Archives For Paper F4

TimACCAstudentBlogger

by ACCA student blogger Tim Chippindall

My name is Tim, and I am 29 years old and currently studying ACCA. I enjoy working in accountancy and find my work enjoyable and fulfilling. My current role involves providing management accountancy services within a large organization, which is interesting and challenging. Outside of work I enjoy all things aviation, photography and the great outdoors.

I chose this career path because accountancy is the backbone of any business. The skills you can learn and develop are integral in any industry. Plus, a career as an accountant can take you anywhere, provides daily challenges and pushes you to deliver the best possible service you can.

The ACCA Qualification appealed to me because it’s globally recognised. The idea of being able to work and network with people across the world, with similar remits, makes the career opportunities great. I chose ACCA after looking through the syllabus; the broad areas you study, combined with the experience you have to achieve really promotes what a good qualification it is to have.

I am working through the Fundamentals level of the qualification the moment. My degree was not accountancy based, so I had to start from the beginning. I’m currently studying for Paper F4, Corporate and Business Law, which I plan to take it in January 2015, and then I am looking at take F5 and F6 in the summer… a busy few months ahead!

My ambitions for the future are to continue to broaden my experience. An Advisory role with links to strategy and development of a business would be fantastic, as would experience working in an audit based role.

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by ACCA student blogger Ng Jia Wen

Paper F5 is the one where most students have the misconception that it’s very easy, because the paper requires formulas and is conceptual. You may think that it’s only a matter of throwing in different (albeit complicated) formulas during the exam and an easy pass will be awarded. Well, not so. I personally made the same mistake when I sat this paper. I was also attempting Paper F4 and Paper F6 as well and I focused a lot more on these two papers and neglected F5.

True, answering F5 questions requires application of formulas and extensive calculation, but the scope of questions that can be asked is rather broad. If you are not fully prepared, you can stumble in the exam.

Fret not. I can give you some pointers on how you can prepare better for the exam.

1. Ensure you have extensively covered the entire syllabus

Or at least the concepts covered in the syllabus. This should be easier to manage, in comparison to the bulk of volume in F4 and F6 (if attempted together). There is less theory in the F5 syllabus, when compared to F4 and F6, so for students like me who struggle with theory (I tend to memorise it blindly rather than understanding the rationale of the theory), it shouldn’t pose much of a problem.

2. Practice questions.

Questions asked can be in any format and the trickiest part to answering questions in F5 is to make sure your answer relates to the industry being talked about in the question. This may offer an advantage to those who lack work experience, as they would not be exposed to the characteristics of certain unfamiliar industries. Hence, practice as many past exam papers as you can do. You can also buy additional questions from revision kits, which are widely available in the market.

3. Don’t panic if something that you ‘did not study for’ is asked as a question.

High chances are, they are asking for answers that you already know, just not in the format that you have answered before (in past year questions, practice questions). When that happens, first thing to do is NOT to panic or throw in the towel. If it’s called for, skip that particular sub-section and revisit that question after you have finished attempting the paper.

For particularly trickier questions and in times of desperation if you aren’t sure of the correct answer, I personally believe, logic trumps all. As long as the answer that you write is logical and reasonable, such points should be accepted, unless there are other reasons, for example, for going off topic, then it’s reasonable accept that you will not be awarded any marks.

Until the next time, study smart, and take care of your health!