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LSBF's June 2016 Exam Tips
Exam tips from the top tutors at LSBF. Just for you...
LSBFS JUNE ACCA EXAM TIPS
ABC and target costing.
Budgeting theory with flexed budgets.
All advanced variances.
Divisional performance and transfer pricing.
Chargeable gains company making disposals with rollover and holdover relief.
IHT calculating IHT on lifetime gifts into a trust when the donor is still alive.
VAT due date for registration, calculation of VAT payable.
Income tax adjustment of profit for a sole trader/partnership, including capital allowances, for a sole trader in the beginning or middle of the trading cycle.
Corporation tax calculating corporation tax, large company and instalment payments.
Section A: MCQs can cover any topic in the syllabus, but at least half will be on standards.
Section B: Consolidations/ published accounts will be a 15/30 marker, or vice versa; the remaining 15 marker will probably be on interpretation with adjustments needed beforehand.
If you are registered for the exam and feel reasonably prepared give it a go: September sees the biggest expansion to the F7 syllabus for at least 15 years.
Ethical threats and safeguards.
Audit risk and response.
Internal controls deficiencies/procedures/tests over sales.
Substantive testing trade payables and receivables, and bank.
Audit report scenarios.
Internal audit VFM audits.
Reliance on internal auditor by external auditor.
ISA 720 other information.
Q1: CFS or BS or PL, in that order.
Q2/3: Usual suspects drawn widely from the syllabus.
Q4: Maybe financial asset impairment, equity accounting, SMEs, sustainability, leases.
Management accounting techniques to support decision making (possibly close or continue).
Process re-engineering and the need for IT controls.
Hedging interest rate risk using forward rate agreement, interest rate futures, options on interest rate futures and collars.
Real options to abandon, expand or delay using the Black-Scholes option pricing model.
Investment appraisal using adjusted present values, modified internal rate of return and internal rate of return.
Cost of capital using the principles of Modigliani and Miller prepositions or geared and ungeared betas.
Calculation of project specific WACC or WACC of combined activities.
Valuation of business using free cash flows and price-earnings ratio methods. Best mode of payment cash offer or share exchange.
Appraising performance metrics.
Impact on performance management.
IHT with the death estate including BPR and APR and lifetime gifts into a trust and gifts with reservation.
Domicile including deemed domicile and election to be treated as UK domiciled.
Group question, involving losses, group relief.
Research and development options for a large enterprise.
Change of accounting date and trading losses made by an unincorporated business.
Capital gains tax including entrepreneurs relief, shares matching rules and gift relief
Residency rules, remittance basis and overseas aspects of income tax.
Group registration for VAT.
Partial exemption for VAT.
Employee shareholder scheme/share option schemes.
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