant; disadvantage
G5+]DogS of computerised accounting system;
!
F, s" Chapter 9: Internal auditor vs. internal control; internal auditor’s accountability; system audit; responsibility of external auditor; substantive test;
^Kum%<[i Chapter 10: Teeming and lading; effective internal control system to minimize fraud;
my=~"bw 4 Chapter 11: Scientific management; leadership style; Blake&Mouton’s managerial grid
i ~P91 Chapter 12: Tuckman’s team development; Belbin’s team roles; difference between group and team;
,whM22Af~{ Chapter 13: Herzberg’s Two-factor theory; Vroom’s equation;
,s8&# 1rJ- Chapter 14: Communication pattern; lateral communication; mentor (vs. counseller vs. instructor)
skSNzF7' Chapter 15: Competence testing;
{4)5]62>u Chapter 16: Indirect discrimination;
|nfH-JytV Chapter 17: Role playing exercises
)#mW7m9M# Chapter 18: Tell and listen approach in appraisal interview
'%$-]~ Reporting on the 2009-12 F2
Qv=B q{N Syllabus考点：
cWc$ yE' A The nature and purpose of cost and management accounting
C }bPv +t 1. Accounting for management
jaNH](V 2. Cost and management accounting versus financial accounting
X)Ocn`| B Cost classification, behavior and purpose
nFVbQa~ 1. Production and non-production costs
[L)V(o)
v 2. Direct indirect costs
B~e7w 4 3. Fixed and variable costs
81cv: |" C Business mathematics and computer spreadsheets
/$<JCN Gv 1. Dealing with uncertainty
) /
n29] 2. Statistics for business
W *|OOa' 3. Use of computer spreadsheets
Mof)2Hbd: D Cost accounting techniques
7dsnv)(v 1. Accounting for materials
b^;N>zx 2. Accounting for labor
B0NN>)h 3. Accounting for overheads
bmSpbX\ 4. Marginal and absorption costing
dcM+ylB 5. Job and batch costing
e(4bx5 <* 6. Process costing
(#C B q 7. Service costing
U8C w7u2 E Budgeting and standard costing
zl,bMtQ 1. Nature and purpose of budgeting
H,/~=d:
^ 2. Functional budgets
[%7IQ4`{ 3. Flexible budgets and standard
F9ZOSL
8Q 4. Basic variance analysis under absorption and marginal costing
(4E.Li<O 5. Reconciliation of budgeted profit to actual profit
k?z
[hZg0 F Decision-making techniques
L Z3rr- 1. Cost-volume-profit analysis
M
M/BJ 2. Relevant costing
4Q
&Xb < 3. Limiting factors
b0rt.XB F2考试继续用两小时的时间对于上述考点进行测试，具体形式有机考和必考两种。上述考点都会在问题中涉及，包括计算题和论述题，一共40道2分题，10道一分题。F2考试的及格线是50分。
{^2({A#& F2的2009年12月试题基本和官方发布的pilot paper 相似，偏重计算，而且计算的难度每一年都在提高，在
ACCA的错误率统计中，不难发现F2 的考试最容易失分的仍然是概念混淆导致的计算错误。比如：Joint costs的分摊问题，仍然有同学用sales volume x selling price来分配联合成本。F2是基于对概念的理解，整个成本的确认了解后的计算为主的考试，只会计算不一定会有高分。
la!1[Ve L F2的计算题的难点主要集中在PART D&E 中，absorption costing 和 marginal costing 计算， processing costing 计算 process account ( work in process and finished goods), Variance 计算和调整是考生最难掌握的，在f2考试中占得分值是40%以上。
Z^jGT+ 2 F2的图形题和概念题主要集中在Part A &B中，考生的通过率是比较高的，这种类型题目在考试中只占总分的30左右。
Q'>_59 针对Part F，是小型计算题，每种类型的计算没有太大的联系，所以掌握相对比较容易，总分值在15%-20%左右。
7r:nMPX 总结：
}A)^XZ/ 那同学们在复习的过程中必须按照分值的分布和难点来学习才能在考试中得到理想的分数。
rHA/
4Ub? * Q-H =wJ4R F3
gs^UR6
D, 1 Exam format
rPrEEW S0) The Financial Accounting paper is a two hour paper, it consists entirely of objective test questions and contains:40 two mark questions and 10 one mark questions
hV Tyv" All questions are compulsory, questions are marked either right or wrong, there are no marks awarded for workings. The pass mark is 50%. The focus of the exam is on basic double entry skills. the ACCA are not going to release past exam papers.
P\ Pc/[
Z7 2 Syllabus areas
vr8J*36{ u3 ri6Y` Chapter 1-6: this six chapters are the bases for understanding later chapters. Qeustions are likely to be on limited libility company concept, business entity concept, accounting regulation, accounting information characteristics, etc.
a 7mKshY( Chapter 7: Calculation of receivables balance where both a trade and a settlement discount were offered (VAT calculated after all discounts)
Lqf#,J Chapter 8: cost of inventory; Valuation of closing inventory using FIFO; net realisable value
F KvO7? K Chapter 9: cost of PPT, subsequent mesaurement including depreciation and revaluation, disposal
bvxxE/?Ni Chapter10: accounting treatment of research and development costs
3M>FU4Ug2 Chapter 11: Effect of adjustments on current assets and current liabilities
@,f,tk=\S Chapter 12: Calculation of income statement charge for the “allowance for receivables” with a write off and a reduction in the allowance brought forward
;7hX0AK Chapter13: Accounting treatment of provision and contingent liability
pC?1 gc1G Chapter 14: accounting treatment of all transaction affecting RLCA,PLCA,RL,PL.
^.$r1/U Chapter 15: Bank reconciliation
JOoLHZQ1v Chapter 16,18: Correction of errors and incomplete records. These can relate to any chapter, so make sure you are familiarize with all double entries covered in F3.
ef1N#z%gt Chapter 17: financial statement for sole traders, preparing the whole statements are not examined under F3
]Rys=. ! Chapter 19: Determination of a partner’s profit share
HT;QepY3 Chapter 20: Accounting entries for rights issues and bonus issues;
D;;o Chapter 21: Components of a statement of financial position, statement of comprehensive income statement, statement of changes in equity.
"Qm~;x2kB Statement 22: identify adjusting and non-adjusting events
o
qU#I~ - Statement 23: componets of cash flows, cash flows calculation
}5c'ui! 3H ACCA F4 CORPORATE AND BUSINESS LAW
8 ~L.6c5U Analysis for December 2009 exam
;@;ie8H Lecturer: Calvin Ruan
sN an" Q1-Statutory Interpretation
nQ(:7PFa' 本题属于Part A, 符合历年出题惯例。该知识点属于非重点知识，从新大纲实行起几乎从未考过。但正因为极少考到，根据ACCA考试出题规律，此知识点在09年12月份考试中出现的概率非常大。因此，BPP mock exam中特意将此知识点作为第一题列示。在我考前最后一份复习提纲中也有明确指出。在10年6月再次考察该知识点的概率非常小。
0 6v5/Xf Q2-Postal rule and the doctrine of Privity
3@WI*PMc 本题属于Part B,符合历年出题惯例。第一小题考查postal rule的知识，属于acceptance概念下非常重要的一个考点。历年考题多有涉及，但主要以案例题为主。学员应对其定义，适用情况及例外事项有充分理解。第二小题属于Part B中的非重点知识，在07年12月份时考过一次，内容较为简单。同样在10年6月考察该知识点的概率非常小。
" u$ ]q1S Q3-Liquidated damages, penalty clauses and mitigating losses
]KV8u 1H> 本题属于Part B，连同Q2，Q4和Q8，本次考试中共有4题涉及到Part B的知识，说明Part B仍然是F4考试中的重点章节。第一小题考查Liquidated damages与penalty clauses之间的区别，答题时应重点关注二者目的上的不同及其法律效应。第二小题考查mitigating losses，内容较为简单，学员理解即可答题。如果能记得案例则能保证不失分。
Fl|&eO,e Q4-Duty of care and auditor’s negligence
EO!cv,[a 本题属于Part B，该知识点考察次数较少。但是从未来的实际知识应用角度出发，此类题目具有非常大的指导作用。建议在未来的考试中重点关注。有关Auditor的知识在本书中三个地方有所涉及：1. Professional negligence, 2.Company officer, 3.Corporate governance. 未来ACCA的出题趋势是加强章节之间的联系，这种在书中多处出现的知识点很有可能成为未来综合题的出题点。与该知识点相类似的还有Director有关的知识点。预计未来考试中这类考题将多次出现！
-,C ndRKx Q5-Company
FO)nW:8] 本题属于Part D,考察公司所有制结构。本考点属于重点知识，在历年考试中多有涉及。但此类考点大多数属于背诵知识点，在未来考试中仍将以概念题为主要查考方式，基本不会出案例题。对于此类枯燥乏味的题目，需要求学员刻苦背诵。鉴于在Part D中仍有大量重要考点，在10年6月考试中再次出现该知识点的概率不大。
VDI S`E Spw=+z<<Ub Q6-Liquidation
/r 2.j3:l 本题属于Part G,第一小题考察company winding up的形式，属于本部分重点内容，学员除掌握基本概念之外，还应该能对比compulsory winding up vs. voluntary winding up.此题考查较为简单。第二小题属于非重点内容，要求背诵，历年考题很少涉及。未来再次出现该考点的可能性非常小。
w5JC 2 Q7-Employers vs. Employees
O5n] 4)< 本题属于Part C,由于该部分考点较集中，因此此题并不出人意料。除了此考点之外，该部分还要注意employee vs. self-employed的区别。在未来考试中这两个考点仍然很有可能出现，很有可能是以案例题的形式出现。
\kRJUX
! s Q8-Exclusion clause
u2Z^iY 本题属于Part B, 该考点在多次考试中均有涉及。属于该部分重点内容，学员需要对定义，应用及案例有充分理解。建议学员多参考教材和笔记中的案例深刻理解。未来考试中仍有可能出现，且该部分内容非常灵活，会出现多种变种题型，需要多加留意。
T%vbD*nt. Q9-Duty of director
9%'HB\ A 本题属于Part F，该考点属于重点考点，多次考试中均有涉及。如第四题分析中提到的一样，未来关于director的考题很有可能成为重点。这类考题可能综合多部分知识进行考察，学员应具有发散思维，考虑到可能考察的方方面面才能够将这类题目回答完整。否则很有可能因为偏题或回答不完整大量失分。
t;PnjCD<` Q10-Wrongful trading and fraudulent trading
H"
g& 本题属于Part G，在近年考试中已经出现明显的趋势。Insider dealing, Money laundering, wrongful trading and fraudulent trading三个考点轮流出现的情况已经持续多年。07年6月是wrongful trading and fraudulent trading，08年6月是Insider dealing, 09年6月是Insider dealing和Money laundering。因此在10年6月再次出现相关考题的概率非常大，需要重点关注。
x/q$RcDOm Summary
H;8]GE2n 总览全卷，除少数部分题目略显冷门外，大部分内容仍然符合重点章节的出题惯例。Part B的仍然是最重点章节。在未来考试中仍然将占据2题以上的份额。另外对于在书中多个地方出现的知识点，考察综合运用能力的题目也将成为未来的主流，值得关注。学员在吸取此次考试经验教训的同时，需要特别注意以下几点：
42[:s: 1. 熟练掌握重点章节
@z?.P;f 9# 2. 对非重点知识有一定程度理解。
c15^<6]g 3. 记忆案例并熟练运用
V \ 8
5 4. 熟悉考试答题技巧，提高英语答题能力
'cc4Y~0s Paper F5 Performance Management
yX Q;LQ; Now, you have two months to prepare the exam of Paper F5, Performance Management in this exam session,. I guess most of the candidates have already learnt more than half of the syllabus. I know you may feel a little worried, as this paper should be the first paper for you to write the answer in English. Don’t worry, you still have sufficient time to review, to prepare and to gain good marks in this examination.
L6 }x3 What was examined in last paper?
5'[X&r %# You know that, there will not be huge changes in the syllabus of such a management subject. No law, no rule, no policy. We need common sense, we need management skills, we need the broad thinking, we need the excellent expression. Therefore, we could learn and predict the exam paper from past examinations.
q2pao?aa In the exam session of December 2009, the paper has covered all the five parts of the syllabus.
C3h!
?5 1) Specialist cost and management accounting techniques. We had question 2 (a)(b).The candidates were required to calculate the target cost using learning curve and cost calculation, also discuss how the cost gap may be closed.
!d@`r1t 2) Decision Making Techniques. Question 5. The examiner asked you to make a decision whether to cease the production using relevant costing theory. Then you had to explain two pricing strategies and describe the issues to consider about outsourcing.
&x5ZEe4 3) Budgeting. Question 2(a)(c), using learning curve to forecast the cost. In question 3, the examiner required you to calculate the expected output using very easy time series method, no adjustment of seasonal variation, just straightforward trend equation. Then you were asked to split of the operation costs into variable and fixed elements using regression analysis and allowing for inflation. Last question, discussed on the incremental budgeting techniques.
oYM3 $.{E 4) Standard costing and Variance Analysis. Question 1, the candidates were required to calculate the basic material price and usage variances in (a), these are the knowledge you had learned in Paper F2. Then, further analysis into the planning and operating variances. (c) is a straightforward discussion of the production manager’s performance.
H%%nB 5) Performance Measurement and control. Question 4. Assessment of financial performance, calculation of some KPI’s. Assessment of quality of service provided and risks associated with current policies.
zt%Fvn4/pF What will be examined in this paper?
C)kQi2T 1) Specialist cost and management accounting techniques. Activity Based Costing, Life Cycle Costing, Throughput accounting and back – flush accounting. As ABC was examined regularly, but you still can not ignore it, especially calculation part. Life cycle and back-flush, you may focus on the main ideas about the theory, the discussion parts. Pay attention to back-flush, as it has not been examined yet. Throughput accounting, please make sure you understand the theory and calculation of this method. It could be tested this time.
x5Pt\/ow 2) Decision Making Techniques. All the pricing strategies, especially for the new product to launch into the market. Do not neglect areas such as relevant costing as this is a very important topic that could easily be examined again soon. Also linear programming is another key area.
!`U<RlK7 3) Budgeting. You need to prepare implications of differing budget approaches and
\<>%_y'/)h their impacts on motivation. The conflict between ZBB and incremental budgeting is also likely to be explored. Numbers elements in a budgeting question could include flexed budgets or time series analysis & learning curves.
}iloX# 4) Standard costing and Variance Analysis. Standard variances and planning and operational variances; calculation and discussion, factors to consider when investigating a variance. An operating statement which included budgeted idle time has also been required.
( 6^k;j 5) Performance management and control. Questions here could frequently focus on interpretation of performance and a discussion of financial vs non financial measures. These have featured on all papers to date. Questions could also focus on performance evaluation in the public sector so perhaps featuring calculations using the 3 Es. Alternatively they could focus on divisional performance measures such as ROI / RI and a discussion of the impact on performance of various transfer prices.
^( VB5p
This exam consists entirely of compulsory questions; this makes question spotting particularly dangerous. The purpose of this analysis is to highlight key areas that we would expect to be regularly tested. Use the above tips as important areas to cover but remember that no one knows what is in the exam, apart from the examiner. Your safest bet is to achieve good syllabus coverage in your revision, as the examiner aims to do in the exam.
9\0 K%LL At last, do not forget to spend one or two days to read the articles which can be found on the website. They may tell you what the examiners are thinking and give you a guide of the exam you will face to very soon.
\Y 4Z Q"0Q Wish all the good luck in your exams!
]V("^.~$+C @z q{#7%z Yue Wu
1uQf} Lecturer of Paper F5, Performance Management
Br!&Y9 Q^Z}Y~. ]}l!L; Report on F7 Dec 09 sitting
`roSOX 1f 09年12月F7 Financial Reporting 的考题结构为:
( %!R c#DTL/8"DO 考题1-3是考纲的核心, 内容和形式上相对来说比较固定. 此次所考到的知识点与往年相比,难度上并没有太大的变化. 考题4和5测试的是考纲中非核心的一些知识点, 并且以论述为主, 考生的得分率较低.
4
\?B ,! Ow
I?(ruL' 考题1
rd RX 本题的特点, 也是考生容易发生错误的地方有:
9maw+ c!~ 1. 年中收购
ol\IT9 Zb~ (i) 在编制合并利润表时, 只合并子公司被收购后的6个月的收入和费用.
L!Ro`6|7; (ii) 在计算share of loss of associate时, 只计算associate被收购后的6个月的亏损.
O\w%E@9Fh (iii) 在计算goodwill中的retained earnings at acquisition时, 要将子公司当年发生的,但属于合并前的利润加入retained earnings at acquisition.
lV?SvXe 2. 题目中指明借款的利息是收购后发生的, 所以不能将其在一年中平均分摊.
%YXC-E3@O 3. 合并利润表的最后需要包括profit attributable to Owners of the parent and Non-controlling interest.
weOMYJO;8 考题2
TwN8|ibVmP 本题所考到的主要的知识点包括收入的确认(售后服务及维修), 金融资产的处置, 公司税和递延税, 资产的减值.
MouYZI) 比较容易出错的是对于收入确认的计算. 售后服务及维修的收入应该在提供服务的期间予以确认,而本题中售后服务及维修期为3年, 已经发生了1年, 所以只需将剩下2年的服务及维修的收入递延到以后的会计年度.
l;2bBx7vW 考题3
Oq("E(z+f 本题所考到的知识点是部分现金流量表的编制和ROCE的计算及评论. 当题目要求’评论’某个事项时, 除了计算出相应的数据之外, 考生必须要将这些数据结合案例进行分析, 确认ROCE降低的原因.
Xw%
z
#6l 考题4
x>@U
qU JV 本题涉及的知识点是固定资产的定义以及一些会计处理方法.
H{BjxZ~) 回答这到题目要注意问题的关键字. 问题(a)要求 ‘criticise the definition included in the question of non-current assets that had been given by an assistant’. 关键字是criticise, 所以回答时要用固定资产的定义和题目中所给出的定义比较, 找出不一致的地方, 而不能只是给出定义.
DM&"oa50 问题(b)要求’ comment on the assistant’s treatment and advise the correct treatment’. 回答时要用除了给出正确的会计处理方法外, 还需要解释为什么题目中的处理方法是错误的(或是正确的).
CeQcnJU 考题5
.^uu* S_ 本题涉及的知识点是EPS的计算和企业业绩衡量指标的比较. 计算部分相对较容易, 而业绩衡量指标的比较则需要联系题目中提供的数据来解释各项指标不同的原因.
~(8A&!#,! s|%</fMt9 几点建议
;kbz( :wA 1.鉴于F7所有的题目都是必选题, 考生对于考纲中的知识点都应该有所了解. 如果只关注考纲的核心内容, 风险较大.
qr@,92_ 2.不要忽视论述部分(约30分). 回答论述题的关键在于对相关准则的理解和将知识点应用于题目所给的案例中,不能泛泛而谈, 要有针对性.
Q3D xjD 3.考前需要大量的习题练习, 加强自己综合应试能力以及对时间的合理分配.
r,}Zc W+ iT%UfN/q=I Ｆ8
,LW0{(&z Analysis of December 2009 sitting:
+a|4XyN December 2009 is probably the last sitting of F8 Audit and Assurance examined by Alan Lewin. Technically speaking, the paper is a quite balanced with knowledge extracted from every corner of the syllabus. However, as usual, the type of question set by the examiner is a mixture of knowledge based and application.
K( p1+ GHC According to the examiner's report issued, candidates performed well in particular on questions 1a, 2 and 3b. The questions candidates found most challenging were question 1b, 1c, 1e and question 4. This is partly due to a failure to read the question requirements properly and also possibly due to the subject matter being less well understood.
E.}Zmr
#H Q1:
li{_biey} Analysis:
7 XY C.g This 30-mark question was based on a publisher and producer of poetry books and tested candidates’ability to cope with a number of areas including inventory, royalty charges and sales statistics. There was also a stand-alone sub requirement in relation to audit planning. The first part of the question is quite easy and straightforward. However, most candidates feel it difficult to complete the remaining parts which require generating audit procedure in a particular business environment. Also, the risk analysis also requires candidate understands the business and identify inherent risks and internal controls mitigating such exposures.
k @ 2gw]y" Implications:
ofSOy1
Candidates should not limit your knowledge in a particular business environment. Think more of the business that is little bit irrelevant for your daily life. Candidates cannot simply memorise the audit procedures in the books, but think more and grasp the gist of audit.
exhF5,AW|K Q2:
arB$& s Analysis:
M3Z y f This 10-mark question covered the areas of audit evidence and communication with those charged with governance. Generally candidates performed well on part (b). There was a minority of candidates who focused on who those charged with governance were rather than on their responsibilities and hence provided answers such as ‘those charged with governance are non executive directors’. This would not generate marks as it failed to answer the question asked.
NOx|
# Implication:
, 9rT|:N Knowledge based question like this is normally quite straightforward. Candidates who have basic knowledge of audit evidence and corporate governance could normally obtain 90% of the full mark. But remember, always do not hesitate to provide examples to support your points.
2/~v Q3:
{T IGPK Analysis:
t@ Jo ?0 s This 20-mark question was based on a large engineering company with a capital intensive manufacturing process. Candidates were required to identify strengths from the company’s control environment in relation to non-current assets, critically evaluate a given audit procedure for completeness and also to explain the importance of obtaining an understanding of the entity and its environment. Overall this question was well answered in particular part (b), however part (c) provided many inadequate answers.
\yxr@z1_b Implication:
)#Id 2b~ The examiner requires candidate to bear in mind the spirit of professional skeptism. That is why the questions invite candidates to judge the appropriateness of audit procedures and provide your own solutions. This kind of question is quite popular is recent sittings. And it reminds us that we must understand why we should do it other than how to do it.
h {m]n! Q4:
2::T, Z Analysis:
N> ~*Jp2; This 20-mark question was based on a bread manufacturer who was suffering due to the economic down-turn and required a loan from the bank. Part (a) for 4 marks considered the differences between an interim and a final audit. Part (b) for 6 marks required an explanation of whether the external auditors would be able to rely on the work of the internal auditors. Part (c) for 6 marks required three procedures in examining was unsatisfactorily answered by most candidates. Part (d) for 4 marks required an explanation of the kind of assurance that could be provided to the bank in relation to the cash flow forecast.
uJWX7UGuz Implication:
d0xV<{,- The examiner these days like to integrate the knowledge from other papers into F8. Like this one, cash flow forecast/budget is F9 related and the examiner set question on this in order to test your sufficiency of finance knowledge. Be careful about ratio analysis, budget and cost variance calculation, may appear next time.
$xl*P# Q5:
/Iskjcc60W Analysis:
JDP#t A3 This 20-mark question was based on a chain of fast food restaurants. Candidates on the whole performed satisfactorily. Part (a) for 6 marks required four assertions relevant to accounts payable at the year-end date. Part (b) for 10 marks required two controls to reduce risk associated with food purchases and preparation and two tests of controls. Part (c) for 6 marks required three items of evidence and an explanation of how they might enable the auditor to assess the likelihood of the claim succeeding. Many candidates had a reasonable attempt at the question and were able to identify three items of evidence, such as a letter from the lawyer, board minutes, discussions with management or management representation. However some candidates failed to explain how these items of evidence would help in the assessment of the claim.
6!'yU=Z ` Implication:
l9Vim9R5T Candidates should ask "what", but to support "what", "how" is quite necessary. Therefore we must understand the nature of audit procedure. How do those procedures link to certain account or assertions related.
%cv%u6 b -LY_7Kg Analysis of Exam Paper P1 in December 2009
<omz9d1 General comments
c{ <3\ The exam consists of 5 questions which Q1 is compulsory and 50 points, and 2 out of 3 option questions should be done appropriately.
ZDb`]c4( Comments on Questions:
J
h"]iN Q1 is mainly concerned about internal control, non-executive directors, information and communication and finally ethical decision making model (AAA model).
K{iYp4pU Based on the scenario the exam tests on, it is difficult for students to give answers to the 14 points Q1 (a) if they do not cover that part of the syllabus. Students should well understand there are two questions in it. One is to use the model to analyze the case, the other is to make decision on whether the company should the company disclose information publicly of the ship sinking. Importantly, the decision should be made on stances of different external stakeholders of the company.
<s: Xj Q1(b), this question is testing on students’ understanding of knowledge of internal control system and the application to the scenario. Internal control is an important part of Corporate governance. An analysis of all the past papers of P1, internal control is tested each time and it is definitely to be tested in June 2010. Students should understand the roles of audit committee, three features of a ‘sound’ internal control system, and five elements of internal control system.
}[Y):Yy Q1(c), this Q is all about NEDs. Students should bear in mind that non-executive directors are indivisible from corporate governance. Their roles, contributions and expertise to remuneration committee, strategic decision making, and enhancing risk management are invaluable to listed companies. Students must know the roles, independence and contributions of NEDs.
4e(@b3y Q1(d), this question is not often tested by the examiner. Although it is based on information and communication, it is not going to come up in the next exam. We should know that high quality information is beneficial for management to make timely decision.
rfZA21y{? Concerning the professional mark, there are only two formats that students should know. One is memo, the other is a format of letter. In order to get as more marks as possible, students should give answers which are logical flow, persuasive and using profession words. For example, Sound internal control, risk embedded, underpin market confidence.
|&'*Z\*ya Option questions:
7%<jZ
= Q2(a) is unsurprisingly new for students who do not grasp the meaning of introduction program. Students should pay attention to meanings and objectives of Continuing Professional Development, Retirement by rotation, Insider dealing/trading.
spI
{d!c Q2(b) this question is asking the benefits of using a two-tier board in complex and turbulent environments. Most European companies use this board because these companies use insider system that most of the shares are in some big shareholders’ hands.
E,X,RM~
+D Q3 is a question based on the knowledge of ethics. Ethical theories include absolutism, relativism, deontology and teleology (Utilitarianism &Egoism) are not tested in Dec 2009, they are easily to be shown up in June 2010. The principles of Corporate Governance are also important for students to pay attention. Transparency, confidentiality, accountability, public interests, CSR, sustainability, and corporate citizenship, full cost accounting are all hot topics in this year exams.
qkEy$[D9 Q4 this question is similar to Q2 of past paper tested in Dec 2007, students should know that internal control and risk management are entwined brothers and sisters. Internal control system is for the purpose of mitigation of risk. Internal control and risk management are to mitigate risks exposed to companies; they can not eliminate all the risks. Internal control system is giving reasonable assurance not absolute assurance.
}a`LOBn e On considering learning this part knowledge, students should know the logical thinking of internal control and risk management strategies.
@
!S$gTz Internal control system
8sg *qQ First, if the company has a internal control system, if the company needs one in the future,
XC$~! Second, once a company has a internal control system, if the system is effective and ‘sound’.
@Q^;qMy Third, if the system is flexible and be able to identify risks new to the company both internal or external,
Jq!($PdA Risk management
l{R)y TO First, a company should have controls to identify risks. If a company could not identify risks, it did not have the ability to make strategies to deal with the specific risk. A company should have a culture of risk awareness and there should be a formal structure for people to report risk findings to management.
`7j,njCX. Second, risk assessment or analysis should be both quantified and qualified.
5Q88OxH Third, the risk response is concerned with decisions from top level management. TARA is the most common methods for risk dealing.
$@x kKe" Fourth, the company should monitor specific risks in order to better mitigate them.
s 6egd%r 3k/Mig T For students sitting in June 2010 exam, I have several advices under below,
qL#R
XUTP a. Full cover of ACCA exam syllabus
t|q=N K/ b. Pay attention to stakeholder, NEDs, internal control system and Kohlberg’s ethical theories, sustainability, CSR, definitions of transparency, accountability, remuneration committee both its role and its objective.
e'6?iLpy c. Students should make notes of the verbs using by the examiner. For example, ‘evaluate’ means to answer the question on two sides, one is for and the other is against. Pay attention to the quotation marks used by the examiner. Note that there will be two or more small questions in one question, do not forget to answer all.
8a h] D d. Bear in mind the format of a letter or a memo, the format is 2 marks which enable you to past the exam when you just get 48 points.
n&fV3[m`2 e. Read the scenario as long as you can, understand the backgrounds of the case and take notes on the exam paper in the fifteen minutes before the exam.
cwroG#jGT P1 lecture Bryan Wang 2010-4-10
7Av]f3
Zr 4L0LT> 'M\ Report on P2 Dec 09 sitting
pI`Ke " 09年12月P2 Corporate reporting 的考题结构和相关知识点为:
.DQ]q o]OG qv
U$9cTY 此次试题所涉及的知识面较广. 考题1的内容较为固定, 和2009年6月的考试是一样的,均为Preparation of statement of financial position 和Ethical behavior. 考题2-4是3选2,主要为论述题. 在过去3年的考试中, 首次出现的知识点有Jointly controlled entity, jointly controlled assets 和events after the reporting period.
>l< ~Z; 和上一阶段的F7相比, P2的特点为论述部分占有的比例增大, 合并报表更为复杂, 所需掌握的会计准则更多.
k-cIb@+" FWpN:|X BS 考题1
u4,X.3V]A (a)部分考到的主要的知识点为:
pY!dG-; Business combination achieved in stages - subsidiary to subsidiary
u~- fK'/!| Disposals - where control is retained
Prb_/B Dd - subsidiary to associate
a;'E}b{`F Goodwill (full value method)
.1}rzh}8 Intangible assets
g[wP!y%V
Investment property
O})u' Provisions
EO PS? @ Foreign transaction
c."bTq4tJ 考生容易出错误的地方会出项在一下几方面:
,KhMzE8_a 1. The calculations of the negative and positive movements in equity arising from the sale and purchase of equity holdings.
T5dUJR2k$ 2. Whether to recognize provision for restructuring.
5} MlZp 3. Calculation of retained earnings due to large amount of adjustments.
&!DZW 5 考题2
()nKug`.@ 本题考到的知识点为asset impairment 和non-current assets held for sale. 回答这道题的关键是要熟悉资产减值的过程, 减值时需要考虑的因素, 减值损失的记录和减值损失的冲回 (IAS 36). 回答时还需注意联系案例中的实际情况.
?dKa;0\ 考题3
eN| HJ= 本题是一道案例题, 考到的知识点很多. 总的来说考生对于相关的会计准则中的原则都较熟悉, 但在将原则运用于案例时失分较多.
%%+mWz a 本次失分较多的知识点为revenue recognition 的计算, jointly controlled entity 和jointly controlled assets.
przubMt 考题4
I`"-$99|t1 这到考题通常是反映了会计准则的现时发展. 考生需要关心会计准则的发展, 关注international accounting standard board 发行的exposure draft 和discussion paper. 多阅读ACCA的杂志也很有帮助.
pqH(
Tbjq x7KcO0F{ VM!-I8t YV1a 3 65 waq~# u 5 Eo
