[转帖]FTC Tips for June 06 Session

cicpa

1.1 GBR Paper 1.1 Tips ¡V June 2006

SECTION A (50 %)

25 Multiple choice questions

Will cover all areas of the syllabus



SECTION B (50%)

Longer questions ¡V will include theory and computational questions.

Five compulsory questions will need to be attempted. Each question will carry between 8 and 12 marks,

Preparation final accounts of a partnership/ company

Correction of errors and suspense accounts

Cash Flow Statements

Ratios and interpretation

Accounting theory, Concepts & Standards

1.2 Possible Tips for Part B Long Questions ACCA 1.2



Decision Making

Marginal and Absorption Costing Profit Statements

Process Costing

Standard Costing

Stock Control

1.3 Primary Tips:

„X Role of Management/Supervisor

„X Authority, responsibility and delegation

„X Classical and modern theories of management

„X Objective setting; performance indicators; Management by Objectives

„X Individual, Groups and Team behaviour

„X Motivational and Leadership

Secondary Tips:

„X Training and Development

„X Management of Diversity/Equal Opportunities

„X Effective Communication Practices ¡V Counselling

„X Recruitment and Selection

2.1 Managing Information Systems

„X Business strategy and IS/IT strategy

„X Outsourcing

„X Accounting for IS/IT costs

„X Legacy systems

„X Terms of reference

„X Staff roles and responsibilities

Designing Information Systems

„X Modelling: business process model; business event model

„X External design: data capture

„X Invitation to tender

„X Prototyping and 4GL

Evaluating Information Systems

„X Security: physical security; passwords; validation; encryption

„X Quality; V-model

„X Changeover methods

„X Maintenance

2.2 Paper 2.2 ¡V Corporate & Business Law

„X EC law

„X Delegated legislation

„X Consideration (including Pinnel's case)

„X Discharge by performance

„X Restraint of trade

„X Remedies for breach (including liquidated damages clauses)

„X Types of company

„X Memorandum of Association

„X Articles of Association

„X Discounts & premiums

„X Reductions of capital

„X Debentures and charges

„X Directors

„X Auditors

„X Minority protection

„X Insolvency

2.3 Section A



Corporation Tax Q1 Trading Loss relief with capital allowances & industrial buildings allowance and some calculation of

chargeable gain



Income Tax Q2 Adjustment of profit

Trading income assessment leading to income tax and possible gains tax payable.





Section B



VAT Q3 Tax point

VAT return - calculation of VAT payable

Misdeclaration penalty



CGT Q4 Capital Gains Tax

Shares - bonus/rights/ takeover

Rollover and Gift Relief



As from June 2005 exam, the format of the exam has changed and questions 5 to 7 can now be set on any topic



Overseas implication - Double tax relief

Partnership with losses

Employment Verses Self Employment with income tax and NIC calculations

Disposal of business with capital allowances, CGT and some planning

Terminal loss relief for both Sole Traders has not been examined

2.4 FMC tips for June 2006

„X Investment Appraisal; NPV to include tax and inflation, other methods of appraisal (possibly IRR) and possibly capital rationing

„X Long term finance and gearing

„X Working capital management, possibly to include debtors

„X Budgeting

„X Variance analysis ¡V possibly to include mix and yield variances

2.5 UK consolidations

drafting financial statements

substance

interpretation including cash flow statements

construction contracts

2.6

INT and GBR Tips for 2.6 (INT and UK)



Corporate Governance - Role of Audit Committees

Ethics - Confidentiality

Internal Controls - Management Letter on Purchases/Payroll/Computer Controls

Substantive Testing - Receivables (Debtors)

Review/Report - Audit Work and Audit Reporting re. Going Concern

Internal Audit - compared with External Audit / role in Risk Management

3.1 INT and GBR Q1. Risk assessment, risk management and audit strategy.

Q2. Assurance services - prospective financial information, or reporting on non-financial information.

Q3. Matters and evidence - 3 scenarios.

Q4. Audit reporting - Opening balances and Comparatives.

Q5. Professional and ethical matters / practice management.

Q6. Current issues.

3.2 „X IHT including lifetime and death gifts and the definition of domicile

„X Trusts ¡V Uses of different types of trust and the tax implications of trustees disposing of chargeable assets held in the trust.

„X CGT ¡V Shares,assignment of a short lease, part disposal, gift relief, incorporation relief, reorganisations, EIS reinvestment relief, overseas aspects.

„X Income tax computation including property business profits, employment income .

„X National Insurance

„X Income tax ¡V trading losses for a partnership on commencement/cessation of a business.

„X Financial planning ¡V sources of finance, lease versus buy, investments including ISAs and pensions.

„X Close companies

„X Corporation tax including IBA, loss relief and group and consortium relief.

3.3 „X Contribution based decision-making

„X Practical aspects of pricing policy

„X Performance evaluation ¡V ROI and RI

„X The learning effect

„X The strategic framework ¡V specifically a question based around the examiner¡¦s recent article on ¡§Business Strategy and Performance Models¡¨ (Student Accountant ¡V April 2006)

3.4 SWOT analysis ¡V ability to determine the issues which affect the business using and internal and external focus

MacFarlan/Peppard¡¦s Strategic grid ¡V possible application to a case study with the comparison of competing projects

Lewins Model ¡V application of how an organisation can manage change using an unfreeze, change and refreeze approach

Intranet ¡V development of a system to support internal operations

Business and IS/IT alignment

BPR and the implications of changing business operations

E-commerce ¡V development of web sites and their impact on both business and individual customer usage

3.5 „X Ethics

„X Corporate governance issues

„X CSR

„X Globalisation

„X Marketing

3.6 IAS Section A

This compulsory question will be on the preparation of consolidated accounts.

The preparation of a group income statement is due, as is the translation of foreign

subsidiaries and cash flow statements!

Section B

Share based payments

Revenue Recognition

Financial instruments.

International issues

Reporting of non financial performance e.g. Corporate Social Responsibility,

sustainability reporting

3.6 GBR Section A

This compulsory question will be on the preparation of consolidated accounts.

The preparation of a group profit and loss account is due, as is the translation of

foreign subsidiaries and cash flow statements!

Section B

Share based payments

Revenue Recognition

Financial instruments.

International issues

Reporting of non financial performance e.g. Corporate Social Responsibility,

sustainability reporting

3.7 Section A:

„X Overseas NPV: Ability to perform a basic overseas NPV/FCF calculation. Including one off cash flows, annuities and perpetuity calculations and the knowledge of the specific issues that relate to foreign direct investment.

„X Risk management: Currency Risk / Interest rate risk

„X Company Valuation within the context of Merger and Acquisitions: A possible question that requires a valuation under various methods like NAV, DVM, P/E Ratio and FCFs. (maybe within the context of Going Private.) Also review the share for share exchange style questions.

Section B:

„X Economic Value Added ¡V EVA

„X Dividend Policy

„X Portfolio Theory and CAPM - summary and alpha tables

„X International economics ¡V I.M.F., Treasury Management. Balance of payments deficits.