F-Gloweb

02/04/2022

I had little concept of technology or how it worked when I was a kid, but thankfully, I grew up in a family that was lucky enough to own a television, and crowds would come over just to watch a show. I was always surprised at how people would be inside of the television and not behind it, but I couldn't understand why. I went to a boarding school where computers were available and were good for gaming, and each time we went to the computer lab, I acquired a strong affection for computers. With a computer, I accomplished a lot of things with hardware and software without the internet back then, and with the internet, my love for computers expanded, and I acquired an interest in studying available computer programs. I take delight in designing websites and promoting people's visions

I operate alone as a freelancer and outsource less duties in order to accomplish jobs on time when there are so many.

My company is extremely important to me because it allows me to meet my daily expenses and provide for my family. Despite the fact that I studied accounting, web design and all related computer tasks have become my main source of revenue.

05/11/2013

http://www.accaglobal.com/en/student/acca-qual-student-journey/qual-resource/acca-qualification/f9/technical-articles.html -your-PER

05/11/2013

DECEMBER 2013 KAPLAN MOCK PAPERS ARE AVAILABLE FOR P COURSES ONLY. THIS IS FREE, CONTACT US TO HAVE THEM

05/11/2013

http://www.accaglobal.com/en/student/acca-qual-student-journey/student-accountant/sa-archive.html

Here you can access an ACCA archive of past issues of Student Accountant Magazine from December 2009.

02/11/2013

How to Study , Pass & Perform good in Exam (ACCA-F8)

HOW TO STUDY F8?

Three Rules:

Rule #1: Understand the knowledge. Students have good knowledge of ISAs inside out – but lacking in what an audit is and how it is carried out. Knowledge will be tested throughout the examination (most notably in question 2).

Some lists, such as assertions, do need to be memorized, but candidates DO NOT need to know which specific ISA these come from. It is much more important in this exam to know why things are there (as in the assertions) rather than to remember the specific paragraph of the ISA they come from.



Rule #2: Understand the REQUIREMENT VERBS Different approach to questions that have “list out” and “explain”.



Rule #3: Understand the applications to case studies are PARAMOUNT Knowledge has to be applied to many of the scenarios in the audit and assurance examination. Again, the requirement verb will help, as‘explain’ and ‘discuss’ are trying to elicit more information from the candidate.

For example:(i) “Application” means finding the relevant points from the scenario (ii) “Explaining” means the relevance of those points in the answer.

Please read the examiner’s article on this subject from the April 2008 student accountant: Clickhere

How to Pass Paper F8?

Guidance from Articles of Student Accountant namely “Examiner’s Approach” on March 20, 2010 and “How to Pass Paper F8″ published in April 2008.

Name of Examiner is Pami Bahl.
1 x 30 Mark Question (Scenario Based)
1 x 10 Mark (Knowledge based)
3 x 20 Mark Questions

According to Pami Bahl “Students write too much when asked to List down” and “Too Little when asked to Explain or Discuss”It is important to practice Exam Style Questions before Examination because:

1-Students are unable to manage the time when they do not attempt mock questions. They write too much for the questions they attempt first and at the end left out a complete question. (Student should attempt all the questions),

2. Not providing answer is proper format, for example, writing the answer in one long paragraph rather than splitting the question up in individual points.

3. When asked audit procedures in any questions, students are unable to link their answers with particular scenario.
They have typical answers for every situation when they are asked to explain i.e. Scan the General ledger providing no indication of which ledger to be checked or what the ledger has been checked for.

4. It is important to be Precise.

5. REMEMBER! ANSWERS MUST BE TAILORED ACCORDING TO SITUATION.

6. Apply your self to the scenario and express an opinion using evidence from the scenario to support this opinion.

7. We look for Proper Presentation. It helps when script is well presented with appropriate sentences used, paragraphs made, graphs or tables made where needed.

8. Student should begin each new Question from new page. Students usually make this blunder and miss out score.

9. What are the keys to success?Examiner replies “Students should have attempted all the questions. Certain sections may not be answered well but few marks are generally obtained from a valid attempt.
NO MARKS ARE AWARDED IF THE QUESTION IS NOT ATTEMPTED.

10. Students should attempt scenario based question of 30 marks first rather than leaving it up-till the end, it is then LEFT OUT.

11. Student should have very good knowledge of Auditing and they should know how to apply such knowledge in an exam situation which comes only from Practice. There are 10 marks available on this knowledge. Examiner expects students to obtain 8 to 9 marks in this question.

12. Why do the students mostly fail? (Main Pitfalls)Lack of knowledge and not linking it with scenario.

13. She requests Students to read the Examiner’s report after attempting past papers as it gives them idea of what and how the examiners want them to perform.

14. Finally, Students should carefully read the requirements and follow the instructions as given in question (verbs that are used in question)

15. Try to understand the question, and try understanding what the examiner wants from them, Student should try to assess what examiner and how much information examiner wants from them being fully aware of available marks.

Note : This article is made by ACCAReloaded after analyzing the past examiner’s reports, technical articles and some other sources.

HOW TO IMPROVE F8 PERFORMANCE?

STEP 1: BY GOLLY, PLEASE PLAN BEFORE YOU SPEW OUT THE ANSWERED definitely worth spending a few minutes planning the answer.

(i) This is particularly true of question 1, where there is a substantial scenario to read.

(ii) Use the requirement verbs intelligently to visualize the answer –‘explain’ with a scenario means two marks per point, one for the point in the scenario and one to show why the point is relevant. Say, 12 mark question therefore needs up to six full points to obtain full marks.

(iii) Candidates should make sure they read the scenario properly and apply it to make sure they pick up the required number of points.

I recommend that your plan can be WRITTEN FORMALLY on the answer book, jotted down on the question paper or even be a list of points in your head – the important thing is to plan in the method that best suits you.


Step 2: By JOLLY, please think!No intention to be cheeky here. I am serious! Students tend to ‘vomit’ out textbook, lecture notes materials!

Please try to think to make sure the reason for each point being relevant is clear. In other words, just step back a little from the plan and make sure you can explain the points – or at least prioritize them into some form of order so that the ‘best’ ones are given first. This will maximize your chances of obtaining marks in the examination.

Step 3: By Dolly, you need to practice writing out the planned answer in full Unfortunately, too many skip my tests and assignments candidates, thus poorly equipped with too little exam practice before entering the exam hall.

You can NEVER learn how to swim, if you don’t practice,You can NEVER learn how to drive, if you don’t practice,You can NEVER learn how to cook, if you don’t practice,You can NEVER learn how to pass, if you don’t practice F8!

24/10/2013

ACCA Exam tips for Paper F4 English

1 Criminal law, civil law and arbitration (D07)

2 Define consideration, sufficient and adequate (J09)

3 Terms, representations, express and implied (J09)

4 Limitation on choice of company names, passing off, names adjudicator (J09)

5 Meetings, AGMs, OGMs, Class (Pilot)

6 CDDA grounds and explanation (J09)

7 Corporate governance: rights, duties and role of auditors (D07)

8 Contract offer, counter offer, goods in shop window (D07)

9 Shareholder liability on partly paid shares (Pilot)

10 Fraudulent and wrongful trading (D09)


ACCA Exam tips for Paper F4 Global

1 Criminal law, civil law and arbitration (D07)

2 Arbitration advantages and disadvantages, statement of claim and defence (J09)

3 Sale of Goods, passing of risk (J08, D09)

4 Limitation on choice of company names, passing off, names adjudicator (J09)

5 Directors’ authority:- express, implied, apparent (Pilot)

6 Incoterms – the 3 new ones -

7 Corporate governance: rights, duties and role of auditors (D07)

8 Contract breach re quality and price (D07)

9 Shareholder liability on partly paid shares (Pilot)

10 Fraudulent and wrongful trading (D09)



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ACCA Exam tips for Paper F5

1 Target costing and Activity Based Costing

2 Linear programming

3 Variance analysis with Mix & Yield

4 Budgeting written question

5 Financial and non-financial performance of a division
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ACCA Exam tips for Paper F6

Students should never rely on tips from any source as exam success is based on a sound knowledge of the basic rules that underpin the computations required for each tax and the ability to apply this knowledge within the 3 hours and 15 minutes available. This is based on considerable practice of past examination questions which have been updated for Finance Act 2012 and by sitting a mock examination(s) in the allotted time. It can be of little surprise that students fail exams if the last time they sat such an exam was when they sat or even failed at the previous sitting!

If any of the areas tipped should appear then this, if you are prepared, should be a bonus – you should not be expecting these areas and then be disappointed when they do not appear and therefore be immediately at a psychological low in the exam room!

Be properly prepared through work effort, expect the worst but know if you do your best you will pass whatever exam is placed in front of you!!

Each new round of annual exams will always include topics that the F6 examining team have written about in their published technical articles, most notably in the Finance Act (FA) Update article (FA 2012) and in any new technical articles. For 2013 we have so far two such articles entitled Motor Cars and Benefits respectively.

Although any and all of what appears in the FA Update may feature in this year’s exams particular attention should be paid to new legislation and major changes to existing legislation.

In this respect note specifically:

(1) Overseas branches and the new exemption election, noting very carefully the worked example on evaluating whether or not the election would have been worthwhile for a company to have made.

(2) The recent reductions in the main rates of Corporation Tax (CT) mean that either a marginal or large company whose Chargeable Accounting Period spans two Financial Years will require a split calculation of their CT Liability. Again work the examples given. Note if this were tested within Question 2 then as Capital Allowances (CA) are not examinable for such a company straddling FY 2011 and FY 2012 then a detailed CA computation would need to be performed for an unincorporated trader presumably in Question 1.

(3) The changes in car benefits may be tested in a standard Employment Income assessment and also contain other benefits as per the Benefits article. Given the separate detailed article on Motor Cars this may instead form the basis of the more challenging style of question now favoured by the examining team where the candidate is required to think very carefully to answer a more unusual stated requirement.

This may involve for example evaluating the tax position of both the business (unincorporated or incorporated), and if separate, the individual, regarding the provision of a car and fuel to an employee or proprietor. This may involve elements of Income Tax, Corporation Tax and NIC’s. Once more work carefully through the exam standard example at the end of the examiner’s article.



Q.1 Income Tax / VAT

This question always requires the preparation of an Income Tax Computation for at least one individual, possibly two (spouses or civil partners) or even three taxpayers (members of the same family) The two main sources of income tested within the computation are Employment Income and the adjusted trading profits of the Self Employed. Property income is a popular exam area and the recent changes in the definition of furnished holiday lettings may be tested here. Interest income is also frequently tested with examples of taxable interest received net and gross plus exempt interest and of course some dividend income.

A scenario involving a transition from employment to self employment part way through the tax year would allow both employment income with assessable benefits for part of tax year to be tested along with adjustment of profits and a capital allowances computation for a short or long opening period of account and dealing with pre trading revenue and capital expenditure. The adjusted profit would then be used to determine the assessments in the opening years of the new business and the computation of the overlap profits

Class I NIC’s for the period of employment and or Class 2 and 4 NIC’s for the period of self employment could also be tested.

If VAT was included in such a question then it could test issues of VAT registration, submission of first VAT return dealing with pre registration input VAT and suitability of small business accounting schemes such as cash and annual accounting and the flat rate scheme.

Q.2 Corporation Tax / VAT

Will require the preparation of a Corporation Tax Computation for a Chargeable Accounting Period which will probably straddle Financial Years 2011 and 2012 e.g. Accounting Year Ended 31 December 2012 or 9 months to 30 September 2012. The company may operate overseas through branch operations which have made profits and sustained losses and a question may ask whether the branch exemption election would have been worthwhile though not now possible in relation to either a previous or current accounting period.

A significant amount of marks are usually available for the adjustment of profit statement and Capital Allowances Computation if not also tested within Q.1, but as mentioned earlier a capital allowance computation would not be tested in an accounting period spanning 2 Financial Years where the allowance rates have changed. The company may be in a gains group and group relief group. .

Q.3 Chargeable Gains

If a question involves corporate gains rather than an individual then the main assets that a company may dispose of would include:

Properties – this may involve establishing the cost of the property from an earlier acquisition via a no gain no loss transfer from a fellow gains group member and/or the cost may have been reduced by a rollover relief claim at the time of acquisition. The gain arising may now also be deferred by a full rollover or partial rollover relief claim or if a depreciating asset is now acquired a holdover relief claim may instead be available.

Land – a part disposal of land

Shares

Chattels – e.g. a painting from the boardroom

If a share disposal by an individual takes place then this could be in the form of a takeover, or the sale of shares that had been acquired as a result of an earlier takeover.

Questions 4 and 5

IHT seems likely to be a regular feature of part of a question and it would seem likely that at some point the examiner will test the more difficult problem of CLT’s not only taking place within the 7 years before the date of death but there also being a CLT more than 7 years before death. This would not itself be chargeable on death but given the cumulative nature of IHT would impact on the transfers within the 7 years following it which do then become chargeable on death.



Groups if not tested in Q.2

Income tax loss reliefs and / or partnerships

A question involving the provision of cars to employees and to an unincorporated trader as per note (3) above.



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ACCA Exam tips for Paper F7

Consolidated Statement of Financial Position AND Statement of Income, mid-year acquisition, share for share exchange, nci value based on share price, fair value upward adjustments, intra-group sales and pups, goodwill impairment
Statements of Financial Position, Income AND Changes in Equity, list of balances, problems with revenue recognition (consignment goods), inventory adjustment, TNCA revaluation, depreciation straight line and reducing balance, loan interest accrual, tax provision and deferred tax movement
20 mark cash flow (last time there was a question WITHOUT interpretation was December 2011) with a part b 5 mark chat
15 mark question covering 2 or 3 IAS with short, relatively straight- forward calculations. Possibles? Could be anything, but here are 3 wild guesses:- subsequent events, leasing and borrowing costs
10 mark question – could be something like development expenditure, complex depreciation question or (relatively easy) earnings per share

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ACCA Exam tips for Paper F8

Receivables system and receivables circularisation

Computer assisted audit techniques

Corporate governance

Audit risk and planning

Assertions and audit evidence/procedures



Remember, if asked for audit procedures state which assertion the procedure helps with.

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ACCA Exam tips for Paper F9

1 DCF – Lease & Buy and/or Replacement and/or Capital Rationing

2 WACC (including CAPM) + theories of gearing

3 Cash Management and Inventory Management. Written part on interest rate risk.

4 Share valuation + written on market efficiency + sources of finance.
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ACCA Exam tips for Paper P1

5 part 50 mark question touching on risk, ethics, environment, internal controls with 16 – 18 marks for drafting a report / briefing notes / press release / magazine article
Corporate governance with internal auditors and internal controls. Risk management, committee, mitigation
Sub committees under corporate governance, their roles, functions, objectives, make up
Kohlberg and attitudes to ethics compared with Gray, Owen and Adams and their 7 sub-categories

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ACCA Exam tips for Paper P2

Consolidated Statement of Cash Flows (long time since asked!) OR tent structure including a foreign subsidiary (35 marks); 8 marks of corporate governance and 7 marks chat about management commentaries
Scenaria question with 4 problem areas worth 5 – 7 marks each with up to 12 references to IAS / IFRS. Occasionally, the directors will have proposed an appropriate treatment – just occasionally! So, be aware that the proposed action may in fact be ok – it’s not always a poor choice by the directors
Similar to question 2 – a scenaria question with 3 – 4 parts worth anywhere from 5 – 12 marks with up to 6 references to IAS / IFRS
Current issue question – the last 3 have been on proposed revision to IAS 37 Provisions and Contingencies, IFRS 13 Fair Values and heavy discussion about how much disclosure is “enough” and how much is “too much”. There hasn’t been a 25 marker on Management Commentary since it started to become a fashionable discussion topic

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ACCA Exam tips for Paper P3

Strategic appraisal and strategic recommendations. Portfolio management

Business process change: Harmon’s Process Strategy Matrix; Balogun and Hope Hailey.

Use of IT for marketing and improving the value chain

Activity based costing and pricing
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ACCA Exam tips for Paper P4

Compulsory question:
Report including:
Investment appraisal of foreign investment with inflation / tax / forecasting of exchange rates
Calculation of WACC (involving CAPM)
Consideration of various sources of finance
Choice questions:
Interest rate risk management
Option pricing
Written question relating to the transferring of profits to countries with lower tax rates, by multi-nationals.


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ACCA Exam tips for Paper P5

Stakeholders; reward systems

Boston consulting group

Performance management and measurement in not-for-profit organisations

Economic value added

Use of IT in performance reporting
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ACCA Exam tips for Paper P6

coming soon


ACCA Exam tips for Paper P7

Respond to an email from a partner – possible subject matters include risk of material misstatement, corporate governance and the role of the auditor, ethics
Practice management, recruitment, training, review
Discovery of evidence of insider dealing, offences against the Bribery Act and suggested auditor action
Assurance services, ethical and professional issues
A scenario question with 3 or 4 contentious matters with the requirement of “Comment on the matters above and explain the procedures you should expect to have been followed”

23/09/2013

The Simpson Scholarship exists to reward talented ACCA students who have already proven themselves to be of sufficient merit and distinction in ACCA examinations.

05/09/2013

ACCA paper F6 Video and LSBF text is available now. Interested students should contact us for them