Where are the ACCA professional marks awarded?

* P1, P3, P4 & P5 – all marks in section A, Q1.
* P2 – 2 marks in each question in section B.
* P6 & P7 – all 4 marks in either Q1 or Q2 (section A).

A lot of students mistakenly believe it is all about choosing the right format, although this is part of it!

The marks are available for introducing the topic appropriately. You must also make convincing points with counter-arguments, while using the appropriate tome for the audience. The markers will be looking for logical flow and structure, which draw together main themes of an argument into a valid set of conclusions. 

Do some planning. If each minute in the exam hall is worth 1.8 marks this means you have 7 minutes to gain these professional marks.

You must use the appropriate format – if asked for a report or press statement then that’s what you need to produce! 
Don’t write a letter when you have been asked for a memo.

And, remember those exam basics: Keep your sentences short and concise. Have short paragraphs and make sure your writing is legible. Make sure you leave of white space, make the marker stop and think: does this need a mark? Another no-no is writing down points as they come into your head – so make sure your points are logical. 

Headings and conclusions/recommendations are also key. Also remember to put the question you are answering at the top of each page. Oh, and apparently the examiners don’t like slag or abbreviations, remember you are a professional, so use professional language. 

BPP'S ACCA December 2015 exams tips

F6 MCQs * Due dates for the payment of income tax (including payments on account). * Due dates for the payment of corporation tax (including instalments for large companies). * Filing dates for the income tax and corporation tax returns. * Penalties and interest for late payments and returns. * VAT registration rules. * Inheritance tax exemptions. * Statutory residence tests for individuals. * Identification of groups of companies for corporation tax loss reliefs and gains. * Trading loss reliefs for both companies and sole traders. Section B * Employment benefits. * Property income. * Relief for pension contributions. * Adjustments to profit to arrive at trading income for both companies and sole traders. * Capital allowance computations. F7 * Q1 & Q2: One likely to be an interpretation or statement of cashflows, the other may be a consolidation question if Q3 is not a consolidation. * Other possibilities: Conceptual framework, intangible/tangible assets and impairment, provisions and contingencies, revenue and grants, financial instruments discontinued operations/assets held for sale or earnings per share. * Q3: could be a single entity or a consolidation (statement of profit ort loss and other comprehensive income and/or statement of financial position). * Statement of changes in equity, statement of cash flow extract, earnings per share calculation or linked written topic. * Consolidation question with adjustments, eg fair values, deferred/contingent consideration, PUP on inventories/PPE, intragroup trading and balances, goods/cash in transit. F8 * Ethical threats and safeguards. * Corporate governance and internal audit. * Audit planning. * Materiality. * Audit procedures (especially substantive procedures). * Audit finalisation and audit reports. * Audit risk. * Internal control and audit procedures (both substantive procedures and tests of controls). F9 MCQs * Macroeconomic goals and policies (fiscal v monetary). * Investor ratios (eg total shareholder return, dividend yield etc). * Calculations of forward and forecast exchange rates. * Basic investment appraisal calculations (payback, ROCE etc). * Financing for SMEs (venture capital, crowdfunding, business angels etc). Section B * Calculations on improvements to receivables management (eg early settlement discounts and factoring). * Weighted average cost of capital calculations (including its component parts). * Ratio analysis to support financing decisions. * NPV calculations (possibly correcting an incorrect NPV given by the examiner which includes incorrect tax and inflation calculations). P1 * Corporate social responsibility strategy – check out recently published article. * The use of stakeholder. * Ethical and other CSR theories – apply them to the scenarios. * Use of risk and governance – board of directors, remuneration and reporting. P2 Section A * Preparation statement of financial position and/or a group statement of profit of loss and other comprehensive income or statement of cash flows – including a foreign subsidiary, discounted activities, disposals and/or acquisitions. * Linked accounting adjustment and social/ethical/moral aspects of corporate reporting. Section B * Q2 &Q3: Deferred tax, foreign currency transactions, financial instruments, pensions, share-based payment, non-current assets (recognition and/or impairment of tangible and intangible assets), borrowing costs, the effect of accounting treatments on earnings per share to ratios. * Other question will test a range of standards such as accounting policies and the framework, leases, grants, IFRS for SMEs, reorganisations, provisions, events after the reporting period and related parties. * Q4: Revenue recognition, revision of the conceptual framework, regulatory issues over adoption and consistent application of IFRSs, implementation issues, application of the definition of control and significant influence (equity accounting) , improvements in performance measurement, classification in profit and loss vs OCI, integrated reporting. P3 * Value chain. * Critical success factors and KPIs. * Role of the corporate parent, including BCG matric/Ashridge. * Managing strategic change, including force field analysis. P4 * Q1: Expect core subjects such as project appraisal (domestic or overseas), business valuations (cost of capital calculations), and risk management (hedging). * Q2-4: Risk management (currency or interest rate), business re-organisation, real options. P5 * Q1: Performance management frameworks (building blocks model or the Balanced Scorecard). Also need to master transfer pricing, ratios, analysis of quality related costs, ABC. * Q2-4: Common tested areas include quality management, information reporting (CSFs and KPIs), the application of strategic models (such as PEST, Porter’s 5 forces, the Value Chain), HR frameworks (reward & appraisal systems), risk management and environmental management accounting. P6 * Groups of companies involving overseas aspects. * Unincorporated business particularly loss relief or involving a partnership. * Capital gains tax versus inheritance tax. * Overseas aspects particularly the new rules on residence. * Personal service company. * Company purchase of own shares. * Enterprise investment schemes/venture capital trusts. * Change in accounting date. * Takeover. * VAT partial exemption. * Transfer of trade versus sale of subsidiary. * Disincorporation relief. * Pension contributions. * Patent box, research and development expenditure. P7 Section A * Test planning. * Risk assessment. * Evidence gathering and practice management. * Non-audit engagement, such as prospective financial information (PFI) or due diligence. * Audit completion. * Consolidated groups. Section B * Audit evidence and financial reporting issues. * Practice management, including ethics. * Quality control and reporting, including completion and communication. 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