BPP Blog

Still reflecting on how you did in the the December 2011 Skills Module ACCA exams? Why not compare your experience with our subject experts’ views on each paper and share your thoughts in the comments below.

ACCA PAPER F4: CORPORATE AND BUSINESS LAW (UK/Global)

Overall this was a very fair paper, covering a broad range of topics and set at the standard we would expect of a fundamentals level paper. It covered seven of the eight main capabilities of the syllabus, with some of the questions being very similar or identical to those set in previous F4 exams by this examiner.

The only notable areas of the syllabus that were not covered were Insolvency and Administration, and Partnerships. Company Officers which is a fairly heavily examined area was only lightly touched upon in a question on Corporate Governance.

To view a question-by-question review of F4 you can download the full BPP ACCA F4 review.

ACCA PAPER F5: PERFORMANCE MANAGEMENT

F5 was the expected mix of calculations and narrative answers. It should have been manageable for the well prepared candidate who approached the exam logically.

• Question 1: Relevant costing
• Question 2: Transfer pricing
• Question 3: Budgeting
• Question 4: Lifecycle costing and learning curves
• Question 5: Variance analysis

To see what our experts thought of each question download the full BPP ACCA F5 review.

ACCA PAPER F6: TAXATION (UK)

F6 was a tough paper but a well prepared candidate should have passed.

• Question 1: Income tax question involving a grandfather, father and son. The father was self employed and the son was employed. This question tested calculation of their income tax liabilities and national insurance contributions. The final section presented some basic tax planning.
• Question 2: Corporation tax question testing computation of a trading loss, relief of trading losses and computation of VAT payable.

To see what our experts thought of all F6 questions download the full BPP ACCA F6 review.

ACCA PAPER F7: FINANCIAL REPORTING (INTERNATIONAL)

F7 followed a similar format to the one outlined by the examiner, and therefore was largely as expected.

• Question 1: Group financial statements, often with a small written element (not in this case)
• Question 2: Preparing/redrafting financial statements: in this case preparation of a statement of comprehensive income and statement of financial position

To see what the BPP experts thought of all F7 questions download the full BPP ACCA F7 review.

ACCA PAPER F8: AUDIT AND ASSURANCE

The paper followed a similar format to the one that has been outlined by the examiner, and therefore was therefore a good test of candidates’ skills.

• Question 1: A scenario based question on the implication of internal control deficiencies, substantive audit procedures, the responsibilities of management and auditors in relation to compliance with laws and regulations and reliance on the work of the internal audit function.
• Question 2: A short factual question based on the components of internal control and the elements of an unmodified auditor’s report.

To see a question-by-question review, download the full BPP ACCA F8 review.

ACCA PAPER F9: FINANCIAL MANAGEMENT

The paper followed a similar format and style to previous F9 exams, and therefore was largely as expected.

• Question 1: NPV; IRR, Sensitivity Analysis; Capital Rationing
• Question 2: Cash Operating Cycle; factoring
• Question 3: Company Valuation; Dividend Growth Model Weaknesses; WACC
• Question 4: TERP; Effects of Rights Issue; Financial Objectives

To see what our experts thought of each question download the full BPP ACCA F8 review.

How did you find the ACCA December 2011 exams? Do you agree with our subject experts? Share your thoughts in the comments below. For personalised support with your exam results, join our ACCA Exam Results webinar on 16 February 2012.