Title | F1 acowtancy Notes - acca |
---|---|
Course | Accounting |
Institution | Islamic Azad University Tabriz |
Pages | 242 |
File Size | 5.7 MB |
File Type | |
Total Downloads | 98 |
Total Views | 161 |
ACCA...
ACCA APPROVED
A-PDF Text Replace DEMO: Purchase from www.A-PDF.com to remove the watermark CONTENT PROVIDER
ACCA Approved Practice & Revision Kit
Foundations in Accountancy FAB / ACCA Paper F1 Accountant in Business For exams from 1 September 2016 to 31 August 2017
Free access to our Exam Success site Look inside
ACCA APPROVED CONTENT PROVIDER
As the first accredited publisher of ACCA materials, BPP Learning Media has set the benchmark for producing exceptional study materials for students and tutors alike. Our Study Texts, Practice & Revision Kits and i-Passes (for exams on demand) are reviewed by the ACCA examining team and are written by our in-house authors with industry and teaching experience who understand what is required for exam success.
EXAM SUCCESS SITE To help maximise your chances of succeeding in your exams, we’ve put together a suite of exclusive ACCA resources. Our Exam Success site provides you with access to a free digital version of this publication, as well as extra resources designed to focus your efforts on exams and study methods. To access the Exam Success site, please email [email protected] with the subject line “Access to Exam Success site - eBook”, including your order reference number and the name of the book you’ve bought (ie ACCA F5 Study Text) for your access code. Once you have received your code, please follow the instructions below:
To access the BPP ACCA Exam Success site for this material please go to: www.bpp.com/ExamSuccessSite n Create a user account if you don’t already have one.
Make sure you reply to the confirmation email. n Log in using your registered username and password.
Select the paper you wish to access. n Enter the code you received when prompted. You will only
have to do this once for each paper you are studying.
Foundations in Accountancy
P R A C T I C E
PAPER F1 FAB ACCOUNTANT IN BUSINESS
&
R E V I S
Welcome to BPP Learning Media's Practice & Revision Kit for FAB. In this Practice & Revision Kit, which has been reviewed by the ACCA examination team, we:
Include Do you know? Checklists to test your knowledge and understanding of topics
Provide you with two mock exams including the Specimen Exam June 2014
Provide the ACCA’s exam answers to the Specimen Exam June 2014 as an additional revision aid
I O N
K I T
FOR EXAMS FROM 1 SEPTEMBER 2016 TO 31 AUGUST 2017
FAB/F1 ACCOUNTANT IN BUSINESS
First edition May 2011 Fifth edition January 2016
A note about copyright Dear Customer
ISBN 9781 4727 4592 7 (Previous ISBN 9781 4727 3533 1) e-ISBN 9781 4727 4637 5 British Library Cataloguing-in-Publication Data A catalogue record for this book is available from the British Library Published by BPP Learning Media Ltd BPP House, Aldine Place London W12 8AA
Your market-leading BPP books, course materials and e-learning materials do not write and update themselves. People write them: on their own behalf or as employees of an organisation that invests in this activity. Copyright law protects their livelihoods. It does so by creating rights over the use of the content. Breach of copyright is a form of theft – as well being a criminal offence in some jurisdictions, it is potentially a serious breach of professional ethics.
www.bpp.com/learningmedia
With current technology, things might seem a bit hazy but, basically, without the express permission of BPP Learning Media:
Printed in the United Kingdom by
Photocopying our materials is a breach of copyright
RICOH UK Limited Unit 2 Wells Place Merstham RH1 3LG
Scanning, ripcasting or conversion of our digital materials into different file formats, uploading them to Facebook or emailing them to your friends is a breach of copyright
Your learning materials, published by BPP Learning Media Ltd, are printed on paper obtained from traceable sustainable sources. All our rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of BPP Learning Media. We are grateful to the Association of Chartered Certified Accountants for permission to reproduce past examination questions. The suggested solutions in the exam answer bank have been prepared by BPP Learning Media Ltd, except where otherwise stated. © BPP Learning Media Ltd 2016
ii
What does the little © mean and why does it matter?
You can, of course, sell your books, in the form in which you have bought them – once you have finished with them. (Is this fair to your fellow students? We update for a reason.) Please note the e-products are sold on a single user licence basis: we do not supply 'unlock' codes to people who have bought them secondhand. And what about outside the UK? BPP Learning Media strives to make our materials available at prices students can afford by local printing arrangements, pricing policies and partnerships which are clearly listed on our website. A tiny minority ignore this and indulge in criminal activity by illegally photocopying our material or supporting organisations that do. If they act illegally and unethically in one area, can you really trust them?
CONTENTS
Contents
Page
Finding questions Question index .............................................................................................................................. v
Helping you with your revision.......................................................................................................viii Using your BPP Practice & Revision Kit........................................................................................... ix Passing the FAB/F1 exam............................................................................................................... x Approach to examining the syllabus................................................................................................ xi The Computer Based Examination ................................................................................................. xii Tackling Multiple Choice Questions................................................................................................xiii Using your BPP products..............................................................................................................xiv
Questions and answers Questions .................................................................................................................................... 3 Answers .................................................................................................................................. 115
Exam practice Mock exam 1 – Specimen Exam June 2014 Questions ........................................................................................................................ 167 Answers .......................................................................................................................... 183 ACCA’s exam answers ............................................................................................................... 191 Mock exam 2 – Specimen Exam June 2014 Questions ........................................................................................................................ 197 Answers .......................................................................................................................... 211
Review form
iii
FAB/F1 ACCOUNTANT IN BUSINESS
iv
QUESTION INDEX
Question index Time allocation
Page
Marks
Mins
Questions
Answers
13
16
5
115
29
35
6
116
23
28
8
117
42
50
11
119
24
29
14
120
16
19
20
121
33
40
21
122
19
23
25
124
24
29
27
125
43
52
32
126
23
28
37
128
27
32
39
130
24
29
41
131
Part A: The business organisation, its stakeholders and the external environment Business organisations and their stakeholders Questions 1.1 to 1.8 The business environment Questions 2.1 to 2.17 The macro-economic environment Questions 3.1 to 3.14 Micro-economic factors Questions 4.1 to 4.25 Section A MTQs Questions 5.1 to 5.6 Part B: Business organisation structure, functions and governance Business organisation, structure and strategy Questions 6.1 to 6.10 Organisational culture and committees Questions 7.1 to 7.20 Corporate governance and social responsibility Questions 8.1 to 8.12 Section B MTQs Questions 9.1 to 9.6 Part C: Accounting and reporting systems, controls and compliance The role of accounting Questions 10.1 to 10.26 Control, security and audit Questions 11.1 to 11.14 Identifying and preventing fraud Questions 12.1 to 12.16 Section C MTQs Questions 13.1 to 13.6
v
FAB/F1 ACCOUNTANT IN BUSINESS
Time allocation
Page
Marks
Mins
Questions
Answers
33
40
47
132
30
36
50
134
16
19
52
136
28
34
54
137
28
34
57
138
28
34
60
140
22
26
63
142
24
29
65
143
31
37
71
145
24
29
74
146
33
40
79
147
24
29
82
148
Part D: Leading and managing individuals and teams Leading and managing people Questions 14.1 to 14.20 Recruitment and selection Questions 15.1 to 15.18 Diversity and equal opportunities Questions 16.1 to 16.10 Individuals, groups and teams Questions 17.1 to 17.17 Motivating individuals and groups Questions 18.1 to 18.17 Training and development Questions 19.1 to 19.17 Performance appraisal Questions 20.1 to 20.13 Section D MTQs Questions 21.1 to 21.6 Part E: Personal effectiveness and communication in business Personal effectiveness and communication Questions 22.1 to 22.19 Section E MTQs Questions 23.1 to 23.6 Part F: Professional ethics in accounting and business Ethical considerations Questions 24.1 to 24.20 Section F MTQs Questions 25.1 to 25.6
vi
QUESTION INDEX
Time allocation
Page
Marks
Mins
Questions
Answers
Mixed Bank 1: Questions 26.1 to 26.23
38
46
84
150
Mixed Bank 2: Questions 27.1 to 27.24
40
48
88
152
Mixed Bank 3: Questions 28.1 to 28.24
40
48
92
155
Mixed Bank 4: Questions 29.1 to 29.24
40
48
96
155
Mixed Bank 5: Questions 30.1 to 30.24
40
48
100
156
Mixed Bank 6: Questions 31.1 to 31.23
38
46
104
158
Mixed Bank 7: Questions 32.1 to 32.25
42
50
108
159
Mock exam 1 (Specimen Exam June 2014)
100
120
167
183
Mock exam 2
100
120
197
211
Mixed Banks
Mock exams
vii
FAB/F1 ACCOUNTANT IN BUSINESS
Helping you with your revision
BPP Learning Media – ACCA Approved Content Provider As an ACCA Approved Content Provider, BPP Learning Media gives you the opportunity to use revision materials reviewed by the ACCA examination team . By incorporating the ACCA examination team’s comments and suggestions regarding the depth and breadth of syllabus coverage, the BPP Learning Media Practice & Revision Kit provides excellent, ACCA-approved support for your revision.
Selecting questions We provide signposts to help you plan your revision. •
A full question index
Attempting mock exams There are two mock exams that provide practice at coping with the pressures of the exam day. We strongly recommend that you attempt them under exam conditions. Mock exam 1 is the Specimen Exam June 2014. Mock exam 2 reflects the question styles and syllabus coverage of the exam.
viii
USING YOUR BPP PRACTICE AND REVISION KIT
Using your BPP Practice & Revision Kit Aim of this Practice & Revision Kit To provide the practice to help you succeed in the examination for FAB Accountant in Business .To pass the examination you need a thorough understanding in all areas covered by the syllabus and teaching guide.
Recommended approach
Make sure you are able to answer questions on everything specified by the syllabus and teaching guide. You cannot make any assumptions about what questions may come up on your paper. The examination team aims to discourage 'question spotting'.
Learning is an active process. Use the DO YOU KNOW? Checklists to test your knowledge and understanding of the topics covered in FAB Accountant in Business by filling in the blank spaces. Then check your answers against the DID YOU KNOW? Checklists. Do not attempt any questions if you are unable to fill in any of the blanks – go back to your BPP Interactive Text and revise first.
When you are revising a topic, think about the mistakes that you know that you should avoid by writing down POSSIBLE PITFALLS at the end of each DO YOU KNOW? Checklist.
Once you have completed the checklists successfully, you should attempt the questions on that topic. Each question is worth 1, 2 or 4 marks and carries with it a time allocation of 1.2 minutes per mark.
You should attempt each bank of MCQs to ensure that you are familiar with their styles and to practise your technique. Ensure that you read Tackling Multiple Choice Questions on page xiii to get advice on how best to approach them.
Once you have completed all of the questions in the body of this Practice & Revision Kit, you should attempt the MOCK EXAMS under examination conditions. Check your answers against our answers to find out how well you did.
ix
FAB/F1 ACCOUNTANT IN BUSINESS
Passing the FAB/F1 exam FAB introduces students (who may not have a business background) to the business entity made up of people and systems which interact with each other. There is a lot to learn, but none of it is particularly difficult and a good grasp of these topics will help you in higher-level business papers (ACCA papers P1 and P3). To access FIA and ACCA syllabuses, visit the ACCA website. www.accaglobal.com
The exam You can take this exam as a paper-based exam or by CBE. All questions in the exam are compulsory. This means you cannot avoid any topic, but also means that you do not need to waste time in the exam deciding which questions to attempt. There are 46 MCQs in the exam, worth either 1 or 2 marks, as well as 6 multiple task questions worth 4 marks each and a mixture of MCQs and other types of OTQ (number entry, multiple response and multiple response matching) in the CBE. This means that the examination team is able to test most of the syllabus at each sitting. So you need to have revised right across the syllabus for this exam.
Revision This Kit has been reviewed by the FAB examining team and contains the Specimen exam. Working through the questions in the Kit provides excellent preparation for the exam. It is important to tackle questions under exam conditions. Allow yourself just the number of minutes shown next to the questions in the index and don’t look at the answers until you have finished. For questions you answer incorrectly, think about your answer and the correct answer. If you require further clarification, refer to the explanation of the topic provided in your Interactive Text. Question practice is an essential part of your revision, don’t neglect it!
Passing the exam The following points will help you pass the exam.
x
Read the question carefully.
Don’t spend more than the allotted time on each question. Don’t become bogged down. If you are having trouble with a question, stop, think, decide on your best option and answer the question. Move on!
APPROACH TO EXAMINING THE SYLLABUS
Approach to examining the syllabus FAB is a two-hour paper. It can be taken as a paper based or a computer based examination. The exam is structured as follows: 30 compulsory multiple choice questions of 2 marks each 16 compulsory multiple choice questions of 1 mark each 6 compulsory multiple task questions of 4 marks each
No of marks 60 16 24 100
xi
FAB/F1 ACCOUNTANT IN BUSINESS
The Computer Based Examination Computer based examinations (CBEs) are available for the first seven Foundation in Accountancy papers (not papers FAU, FTM or FFM), in addition to the conventional paper based examination. Computer based examinations must be taken at an ACCA CBE Licensed Centre.
How does CBE work?
Questions are displayed on a monitor
Candidates enter their answer directly onto the computer
Candidates have two hours to complete the examination
When the candidate has completed their examination, the final percentage score is calculated and displayed on screen
Candidates are provided with a Provisional Result Notification showing their results before leaving the examination room
The CBE Licensed Centre uploads the results to the ACCA (as proof of the candidate's performance) within 72 hours
Candidates can check their exam status on the ACCA website by logging into myACCA.
Benefits
Flexibility as a CBE can be sat at any time.
Resits can also be taken at any time and there is no restriction on the number of times a candidate can sit a CBE.
Instant feedback as the computer displays the results at the end of the CBE.
Results are notified to ACCA within 72 hours.
CBE question types
Multiple choice – choose one answer from four options
Number entry – key in a numerical response to a question
Multiple response – select m...