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ACCA APPROVED CONTENT PROVIDER ACCA Approved Practice & Revision Kit Free access to our Exam Paper P5 Success site Advanced Performance Look inside Management Practice & Revision Kit for examsup to June 2015ThiNganHang.com ThiNganHang.com
Inhalt des Dokuments
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P R A C T I C PAPER P5 E ADVANCED PERFORMANCE & MANAGEMENT R E V BPP Learning Media is an ACCA Approved Learning Partner – content for ACCA I qualifications. This means we work closely with ACCA to ensure our products fully prepare you for your ACCA exams. S In this Practice and Revision Kit, which has been reviewed by ACCA’s examination I team, we: Discuss the best strategies for revising and taking your ACCA exams O Ensure you are well prepared for your exam N ThiNganHang.comProvide you with lots of great guidance on tackling questions Provide you with three mock exams including the Pilot Paper Provide ACCA’s exam answers as well as our own for selected questions K Our Passcard and i-Pass products also support this paper. I T FOR EXAMS UP TO JUNE 2015 ThiNganHang.com
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First edition 2007 Eighth edition June 2014 ISBN 9781 4727 1111 3 (previous ISBN 9781 4453 6655 5) e-ISBN 9781 4727 1175 5 British Library Cataloguing-in-Publication Data A catalogue record for this book All our rights reserved. No part of this publication may be is available from the British Library reproduced, stored in a retrieval system or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior Published by written permission of BPP Learning Media Ltd. BPP Learning Media Ltd BPP House, Aldine Place We are grateful to the Association of Chartered Certified London W12 8AA Accountants for permission to reproduce past examination questions. The suggested solutions in the www.bpp.com/learningmedia practice answer bank have been prepared by BPP Learning Media Ltd, except where otherwise stated. Printed in the United Kingdom by Polestar Wheatons Hennock Road Marsh Barton ExeterEX2 8RPThiNganHang.com© BPP Learning Media Ltd 2014 Your learning materials, published by BPP Learning Media Ltd, are printed on paper obtained from traceable, sustainable sources. ii ThiNganHang.com
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Contents Page Finding questions Question index ..................................................................................................................................................................v Topic index ......................................................................................................................................................................ix Helping you with your revision ...................................................................................xi Revising P5 Topics to revise & Question practice...............................................................................................................................xii Passing the P5 exam......................................................................................................................................................xiii Exam formulae ............................................................................................................................................................. xviii Exam information ............................................................................................................................................................ xx Analysis of past papers ................................................................................................................................................. xxi Useful websites ............................................................................................................................................................ xxiii Questions and answers Questions..........................................................................................................................................................................3 Answers ........................................................................................................................................................................131 Exam practice Mock exam 1 Questions ............................................................................................................................................................487 Plan of attack .......................................................................................................................................................497 Answers...............................................................................................................................................................499 Mock exam 2 (Pilot paper) Questions ............................................................................................................................................................519 Plan of attack .......................................................................................................................................................527 Answers...............................................................................................................................................................529 Mock exam 3 (December 2013) Questions ............................................................................................................................................................551 Plan of attack .......................................................................................................................................................559 Answers...............................................................................................................................................................561 ACCA’s exam answers June 2013............................................................................................................................................................583 December 2013 ...................................................................................................................................................591 Review formThiNganHang.com iii ThiNganHang.com
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A note about copyright Dear Customer What does the little © mean and why does it matter? 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 as being a criminal offence in some jurisdictions, it is potentially a serious breach of professional ethics. With current technology, things might seem a bit hazy but, basically, without the express permission of BPP Learning Media: Photocopying our materials is a breach of copyright Scanning, rip-casting 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 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 second-hand. 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? ThiNganHang.com iv Finding questions ThiNganHang.com
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Question index The headings in this checklist/index indicate the main topics of questions, but questions often cover several different topics. Where necessary, questions have been amended to reflect the new format of the exam, from June 2013. Questions set under the old syllabus Performance Management paper are included because their style and content are similar to those which appear in the P5 exam. They have 'PM' after the question name. These questions have been amended to reflect the current exam format. Questions taken from the P3 Business Analysis syllabus (when a re-alignment of syllabuses took place in 2010) are denoted by ‘BA' after the question name. Exam questions set under the current syllabus are designated 'APM' after the question name. Time Page number allocation Marks (Mins) Question Answer Part A: Strategic planning and control 1 Diverse holdings (PM 12/05, amended) 25 45 3 131 2 ST University 25 45 4 133 3 HEG (APM 12/07, amended) 25 45 5 137 4 AB Electronics 25 45 6 140 5 Megasnack 25 45 6 142 6 Ganymede (APM 6/12, amended) 25 45 7 145 7 Drinks Group (APM 12/12, amended) 25 45 8 150 8 Business process re-engineering 25 45 10 155 9 GMB Co (APM 12/07, amended) 25 45 11 157 10 Sports Shop 25 45 12 161 11 Scott 25 45 13 163 12 MKO Clothing 25 45 13 166 13 BV Entertainments 25 45 14 168 14 EEE Chemical company 25 45 15 170 15 GSC groceries 25 45 16 172 Part B: External influences on organisational performance 16 GTR panels 25 45 17 175 17 GHG (APM 6/08, amended)18 F4U (APM 6/09)19 CAP (APM 12/09, amended)ThiNganHang.com252525 454545 181819 177179182 20 FGH Telecom (APM 12/10, amended) 25 45 21 186 21 SQR Sports racquets 25 45 22 189 22 Stokeness (APM 6/13) 25 45 23 192 Finding questions v ThiNganHang.com
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Time Page number allocation Marks (Mins) Question Answer Part C: Performance measurement systems and design 23 Handra 25 45 24 197 24 FDS irrigation systems 25 45 25 199 25 TREN engine components 25 45 26 201 26 KLP divisions 25 45 26 203 27 Racer deliveries 25 45 27 206 28 Auto Parts 25 45 28 208 29 CMA Supermarkets 25 45 29 210 30 Viga Drinks (Preparation question) 20 36 30 212 31 Beachy Co 25 45 30 214 32 Cobra Golf Club (Preparation question) 20 36 31 217 33 Bluefin School (APM 12/11, amended) 25 45 33 218 Part D: Strategic performance measurement 34 CFD (APM 12/09, amended) 25 45 35 221 35 ZTC Communications 25 45 35 224 36 Stayzee Hotels 25 45 36 227 37 CSG (PM 6/07, amended) 25 45 37 230 38 SEC 25 45 38 233 39 Landual Lamps (APM 6/13) 25 45 39 235 40 Alpha Division (APM 12/07) 25 45 40 240 41 Stillwater Services (APM 12/12, amended) 25 45 42 244 42 BAG (APM 12/08, Preparation question) 20 36 44 249 43 SSA (APM 12/09, amended) 25 45 45 251 44 Seatown 25 45 46 255 45 LGHD (APM 6/10, amended) 25 45 47 258 46 CFE coffee shops 25 45 47 260 47 JIT systems (Preparation question) 20 36 48 262 48 Tench (APM 12/11, amended)ThiNganHang.com25 45 49 265 49 Navier Aerials (APM 6/13) 25 45 50 268 50 TAW (APM 6/08, amended) 25 45 51 272 51 Thebe (APM 6/12, amended) 25 45 53 274 52 There 4 U (APM 6/09, amended) 25 45 54 278 53 SSH (APM 12/08) 25 45 55 280 54 Universal Pottery Company (BA 12/07) 25 45 56 283 55 CCT Computer Systems (Preparation question) 12 22 57 287 56 Astrodome (PM 12/05, amended) 25 45 58 289 57 TRG (APM 6/08, amended) 25 45 59 290 58 UU (APM 6/09, amended) 25 45 60 293 vi Finding questions ThiNganHang.com
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Time Page number allocation Marks (Mins) Question Answer 59 Elegant Hotels (BA 6/09) 25 45 61 295 60 Connie Head 25 45 62 298 61 Equiguard (BA 12/08) 25 45 62 300 Part E: Performance evaluation and corporate failure 62 YCT yachts 25 45 64 303 63 Bettaserve (APM Pilot paper) 25 45 65 306 64 Cod (APM 12/11) 25 45 66 308 65 APX Accountancy (APM 6/11, amended) 25 45 68 312 66 Eatwell Restaurant (PM 6/02, amended) 25 45 69 315 67 Amal (APM 6/12, amended) 25 45 69 318 68 B2B Deliveries 25 45 70 322 69 Glitter Fashions 25 45 71 325 70 SFS (APM 6/10, amended) 25 45 72 327 71 LOL cards (APM 12/10, amended) 25 45 73 329 72 BEG (APM 6/10, amended) 25 45 74 331 73 XYZ Co 25 45 75 334 74 ENT Entertainments (APM 6/11, amended) 25 45 76 337 75 Vision (PM 12/06, amended) 25 45 77 340 76 TMC (APM 12/08, amended) 25 45 78 344 77 Joint venture 25 45 79 346 78 Callisto (APM 6/12, amended) 25 45 80 348 79 CHN Retail chain 25 45 81 352 80 Coal Creek (APM 12/12, amended) 25 45 82 354 81 BPC (APM 12/07, amended) 25 45 84 359 82 RM Batteries (APM 12/10, amended) 25 45 84 361 83 NW Clothes 25 45 86 364 84 Action Buttons 25 45 87 366 ThiNganHang.com Finding questions vii ThiNganHang.com
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Time Page number allocation Marks (Mins) Question Answer Part F: Current developments and emerging issues in performance management 85 Environmental management accounting (Preparation question) 20 36 89 369 86 School League Tables 25 45 89 370 87 BPL Leisure 25 45 90 373 88 Mentons 25 45 91 375 89 Herman Swan & Co (APM 12/12, amended) 25 45 92 378 90 Great National Trains 25 45 93 384 Section A Questions 91 Armstrong Stores (APM, Sample question, amended) 50 90 95 389 92 Robust Laptops (APM 12/10, amended) 50 90 97 394 93 RRR (APM 12/09, amended) 50 90 99 399 94 BWY houses 50 90 101 403 95 Film Productions Co (APM 12/10, amended) 50 90 103 410 96 Metis (APM 6/12, amended) 50 90 105 414 97 GWCC (PM 6/06, amended) 50 90 107 422 98 JHK Coffee Machines (APM 6/11, amended) 50 90 108 428 99 TSC (APM 12/08, amended) 50 90 110 434 100 BEC (APM 12/09, amended) 50 90 112 439 101 HFG (APM 6/08, amended) 50 90 115 446 102 SBC (APM 6/10, amended) 50 90 117 453 103 Kolmog Hotels (APM 6/13) 50 90 119 458 104 Glasburgh (APM 6/09, amended) 50 90 121 465 105 AAA Management Consultancy 50 90 123 473 106 Zed Leisure 50 90 124 477 Mock exam 1 Mock exam 2 (Pilot Paper)ThiNganHang.com Mock exam 3 (December 2013) viii Finding questions ThiNganHang.com
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Topic index Listed below are the key Paper P5 syllabus topics and the numbers of the questions in this Kit covering those topics. If you need to concentrate your practice and revision on certain topics or if you want to attempt all available questions that refer to a particular subject, you will find this index useful. Syllabus topic Question numbers Accountability and responsibility accounting 26, 58, Mock 2 Qn 2 Activity-based costing 9, 49, 92 Activity-based management 70 Ansoff's growth vector matrix 75, 76 Appraisals and performance management 60 Balanced scorecard 62, 69, 91, 102-105, Mock 2 Qn 3 Behavioural aspects of budgeting 57 Benchmarking 6, 91, 98 Beyond budgeting 92, 93 BCG matrix 74, 87, 94 Branding 46 Budgeting and types of budget 7, 92, 93 Building blocks model (Fitzgerald and Moon) 65, 66, 99 Business process re-engineering 8 Business structure (and performance measurement) 78 Controls and security over information 30, 31, 33 Corporate failure 80-83, 106 Costs of quality 42, 48-50, 97 Critical success factors 3, 34, 35, 92, 95, Mock 3 Qn 1 Cultural differences 17 Dimensions of performance (Fitzgerald and Moon) 66 Divisional performance measures 98, Mock 1 Qn 1, Mock 2 Qn 1 Environmental factors and impact on performance 17, 19, 20, 21, 35, 94, Mock 3 Qn 1 Environmental management accounting 85, Mock 2 Qn 4 Enterprise resource planning systems (ERPS) 3, 12 EVA (Economic value added) 40, 41, 71, 101 External environment 17, 21, 35, 94 Financial performance 35, 37, 38, 40, 53, 96-101, 106, Mock 1 Qn 1 Five forces 21, 22, 35 Gap analysisThiNganHang.com75, 76, 91, Mock 3 Qn 1 Goal congruence 5, 36, Mock 1 Qn 3 Governments, regulation and business performance 16, 41, 76 Information for decision making 2, 4, 23, 24, Mock 1 Qn 1, Mock 1 Qn 4 Information overload 32, 33, Mock 1 Qn 1 Information systems and IT systems 2, 11, 12, 13, 29, Mock 1 Qn 2, Mock 2 Qn 1 Integrated Reporting 90 JIT 47, 48 Joint ventures 77 Finding questions ix ThiNganHang.com
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Syllabus topic Question numbers Kaizen costing 48, 50, 70 Key performance indicators 34, 36, 64, 92, 95, Mock 3 Qn 1 League tables 6, 86, 99, Mock 3 Qn 4 Lean information systems 25, 31, Mock 3 Qn 3 Management accounting and information systems 11, 13, 23, 24, Mock 1 Qn 2, Mock 2 Qn 1 Mission statements 34, 95 Net present value 18 Non-financial performance indicators 34, 37, 51(a), 102 Objectives 36, 37 Operational planning Mock 1 Qn 2 Performance management in complex business 77, 78 structures Performance management information systems 23, 25, 26, 28, 98 Performance prism 67, 68, 69 Performance pyramid 63, 64, 72, 73, Mock 3 Qn 2 Problems of performance measurement 56, 57, 86, Mock 3 Qn 2 Public sector organisations 44, 45 Qualitative information 27 Quality 42, 51, 54, 55 Residual income 40, 101, Mock 1 Qn 3 Responsibility and controllability 26, Mock 2 Qn 2 Reward and remuneration schemes 59, 60, 61, 93, 100-103, Mock 1 Qn 1 RFID technology 29, Mock 3 Qn 3 Risk and uncertainty 4, 16, 18, 94, Mock 2 Qn 1 Role of management accountants 87-89, 99 Service organisations 13, 65, 66, 103 Short vs long-term decision making 5, 36, 96 Six Sigma 51, 52, 54, 59 Social obligations 20, 46 Stakeholders 14, 15, 41, Mock 2 Qn 1 Strategic management accounting 4, 12, 17 Strategic planning 1, 2, Mock 1 Qn 4 Supply chain management 79 Survival vs growth 37, 62, 91 SWOT analysis 1 Target costingTotal quality management (TQM)Transfer pricingThiNganHang.com39, 42, 43, 984870, 97 Value based management 71 Value chain 10 Value for money 45 Virtual organisations 78 x Finding questions ThiNganHang.com
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Helping you with your revision BPP Learning Media –Approved Learning Partner - content As ACCA’s Approved Learning Partner – content, BPP Learning Media gives you the opportunity to use revision materials reviewed by ACCA’s exam team. By incorporating the exam team’s comments and suggestions regarding syllabus coverage, the BPP Learning Media Practice and Revision Kit provides excellent, ACCA-approved support for your revision. Tackling revision and the exam You can significantly improve your chances of passing by tackling revision and the exam in the right ways. Using feedback obtained from the ACCA exam team. We look at the dos and don’ts of revising for, and taking, ACCA exams We focus on Paper P5; we discuss revising the syllabus, what to do (and what not to do) in the exam, how to approach different types of question and ways of obtaining easy marks Selecting questions We provide signposts to help you plan your revision. A full question index A topic index listing all the questions that cover key topics, so that you can locate the questions that provide practice on these topics, and see the different ways in which they might be examined Making the most of question practice At BPP Learning Media we realise that you need more than just questions and model answers to get the most from your question practice. Our Top tips included for certain questions provide essential advice on tackling questions, presenting answers and the key points that answers need to include We show you how you can pick up Easy marks on some questions, as we know that picking up all readily available marks often can make the difference between passing and failing We include marking guides to show you what the examiner rewards We include comments from the examiner to show you where students struggled or performed well in the actual exam We refer to the 2014 BPP Study Text (for exams up to June 2015) for detailed coverage of the topics covered in questions ThiNganHang.compapers. Used in conjunction with our answers, the examiner’s answers provide an indication of all possiblepoints that could be made, issues that could be covered, and approaches to adopt.In a bank at the end of this Kit we include the official ACCA answers to the June and December 2013 Attempting mock exams There are three 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 2 is the pilot paper for exams in the current format; Mock exam 3 is the December 2013 paper. Revising P5 xi ThiNganHang.com
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Revising P5 Topics to revise Any part of the syllabus could be tested in the compulsory Section A question. Therefore it is essential to learn the entire syllabus to maximise your changes of passing. There are no short cuts – trying to spot topics is dangerous and will significantly reduce the likelihood of success. As this is an advanced paper it also assumes knowledge of topics covered in Paper F5 – Performance Management. That said, the main capabilities in the syllabus (which is shown on ACCA’s website) take you through what the examiner expects from you when you have completed your studies. There are six key areas for you to concentrate on. These six areas are the syllabus areas covered in the BPP P5 Study Text. However, whilst it is important that you work through your way through the Study Text and cover all the different syllabus areas, it is also important to try and think how the areas might relate to each other, and how they could be used to help managers in an organisation control and improve the performance of that organisation. Remember, this paper is about performance management, and not simply about performance measurement. Remember to come out of the detail once you have finished a chapter and practised some questions. Take some time to reflect on how the chapter has covered the syllabus and how it feeds back into the capabilities which you will need to display in order to pass this paper. Question practice You should use the Passcards and any brief notes you have to revise the syllabus, but you mustn't spend all your revision time simply reading or making notes. Question practice is vital. Doing as many questions as you can, in full, will help develop your ability to analyse scenarios and produce relevant discussion and recommendations. Make sure you leave enough time in your revision schedule to practise 50 mark Section A questions, as the Section A question is compulsory in the exam. The scenarios and requirements of Section A questions are more extensive than Section B questions, and are likely to integrate several parts of the syllabus. Therefore, practice is essential. Also ensure that you attempt all three mock exams, under exam conditions. ThiNganHang.com xii Revising P5 ThiNganHang.com
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Passing the P5 exam Displaying the right qualities The examiner wrote an article in the technical articles section of ACCA’s website in August 2010 which outlined the qualities students should demonstrate when answering P5 questions. The examiner’s advice focused on the six main syllabus areas (A to F) and what qualities students should demonstrate under each. We reproduce the main points here. 1. The application of strategic planning and control models in performance management. The models stress the need to take an all-encompassing view of the factors that affect a business and to consider them when giving strategic advice on performance. Good candidates at Paper P5 often distinguish themselves by being able to synthesise disparate detailed points into an overall, strategic approach for an organisation. 2. Factors external to the business. Here candidates need to move beyond the internal factors associated with traditional management accounting to consider the information needs of the strategic level of management as well as the operational and tactical levels. 3. The information that management require and the systems that are needed for its delivery. Candidates are expected to be aware of the effect of information technologies on performance management decision making rather than the detail of these technologies. They should be conversant with the broad hardware and software trends and issues and how these interact with the provision of performance information throughout the organization. 4 and 5. The fourth capability is the application of the techniques and assumed knowledge to specific scenarios. You shouldn’t simply discuss theories and models in general terms; you need to apply them specifically to the scenario identified in the question. The fifth capability is being able to take this information and turn it into advice which is commercially valuable for strategic decision makers. This capability also requires the candidate to be able to recognise and advise on situations where the organisation is in danger of failing. 6. Finally, candidates are expected to be aware of new knowledge from the general technical press. The examiner stresses that recent technical articles on ACCA’s website may be relevant to question topics included in the exam. Equally, however, older technical articles on ACCA’s website may also be relevant. There will be a small number of professional marks available in the compulsory 50 mark Section A question, and it should be possible for a well-prepared student to score most of these. For example, the effective use of appropriate introductions and conclusions, and helpfully breaking the document into properly headed sub-sections, will help to demonstrate a professional approach to writing a report. However, it should be stressed that the approach taken will vary from question to question and the exam tests the candidates’ ability to apply their knowledge of professional presentation. In order to score full professional marks, the answer will have to be tailored to the specifics of the scenario in the question recognising the needs of the readers of the document. Presentation points. First: on rounding. At this final level, candidates should use their own judgment on how to round figures – the basic rule is that there should be enough detail to make a useful conclusion without obscuring it with insignificant figures. Second, short paragraphs are usually clear but single sentence paragraphs are often insufficient and unable to getto the depth required at Paper P5. Bullet points are useful for lists but not if commentary is required. Finally,reading model solutions is not a substitute for actually writing out your own answers.ThiNganHang.com Summarising the advice the examiner gives: Candidates should: Understand the objectives of the exam as explained in the Syllabus and prepare the detailed topics in the Study Guide Be very comfortable with the areas tested in Paper F5 Performance Management and Paper P3 Business Analysis Revising P5 xiii ThiNganHang.com
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Ensure that their preparation for the exam has been based on a programme of study set for the required syllabus and exam structure Use an ACCA-approved textbook for Paper P5. They are structured around the syllabus and ACCA’s examining team reviews them so that they give an effective coverage of what is examinable Practise questions under exam conditions in order to improve speed and presentation skills, ensuring these test discursive, computational and analytic abilities Study all the relevant technical articles that are published on ACCA’s website Be able to clearly communicate understanding and application of knowledge in the context of a Professional level exam The questions tend to be wide-ranging, as the examiner wants to link topics and mix ideas up. So you are better knowing something about every part of the syllabus than a lot of detail about a few areas only. Avoiding weaknesses Our experience of, and examiner feedback from, other higher level exams enables us to predict a number of weaknesses that are likely to occur in many students’ answers. You will enhance your chances significantly if you ensure you avoid these mistakes: Failing to provide what the question verbs require (discussion, evaluation, recommendation) or to write about the topics specified in the question requirements Repeating the same material in different parts of answers Stating theories and concepts rather than applying them Quoting chunks of detail from the question that don't add any value. Whilst it is important that you relate your answer to this scenario, this means using issues highlighted in the scenario to help answer the question – not simply re-writing the question. Failing to make the most of the information given in the question. Remember, you need to apply your knowledge specifically to the scenario given in the question. Failing to set out workings clearly and separately Not planning and preparing the answer properly, taking into account mark allocation. Students often leave part-questions out. Not refreshing brought-forward knowledge (for example, from Paper F5). Using the reading time ACCA permits aThiNganHang.com15-minute reading time in addition to the 3 hour time given to answer this paper. We recommend that you spend the first part of the 15 minutes reading time choosing the Section B questions you will do, on the basis of your knowledge of the syllabus areas being tested and whether you can fulfil all the question requirements. Remember that Section B questions can cover different parts of the syllabus, and you should be happy with all the areas that the questions you choose cover. We suggest that you should note on the paper any ideas that come to you about these questions. However don't spend all the reading time going through and analysing the Section B question requirements in detail; leave that until the three hours’ writing time. Instead you should be looking to spend as much of the reading time as possible looking at the Section A scenario, as this will be longer and more complex than the Section B scenarios and cover more of the syllabus. You should highlight and annotate the key points of the scenario on the question paper. xiv Revising P5 ThiNganHang.com
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Choosing which questions to answer first Spending most of your reading time on the Section A scenario will mean that you can get underway with planning and writing your answer to the Section A question as soon as the three hours start. It will give you more actual writing time during the one and a half hours you should allocate to it, and it is writing time that you'll need. Comments from examiners of other syllabuses that have similar exam formats suggest that students appear less time-pressured if they do the big compulsory question first. During the second half of the exam, you can put Section A aside and concentrate on the two Section B questions you’ve chosen. However, our recommendations are not inflexible. If you really think the Section A question looks a lot harder than the Section B questions you’ve chosen, then do one of those first, but DON'T run over time on it. You must have an hour and a half to tackle the Section A question and you will feel under much more pressure on it if you leave it till last. If you do one of the Section B questions first, and then tackle the Section A question having had initial thoughts on it during the reading time, you should be able to generate more ideas and find the Section A question is not as bad as it looks. Remember also that small overruns of time during the first half of the exam can add up to you being very short of time towards the end. Tackling questions You'll improve your chances by following a step-by-step approach along the following lines. Step 1 Read the background Usually the first couple of paragraphs will give some background on the company and what it is aiming to achieve. By reading this carefully you will be better equipped to relate your answers to the company as much as possible. Step 2 Read the requirements There is no point reading the detailed information in the question until you know what it is going to be used for. Don’t panic if some of the requirements look challenging – identify the elements you are able to do and look for links between requirements, as well as possible indications of the syllabus areas the question is covering. Step 3 Identify the action verbs that are used in each requirement These convey the level of skill you need to exhibit and also the structure your answer should have. A lower level verb such as define will require a more descriptive answer; a higher level verb such as evaluate will require a more applied, critical answer. ACCA’s examination team has indicated that higher level requirements and verbs will be most significant in this paper, for example critically evaluating a statement and arguing for or against a ThiNganHang.comgiven idea or position. Action verbs that are likely to be frequently used in this exam are listed below,together with their intellectual levels and guidance on their meaning.Level 1 Define Give the meaning of 1 Explain Make clear 1 Identify Recognise or select 1 Describe Give the key features 2 Analyse Give reasons for the current situation or what has happened Revising P5 xv ThiNganHang.com
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Level 2 Compare and Explain the similarities and differences between two terms, contrast viewpoints or concepts 3 Assess Determine the strengths/weaknesses/importance/ significance/ability to contribute 3 Discuss Examine in detail by using arguments for and against 3 Recommend Advise the appropriate actions to pursue in terms the recipient will understand 3 Evaluate Determine the value of, in the light of the arguments for and against Step 4 Identify what each part of the question requires Think about what frameworks of theories you could choose to support your answer (if the question doesn’t indicate a specific one you need to use). Look at how the different parts of a question fit together, and make sure you don’t end up repeating the same points in more than one part of the question. Step 5 Check the mark allocation to each part This shows you the depth anticipated and helps allocate time. Step 6 Read the whole scenario carefully, highlighting key data Put points under headings related to requirements (eg by noting in the margin to what part of the question the scenario detail relates). Step 7 Consider the consequences of the points you’ve identified You will often have to provide recommendations based on the information you've been given. Be prepared to criticize the framework or model that you’ve been told to use, if required. You may have also to bring in wider issues or viewpoints, for example the views of different stakeholders. Step 8 Write a brief plan You may be able to do this on the question paper as often there will be at least one blank page in the question booklet. However any plan you make should be reproduced in the answer booklet when writing time begins. Make sure you identify all the requirements of the question in your plan – each requirement may have sub-requirements that must also be addressed. If there are professional marks available, highlight in your plan where these may be gained; for example, preparing a report. Step 9 Write your answer ThiNganHang.comMake every effort to present your answer clearly. The pilot paper and exam papers so far indicate thatthe examiner will be looking for you to make a number of clear points. The best way to demonstratewhat you’re doing is to put points into separate paragraphs with clear headers. xvi Revising P5 ThiNganHang.com
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Discussion questions Do not be tempted to write all you know about a particular topic in a discussion question. Markers can easily spot when a student is ‘waffling’ and you will receive little or no credit for this approach. Keep referring back to the question requirement to ensure you are not straying from the point. To make it easier for the marker to determine the relevance of the points you are making, you could explain what you mean in one sentence and then why this point is relevant in another. Remember that depth of discussion will be important. Always bear in mind how many marks are available for the discussion as this will give you an indication of the depth that is required. Ask yourself the following questions as you are tackling a discussion question: Have I made a point in a coherent sentence? Have I explained the point? (to answer the ‘so what’ or ‘why’ queries; and to demonstrate which the point is important) Have I related the point to the company in the scenario? (with material or analysis from the scenario, or perhaps even an example from real life) In this exam a number of requirement verbs will expect you to express a viewpoint or opinion, for example construct an argument, criticise, evaluate. When expressing an opinion, you need to provide: What the question wants. For instance, if you are asked to criticise something, don't spend time discussing its advantages. In addition if a scenario provides a lot of information about a situation, and you are (say) asked to assess that situation in the light of good practice, your assessment is unlikely to be favourable. Evidence from theory or the scenario – again we stress that the majority of marks in most questions will be given for applying your knowledge to the scenario. ThiNganHang.com Revising P5 xvii ThiNganHang.com
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