Exam Preparation Guide for ACCA Paper F5: Cost and Management Accounting, Lecture notes of Accounting

Download Exam Preparation Guide for ACCA Paper F5: Cost and Management Accounting and more Lecture notes Accounting in PDF only on Docsity! Prepare to pass A guide to help you if you are studying F5Performance Management G E TTIN G STA R TE D LE A R N IN G P H A SE R E V ISIO N P H A SE FIN A L P R E PA R A TIO N TH E E X A M A P P E N D IX – LIN K S Welcome to your guide helping you to study for your F5 exam Why use this guide? ✓ Structured approach to show you how to succeed ✓ Signposted resources and how to use them ✓ Tips for success to help you through your studies ✓ Interactive clickable checklists to keep you on track This guide applies to paper-based exams for September and December 2015 and March and June 2016. Prepare to pass S ta ge s of st u dy Sections Getting started 03 Learning phase 09 Revision phase 15 Final preparation 19 The exam 21 Appendix – Links 23 02 G E TTIN G STA R TE D LE A R N IN G P H A SE R E V ISIO N P H A SE FIN A L P R E PA R A TIO N TH E E X A M A P P E N D IX – LIN K S Study plan checklist Calculate the number of weeks from now until your exam date and draw up a plan – see the example to the left and a possible proforma for you to use on the next page You may need to add or take away weeks depending on your own circumstances Block out days/half days/ evenings already committed to family/social events Plan study periods – evenings/ half days/full days, aiming for roughly one evening/half day per chapter of your study text Leave a six week period for the revision and final preparation phases Monday Tuesday Wednesday Thursday Friday Saturday Sunday Week 1 Monday Tuesday Wednesday Thursday Friday Saturday Sunday Week 2 Monday Tuesday Wednesday Thursday Friday Saturday Sunday Week 3 Monday Tuesday Wednesday Thursday Friday Saturday Sunday Week 4 Monday Tuesday Wednesday Thursday Friday Saturday Sunday Week 5 Monday Tuesday Wednesday Thursday Friday Saturday Sunday Week 6 Monday Tuesday Wednesday Thursday Friday Saturday Sunday Week 7 Monday Tuesday Wednesday Thursday Friday Saturday Sunday Week 8 Monday Tuesday Wednesday Thursday Friday Saturday Sunday Week 9 Monday Tuesday Wednesday Thursday Friday Saturday Sunday Week 10 Monday Tuesday Wednesday Thursday Friday Saturday Sunday Week 11 REVISION Week 12 REVISION Week 13 REVISION Week 14 REVISION Week 15 REVISION Week 16 REVSION AND FINAL PREPARATION Evening study period Daytime study period Other commitments Getting started – Draw up your study plan 05 G E TTIN G STA R TE D G E TTIN G STA R TE D LE A R N IN G P H A SE R E V ISIO N P H A SE FIN A L P R E PA R A TIO N TH E E X A M A P P E N D IX – LIN K S Monday Tuesday Wednesday Thursday Friday Saturday Sunday Week 1 Week 2 Week 3 Week 4 Week 5 Week 6 Week 7 Week 8 Week 9 Week 10 Week 11 REVISION Week 12 REVISION Week 13 REVISION Week 14 REVISION Week 15 REVISION Week 16 REVISION AND FINAL PREPARATION Print out and write down when you will study, relax and revise!Getting started – Your study plan Evening study period Daytime study period Other commitments Colour boxes in your preferred highlighter colours.06 G E TTIN G STA R TE D G E TTIN G STA R TE D LE A R N IN G P H A SE R E V ISIO N P H A SE FIN A L P R E PA R A TIO N TH E E X A M A P P E N D IX – LIN K S Review the syllabus & study guide ➤ This gives you an understanding of the aims and objectives of the exam, learning outcomes and exam structure Scan the F5 specimen exam ➤ The specimen exam provides you with a clear picture of how F5 will be assessed and how the exam is structured as well as the likely style and range of questions that you could see in the real exam Read the examiner's approach article and listen to the examiner's approach interview ➤ Using these at the start of your studies will help you understand the focus of the exam by concentrating on the exam structure, question style, exam technique and tips as well as pitfalls to avoid – see an extract from the examiner's approach article over the page Review the examiner's reports from the last four sittings ➤ These provide feedback on students’ performance after each exam session, highlight problem areas that students need to improve on and tell you what the examining teams are looking for; these are critical to your success in passing F5 Read the exam technique articles for F5 ➤ The three articles – Multiple-choice questions, Top tips for the Paper F5 exam and Approaching written questions – will provide you with a head start in terms of knowing what to expect and how to approach exam standard questions Familiarise yourself with the formulae sheet ➤ You will be provided with this document in the exam and so you will not need to learn these formulae Getting started – Get to know your exam 07 G E TTIN G STA R TE D G E TTIN G STA R TE D LE A R N IN G P H A SE R E V ISIO N P H A SE FIN A L P R E PA R A TIO N TH E E X A M A P P E N D IX – LIN K S Use the control sheet relevant to the Approved Content Provider's materials you have purchased: ✓ Becker Professional Education – page 12 ✓ BPP Learning Media – page 13 ✓ Kaplan Publishing – page 14 Tick the box Content in the control sheet once you have: ✓ Read through the introduction to the chapter ✓ Actively read and understood each chapter’s content ✓ Noted any additional commentary and exam focus tips provided ✓ Worked through and understood examples and illustrations of concepts given Tick the box Quiz/Test in the control sheet once you have: ✓ Attempted the quiz at the end of the chapter (if you are using Becker or BPP material) or the test your understanding questions throughout the chapter (if you are using Kaplan material) Tick the box Questions in the control sheet once you have: ✓ Attempted the questions referred to in the question bank – some of these you should do in full but others you can just draw up a plan for, depending on the time you have available ✓ Compared your answer, or plan, with the solution given and understood where you did well or not so well and why Tick the box ACCA related resources in the control sheet once you have: ✓ Read / viewed the related ACCA article / video signposted Learning phase – Get the most out of your control sheet 10 LE A R N IN G P H A SE G E TTIN G STA R TE D LE A R N IN G P H A SE R E V ISIO N P H A SE FIN A L P R E PA R A TIO N TH E E X A M A P P E N D IX – LIN K S Learning phase – Tips for success ✓ Actively read the material – ask yourself ‘do I understand this?’ If not re-read and re-work examples – if you still struggle, make a note and come back to it during the revision phase. ✓ Scan headings before going into the detail to give you an idea of the content first and consider highlighting, underlining, making notes, drawing pictures or mind maps – whatever helps you to remember. ✓ Consider using the additional resources provided by the Approved Content Providers including for example passcards or pocket notes to help you remember the key knowledge areas. ✓ Always work through the questions signposted – it is vital that you practise questions throughout the learning phase as this will ensure that you are applying the knowledge you learn as you progress. ✓ Make sure you use the ACCA resources to help your understanding – these give you real insight to help you in your exam. ✓ If you find you are not covering all of the material in each study period, build some extra time into your planner – everyone works at a different pace. ✓ Keep an eye on Student Accountant for any relevant articles. ✓ Visit the ACCA Learning Community regularly to view new video content and to join online study events. ✓ There are PER (Practical Experience Requirement) objectives associated with specific syllabus areas and, if possible, you should try to gain experience in these alongside your studying as this will help you to put your studies into a workplace context and reinforce what you have learned. ✓ Try to read a good quality business journal or newspaper regularly and use this to help bring your studies to life by linking your learning into what you are reading. Tips for success 11 LE A R N IN G P H A SE G E TTIN G STA R TE D LE A R N IN G P H A SE R E V ISIO N P H A SE FIN A L P R E PA R A TIO N TH E E X A M A P P E N D IX – LIN K S Chapter Content Quiz/Test Questions ACCA related resources ✓ tick the boxes below when complete Introduction 1 Cost accounting • Activity based costing 2 Developments in management accounting • Throughput accounting and the theory of constraints – part 1 • Throughput accounting and the theory of constraints – part 2 • Environmental management accounting • Target costing and lifecycle costing 3 Relevant cost analysis • Study support video: Decision making techniques 4 Cost volume profit analysis • Cost volume profit analysis • Study support video: Break even and profit volume charts 5 Limiting factor decisions • Linear programming 6 Pricing 7 Risk and uncertainty • Decision trees • The risks of uncertainty • Study support video: Decision trees 8 Budgeting • Comparing budgeting techniques 9 Quantitative analysis in budgeting • The learning rate and learning effect 10 Standard costing 11 Basic variance analysis • Interpreting financial data 12 Advanced variance analysis • Materials mix and yield variances • Study support video: Variances 13 Planning and operational variances 14 Performance measurement 15 Further aspects of performance analysis • Not-for-profit organisations – part 1 • Not-for-profit organisations – part 2 16 Divisional performance evaluation • Performance measurement 17 Transfer pricing • Transfer pricing • Study support video: Transfer pricing 18 Performance management information systems Learning phase – Control sheet for Becker Professional Education When watching the study support videos, focus at this stage on the technical aspects – you will watch these again during the revision phase and at that point you will be able to focus more on the exam technique aspects. 12 LE A R N IN G P H A SE G E TTIN G STA R TE D LE A R N IN G P H A SE R E V ISIO N P H A SE FIN A L P R E PA R A TIO N TH E E X A M A P P E N D IX – LIN K S Your checklist Revisit areas you struggled with during the learning phase Ensure you are confident with the knowledge needed to pass the exam Make sure you are able to apply that knowledge in questions Revision phase R E V ISIO N P H A SE R E V ISIO N P H A SE G E TTIN G STA R TE D LE A R N IN G P H A SE R E V ISIO N P H A SE FIN A L P R E PA R A TIO N TH E E X A M A P P E N D IX – LIN K S Revision phase – Question practice ✓ Consider blocking time in your study plan for specific questions or mock exams to ensure you cover everything. ✓ Don’t be afraid to attempt questions you have already done – especially the ones you found tricky first time round. ✓ It is really important that you do some questions in full, to exam time – time management is often an issue and the more you prepare yourself the better you will perform in the exam. ✓ To keep motivation high, break some questions into individual parts, write plans or notes for some parts and do others in full. ✓ Work through the answers carefully – pay attention to areas you got wrong and understand where you went wrong – it is better to do a few questions well, than lots of questions badly. ✓ Try not to look at the answers before really attempting the question – you won't be able to do this in the real exam! ✓ Don't forget to review the marking guide too – you need to understand how marks are allocated to ensure you know how to maximise your marks. Tips for success Exam-standard question practice is vital now Work through as many questions as possible and all mock exams included in the Approved Content Provider question and answer banks – remember these are best for question practice as they include past exam questions updated for syllabus and format changes Work through the specimen exam – this will provide you with a clear picture of what the exam will look like making sure you know what to expect on the day 16 R E V ISIO N P H A SE G E TTIN G STA R TE D LE A R N IN G P H A SE R E V ISIO N P H A SE FIN A L P R E PA R A TIO N TH E E X A M A P P E N D IX – LIN K S Revision phase – Key resources ✓ Don't give up easily – if you really cannot understand something then consider posing a question on the ACCA Learning Community – if you found it difficult so will have others. Tips for success Review the examiner's approach article and examiner's interview again in the context of what you have learnt Remind yourself of areas that students often struggle with and obtain tips on how to ensure you do not make the same mistakes by reviewing the examiner's reports from the last four sittings again View the study support videos referred to in your control sheet again – this time focusing on the exam technique aspects View the study support videos: Question 1 debrief and Question 5 debrief to gain a better understanding of how to approach these types of question in the real exam Read the exam technique articles – Multiple-choice questions, Top tips for the paper F5 exam and Approaching written questions again – this time using the techniques to help you practice questions Make sure you read the study skills articles in Student Accountant covering topics such as how to overcome exam anxiety as well as checking the Student Accountant Hub for any new technical articles related to F5 17 R E V ISIO N P H A SE G E TTIN G STA R TE D LE A R N IN G P H A SE R E V ISIO N P H A SE FIN A L P R E PA R A TIO N TH E E X A M A P P E N D IX – LIN K S Final preparation – Tips for success ✓ Go over questions again that you found difficult during the revision phase and make sure you attempt at least one mock again in full to time. ✓ If you are unsure about the exam format, the style of questions or what specific syllabus areas are likely to be tested in which questions, read the syllabus and study guide again. ✓ If you are not sure about how the marks are allocated review the specimen exam again. Tips for success § An extract from the F5 specimen exam marking guide Section B Question 3 (a) Price under ABC: Materials 0·5 Labour 0·5 Supervisor overheads 1 Planner overheads 1 Property overheads 1 Price 1 ––– 5 (b) Pricing discussion: GC – Reduce price by 7% 1 GC – Reduce price by <7% 1 Quality, reputation, reliability, 2 sales documentation EX increases price by 2% 1 EX hold price 1 ––– Maximum 5 ––– Total marks 10 § An extract from the syllabus and study guide for F5 The syllabus is assessed by a three- hour paper based examination. All questions are compulsory. It will contain both computational and discursive elements. Some questions will adopt a scenario/case study approach. Section A of the exam comprises 20 multiple choice questions of 2 marks each. Section B of the exam comprises three 10 mark questions and two 15 mark questions. The two 15 mark questions will come from decision making techniques, budgeting and control and/or performance measurement and control areas of the syllabus. The section A questions and the other questions in section B can cover any areas of the syllabus. Candidates are provided with a formulae sheet. 20 FIN A L P R E P E R A TIO N G E TTIN G STA R TE D LE A R N IN G P H A SE R E V ISIO N P H A SE FIN A L P R E PA R A TIO N TH E E X A M A P P E N D IX – LIN K S  Your checklist Make sure you are ready to walk into your exam 21 TH E E X A M TH E E X A M The exam G E TTIN G STA R TE D LE A R N IN G P H A SE R E V ISIO N P H A SE FIN A L P R E PA R A TIO N TH E E X A M A P P E N D IX – LIN K S Good Luck! The Exam – Tips for success Very few students enjoy taking exams but there are things you can do to make the experience less stressful! ✓ Identify where the exam hall is. ✓ Plan your route to the exam hall, considering the time of day you will be travelling and any potential issues. ✓ Have in place a back-up plan in case of traffic problems or public transport delays. ✓ Ensure you have all the equipment you need for the exam (black pens, calculator etc). ✓ Don't forget to take your exam docket with you as well as your student identification. ✓ Eat properly before you leave for the exam. ✓ Sleep properly – do not spend the night before doing last minute late night revision – you will perform so much better if you are alert and well rested (and in any case, last minute revision will only cause you to panic!). ✓ Try not to get into discussions with fellow students just before the exam about what might come up – again this will only cause you stress. Tips for success Once the exam is over: ✓ Relax. ✓ Don't over analyse – you cannot change anything now! 22 TH E E X A M