Prepare
to pass
A guide to help
you if you are
studying
Management
Accounting
F2
GETTING
STARTED
Prepare to pass
LEARNING
PHASE
REVISION
PHASE
Getting started
03
Why use this guide?
Learning phase
09
Revision phase
15
Final preparation
18
The exam
20
Structured approach to show you how to succeed
Signposted resources and how to use them
Stages of
study
Sections
FINAL
PREPARATION
Welcome to your guide helping you
to study for your F2 exam
Tips for success to help you through your studies
Appendix Links22
This guide is applicable for exams to August 2016.
THE EXAM
Interactive clickable checklists to keep you on track
APPENDIX
LINKS
02
GETTING
STARTED
Enter for your exam
Draw up your study plan
Get to know your exam
REVISION
PHASE
Buy an Approved Content
Provider study text and question
& answer bank
LEARNING
PHASE
Your checklist
FINAL
PREPARATION
THE EXAM
03
APPENDIX
LINKS
Getting started
GETTING
STARTED
Getting started - Tips for success
LEARNING
PHASE
Tips for success
- the most up to date content and
syllabus coverage
- past exam questions updated for
changes to the syllabus, question
style and exam format as well as
practice questions and answers
and full mock exams to ensure you
are fully prepared for your exam
Use the ACCA Learning
Community to link up
with fellow students
around the world
studying the same
exam as you get tips,
join discussions and
share ideas and advice.
You can also access
live Q&A sessions and
presentations.
Be realistic and consider
when you are best able
to study maybe early
mornings work better
for you or perhaps
shorter study periods
more often.
Remember to
personalise your edition
of Student Accountant
so you receive
F2 specific information
as you need it.
Consider building in an
extra study period after
every few chapters to
review and consolidate
your learning.
Once you have
prepared your plan
stick to it!
Take a 5 10 minute
break every hour
to help maintain
your motivation and
concentration.
THE EXAM
Download the Student
Planner App a tool
that helps you map
your journey to ACCA
membership while
balancing your work
and social life.
When drawing up your
study plan (see page 5)
Spend some time
familiarising yourself
with the free resources
available via the exam
resource finder on the
student section of the
ACCA website
we will provide you
with specific guidance
on when and how
to use these resources
during the relevant
stages of study.
FINAL
PREPARATION
- tests, quizzes and other support
designed to help you prepare for
your exam
The earlier you enter
for your exam the less
it costs!
REVISION
PHASE
We strongly recommend that you
buy an F2 Approved Content
Provider Study Text and Question
and Answer Bank to ensure exam
success. These provide:
APPENDIX
LINKS
04
GETTING
STARTED
Getting started - Draw up your study plan
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
REVISION
Week 10
REVISION
Week 11
REVISION
Week 12
REVSION AND FINAL PREPARATION
Evening study period
Daytime study period
Other commitments
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 four week period for the
revision and final preparation
phases
THE EXAM
Week 9
You may need to add or take
away weeks depending on your
own circumstances
FINAL
PREPARATION
Tuesday
REVISION
PHASE
Monday
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
LEARNING
PHASE
Study plan checklist
APPENDIX
LINKS
05
GETTING
STARTED
Getting started - Your study plan
Print out and write down when you will study, relax and revise!
Tuesday
Wednesday
Thursday
Friday
Saturday
Sunday
Week 1
LEARNING
PHASE
Monday
Week 2
REVISION
PHASE
Week 3
Week 4
Week 5
FINAL
PREPARATION
Week 6
Week 7
Week 8
REVISION
Week 10
REVISION
Week 11
REVISION
Week 12
REVISION AND FINAL PREPARATION
06
Daytime study period
Other commitments
Colour boxes in your preferred highlighter colours.
APPENDIX
LINKS
Evening study period
THE EXAM
Week 9
Scan the F2 specimen exam
specimen exam provides you with a clear picture of how F2 will be assessed and
The
how the exam is structured as well as the likely style and range of questions that you
could see in the real exam
this at the start of your studies will help you understand the focus of the exam
Using
by concentrating on the exam structure, question style, exam technique and tips as
Review the examiner's reports
from the last four sittings
provide feedback on students performance after each exam session, highlight
These
problem areas that students need to improve on and tell you what the examining
View the study support video
Paper F2/FMA MTQ advice
this video for pointers to some of the key skills you will need to pass F2 as well
View
as more information about the exam structure and exam technique
Scan the exam technique and
syllabus updates articles
articles here cover answering multiple-choice questions, computer-based exam
The
technique and how to prepare for knowledge modules exams you will need to
Familiarise yourself with the
formulae sheet
will be provided with this document in the exam and so you will not need to learn
You
these formulae
well as pitfalls to avoid
teams are looking for; these are critical to your success in passing F2 see some of
the most recent comments from your examiner over the page
THE EXAM
come back to these during the revision phase but they will provide you with guidance
that will be helpful in attempting questions throughout the learning phase
FINAL
PREPARATION
APPENDIX
LINKS
07
Listen to the examiner's
approach video
REVISION
PHASE
gives you an understanding of the aims and objectives of the exam, learning
This
outcomes and exam structure
LEARNING
PHASE
Review the syllabus
and study guide
GETTING
STARTED
Getting started - Get to know your exam
Comments on
CBE and paper
based exams:
Common problems with
section B questions
included the following:
Study the whole syllabus,
because the paper will cover
the full syllabus.
A poor understanding of purchases
budgets, particularly the effect of
production levels on purchases.
Practise as many multiple choice
questions as possible.
An inability to calculate and explain
fixed production overhead expenditure,
volume, capacity and efficiency variances.
Study the whole syllabus, because the
paper will cover the full syllabus.
Practise as many questions as possible.
Read questions very carefully in the
examination.
Try to attempt the easy examination
questions first.
An imprecise knowledge of value for
money concepts, particularly economy
and efficiency.
FINAL
PREPARATION
Not to spend too much time on
apparently difficult questions.
Attempt all questions in the
examination (there are no negative
marks for incorrect answers).
Read previous Examiners Reports.
THE EXAM
There was little difference
in performance between
section B calculation and
narrative questions.
Future candidates
are advised to:
REVISION
PHASE
In section A the worst
answered questions
were calculation based.
Calculation questions
accounted for approximately
46% of section A questions,
and as usual were answered
worse than the narrative
based questions. Seven out
of the 10 worst answered
section A questions were
calculation based in the
January to June 2015 diet.
LEARNING
PHASE
GETTING
STARTED
Getting started - What the examiner has said about F2
(extracts from June 2015 examiner's report)
For paper exam, present section B
answers as tidily as possible.
APPENDIX
LINKS
08
GETTING
STARTED
- gain the knowledge you
need; and
- learn how to apply that
knowledge to pass the
exam
FINAL
PREPARATION
REVISION
PHASE
Work through the control
sheet which has been
designed to give you a
structured approach to your
learning phase to ensure you:
LEARNING
PHASE
Your checklist
THE EXAM
09
APPENDIX
LINKS
Learning phase
Tick the box Quiz/Test in the control
sheet once you have:
Tick the box Questions in the control
sheet once you have:
Read through the introduction to
the chapter
Attempted the questions referred to in the
Question Bank (if you are using Becker or
BPP materials) or the practice questions at
the end of the text (if you are using Kaplan
materials)
BPP Learning Media - page 13
Actively read and understood each
chapters content
Noted any additional commentary
and exam focus tips provided
Read / viewed the related ACCA article /
video signposted
THE EXAM
Worked through and understood
examples and illustrations of
concepts given
Tick the box ACCA related resources in
the control sheet once you have:
FINAL
PREPARATION
Tick the box Content in the control
sheet once you have:
Becker Professional Education - page 12
REVISION
PHASE
Kaplan Publishing - page 14
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)
LEARNING
PHASE
Use the control sheet relevant to
the Approved Content Provider's
materials you have purchased:
GETTING
STARTED
Learning phase - Get the most out of your control sheet
APPENDIX
LINKS
10
GETTING
STARTED
Learning phase - Tips for success
LEARNING
PHASE
Tips for success
Keep an eye on Student
Accountant for any
relevant articles.
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.
APPENDIX
LINKS
11
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.
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.
THE EXAM
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.
Make sure you use the
ACCA resources to help
your understanding
these give you real
insight to help you in
your exam.
Visit the ACCA Learning
Community regularly to
view new video content
and to join online study
events.
FINAL
PREPARATION
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.
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.
REVISION
PHASE
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.
Chapter
Content
Quiz/Test
GETTING
STARTED
Learning phase - Control sheet for Becker Professional Education
Questions ACCA related resources
Introduction
Accounting for management
Sources of data
Cost classification
Presenting information
Effective presentation and communication of
information using charts
Accounting for materials
Stock control
Accounting for labour
Study support video: Accounting for labour
Accounting for overheads
Fixed overhead absorption
Re-apportionment of service cost centre costs
Absorption and marginal costing
Job, batch and service costing
Process costing
11 Alternative costing principles
12 Budgeting nature, purpose and behavioural aspects
13 Statistical techniques
14 Budget preparation
Cash budgets
FINAL
PREPARATION
10 Process costing
REVISION
PHASE
LEARNING
PHASE
tick the boxes below when complete
15 Flexible budgets, budgetary control and reporting
16 Standard costing and variance analysis
17 Capital budgeting and discounted cash flows
19 Further aspects of performance management
When watching the study support video, focus at this stage on the technical aspects you will watch it again
during the revision phase and at that point you will be able to focus more on the exam technique aspects
APPENDIX
LINKS
12
Ratio analysis
THE EXAM
18 Performance measurement
Chapter
Content
Quiz/Test
GETTING
STARTED
Learning phase - Control sheet for BPP Learning Media
Questions ACCA related resources
Introduction
Accounting for management
Sources of data
Cost classification
Cost behaviour
Presenting information
Accounting for materials
E
ffective presentation and communication of
information using charts
Stock control
Accounting for labour
Study support video: Accounting for labour'
Accounting for overheads
Fixed overhead absorption
Absorption and marginal costing
Re-apportionment of service cost centre costs
11 Process costing
Process costing
12 Process costing, joint products and by-products
13 Alternative costing principles
14 Forecasting
15 Budgeting
16 The budgetary process
FINAL
PREPARATION
10 Job, batch and service costing
REVISION
PHASE
LEARNING
PHASE
tick the boxes below when complete
Cash budgets
17 Making budgets work
THE EXAM
18 Capital expenditure budgeting
19 Methods of project appraisal
20 Standard costing
21 Cost variances
22 Sales variances and operating statements
23 Performance measurement
Ratio analysis
24 Applications of performance measurement
When watching the study support video, focus at this stage on the technical aspects you will watch it again
during the revision phase and at that point you will be able to focus more on the exam technique aspects
APPENDIX
LINKS
13
Chapter
Content
Quiz/Test
GETTING
STARTED
Learning phase - Control sheet for Kaplan Publishing
Questions ACCA related resources
Introduction
1
Accounting for management
Sources of data
Presenting information
Cost classification
Accounting for materials
Stock control
Accounting for labour
Study support video: Accounting for labour
Accounting for overheads
Fixed overhead absorption
Re-apportionment of service cost centre costs
Absorption and marginal costing
Job, batch and process costing
E
ffective presentation and communication of
information using charts
REVISION
PHASE
Process costing
11 Alternative costing principles
12 Statistical techniques
Cash budgets
14 Capital budgeting
FINAL
PREPARATION
10 Service and operating costing
13 Budgeting
LEARNING
PHASE
tick the boxes below when complete
15 Standard costing
16 Performance measurement techniques
Ratio analysis
17 Performance measurement in specific situations
When watching the study support video, focus at this stage on the technical aspects you will watch it again
during the revision phase and at that point you will be able to focus more on the exam technique aspects
APPENDIX
LINKS
14
THE EXAM
18 Spreadsheets
GETTING
STARTED
Revisit areas you struggled with
during the learning phase
Make sure you are able to apply
that knowledge in questions
REVISION
PHASE
Ensure you are confident with
the knowledge needed to pass
the exam
LEARNING
PHASE
Your checklist
FINAL
PREPARATION
THE EXAM
APPENDIX
LINKS
Revision phase
GETTING
STARTED
Revision phase Question practice
Dont be afraid to
attempt questions you
have already done
especially the ones
you found tricky first
time round.
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!
THE EXAM
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.
FINAL
PREPARATION
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
Consider blocking time
in your study plan for
specific questions or
mock exams to ensure
you cover everything.
REVISION
PHASE
W
ork 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
Tips for success
LEARNING
PHASE
Exam-standard question practice
is vital now
APPENDIX
LINKS
16
GETTING
STARTED
Revision phase Key resources
Read the exam technique and syllabus
updates articles this time linking into
what you have learnt
THE EXAM
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 F2
Dont miss the
specimen exam this
is a full example of the
exam available for both
paper and CBE format
and replicates the exam
environment - attempt
in full to time.
Think about purchasing
a Practice Test practice
makes perfect and,
even better, you get
personalised feedback
diagrams highlighting
your strengths and
weaknesses, so you can
refine your revision.
See the PER video on
the student section of
the website for more
information on how
useful these can be for
your revision
FINAL
PREPARATION
View the study support video referred
to in your control sheet again as well as
the video Paper F2/FMA MTQ this time
focussing on exam technique
Dont give up easily
if you really cannot
understand something
then consider posting a
question on the ACCA
Learning Community if
you found it difficult so
will others.
REVISION
PHASE
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
Tips for success
LEARNING
PHASE
Listen to the examiner's approach
interview again in the context of what
you have learned
APPENDIX
LINKS
17
Section A
Question on Standard Costing:
The only variances for the
period were.
Sales price $5,000 adverse
F
ixed overhead volume
$3,000 favourable
F
ixed overhead efficiency
$1,000 adverse
What was the budgeted profit
for the period?
B $26,000
C $28,000
D $29,000
Some candidates selected
alternative C ,suggesting they failed
to appreciate both of points (i)
and (ii).
$27,000 $5,000 + $3,000 +
$4,000 $1,000 = $28,000.
This is a common area of difficulty
and candidates should review
previous examiners reports where
further examples of MCQ questions
of this type are available.
APPENDIX
LINKS
The correct answer is D.
And (ii) in doing so they also needed
to avoid double counting. The fixed
overhead volume variance ($3,000F
is equal to the sum of the fixed
overhead capacity variance ($4,000
F) and the fixed overhead efficiency
variance ($1,000 A), so it is important
not to include all three and only to
deduct $3,000 not $6,000.
$27,000 + $5,000 $3,000
$4,000 + $1,000 = $26,000.
THE EXAM
A $25,000
In this question candidates were
given an actual profit figure and a
list of variances. To get to budgeted
profit they needed to (i) add back
adverse variances and to deduct
favourable variances to actual profit
to arrive at budgeted profit.
Majority of the candidates selected
alternative B, suggesting that they
appreciated point (i) but
not point (ii).
FINAL
PREPARATION
F
ixed overhead capacity
$ 4,000 favourable
I have mentioned in previous
reports that candidates appear to
experience difficulties with questions
involving standard costing operating
statements and the reconciliation of
budgeted and actual performance.
REVISION
PHASE
A companys actual profit for
a period was $27,000.
18
LEARNING
PHASE
GETTING
STARTED
Revision phase - What the examiner has said about F2
(extracts from December 2014 examiner's report)
GETTING
STARTED
You are clear on the knowledge
you need to pass the exam
as well as how to apply that
knowledge
the exam format
FINAL
PREPARATION
PREPERATION
Ensure you are
familiar with:
REVISION
PHASE
You have the skills you need
to pass the exam eg
time management
LEARNING
PHASE
Your checklist
the style of questions
what specific syllabus areas
are likely to be tested and in
which questions
19
APPENDIX
LINKS
Final preparation
THE EXAM
the way the marks are allocated
GETTING
STARTED
Final preparation - Tips for success
An extract from the
Syllabus and study
guide for F2
An extract from the
F2 specimen exam
marking guide
(a) State whether each of the following
items are relevant or irrelevant
cashflows for a net present value
(NPV) evaluation of whether
to introduce the computerised
tracking system.
(i) Computerised tracking system
investment of $2,100,000;
(iii) Staff training costs of $425,000;
(iv) New staff total salary of $120,000
per annum;
(v) Staff training costs of $75,000;
(vi) Interest cost of $150,000 per annum.
20
If you are not sure about how the
marks are allocated review the
specimen exam again.
APPENDIX
LINKS
(i)
05 marks
(ii)
1 mark
(iii)
05 marks
(iv)
1 mark
(v)
1 mark
(vi)
1 mark
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.
THE EXAM
Note: The following mark allocation
is provided as guidance for
this requirement:
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.
FINAL
PREPARATION
PREPERATION
(ii) Depreciation of $420,000 in each
of the five years;
Tips for success
REVISION
PHASE
The examination will consist
of two sections. Section A will
contain 35 two mark objective
questions. Section B will
contain 3 ten mark multi-task
questions each of which will
examine Budgeting, Standard
costing and Performance
measurement sections
of the syllabus.
LEARNING
PHASE
GETTING
STARTED
Make sure you are ready to
walk into your exam
REVISION
PHASE
THE EXAM
21
APPENDIX
LINKS
The Exam
FINAL
PREPARATION
LEARNING
PHASE
Your checklist
GETTING
STARTED
The Exam - Tips for success
22
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.
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
Once the exam is over:
Relax.
Don't over
analyse - you
cannot change
anything now!
APPENDIX
LINKS
Good
Luck!
Ensure you have all the
equipment you need for
the exam (black pens,
calculator etc).
THE EXAM
Plan your route to the
CBE centre or exam
hall, considering the
time of day you will
be travelling and any
potential issues.
well rested (and in
any case, last minute
revision will only cause
you to panic!).
FINAL
PREPARATION
Identify where the
CBE centre (if you
have entered for the
computer based exam)
or exam hall (if you have
entered for the paper
based exam) is.
Have in place a back-up
plan in case of traffic
problems or public
transport delays.
REVISION
PHASE
Very few students enjoy
taking exams but there
are things you can do
to make the experience
less stressful!
LEARNING
PHASE
Tips for success
GETTING
STARTED
LEARNING
PHASE
REVISION
PHASE
FINAL
PREPARATION
THE EXAM
23
APPENDIX
LINKS
Appendix Links
GETTING
STARTED
Appendix Links
04
Enter for your exam
[Link]
04, 11, 16
Approved Content Provider
[Link]
04
ACCA Learning Community
[Link]
04
Student Planner App
[Link]
04
Exam resource finder
[Link]
04
Student section
[Link]
07
Formulae sheet
[Link]
07, 17
Examiner's approach video
[Link]
07, 17
Examiners reports
[Link]
07, 20
Syllabus and study guide
[Link]
07, 17
Paper F2/FMA MTQ advice
[Link]
07, 17
Exam technique and syllabus updates guidance
[Link]
07
Formulae sheet
[Link]
12, 13, 14
Study support video: Accounting for labour
[Link]
12, 13, 14
Effective presentation and communication of
information using charts
[Link]
[Link]
12, 13, 14
Ratio analysis
[Link]
12, 13, 14
Fixed overhead absorption
[Link]
[Link]
12, 13, 14
Re-apportionment of service cost centre costs
[Link]
THE EXAM
[Link]
FINAL
PREPARATION
07, 16, 17,20 Specimen exam
REVISION
PHASE
URL
LEARNING
PHASE
Page No. Link
APPENDIX
LINKS
24
GETTING
STARTED
Appendix Links
URL
12, 13, 14
Cash budgets
[Link]
12, 13, 14
Process costing
[Link]
12, 13, 14
Stock control
[Link]
17
Practice test
[Link]
LEARNING
PHASE
Page No. Link
REVISION
PHASE
FINAL
PREPARATION
THE EXAM
APPENDIX
LINKS
25
