FTC Exam Tips June 2007 PArt 2 Papers (b)

FTC Exam Tips June 2007 PArt 2 Papers (b)

Paper 2.4 FMC
• Investment Appraisal; to include NPV, IRR, tax, relevant costs, risk & sensitivity and lease or buy
• Sources of Finance; to include gearing, ratios, rights issues and other methods of issue and the problems of SME’s
• Working Capital Management; to include cash and/or stock
• Budgeting; to include budgetary systems and cash budgets
• Variance calculations
• Organisational objectives

Paper 2.5
Group balance sheet with an associate undertaking and fair value adjustments.
Cash Flow
Key accounting standards include: impairment, leases, segmental reporting.
Accounting theory based on the information needs of users.


Paper 2.6

Regular Tips
ETHICS - Objectivity Threats, Conflict of Interest (see below)
PLANNING - Practical Audit Risk Scenarios
CONTROLS - Suggesting control objectives and procedures
SUBSTANTIVE TESTS - Inventory, Receivables
REVIEW/COMPLETION - Going Concern audit work
REPORTS - Practical Scenarios
INTERNAL AUDIT / CORPORATE GOVERNANCE - Business Risk, Comparison of External v Internal Audit, Audit Committees

Ftc Exam tips Part 2 Papers

Ftc Exam tips Part 2 Papers (a)

Paper 2.1
Managing Information Systems
* Accounting for IS/IT costs
* Staff roles and responsibilities
* Flat project based structure
* Project management and control
* Centralisation/decentralisation
Designing Information Systems
* Methodologies
* Modelling
* Invitation to tender
* Quality software characteristics
* Decision table
* Testing
Evaluating Information Systems
* Changeover techniques
* Documentation
* Training
* Maintenance
* Post implementation issues


Paper 2.2
Offer and acceptance.
Partnership
Agency
Director’s duties
Capital and financing of companies.


Paper 2.3
This is the 12th and last Paper 2.3 examination being set by the examiner. These may be the important areas this time in June 2007 examination
Section A
Q1 - Corporation Tax
CT Losses with adjustment of profits with capital allowances & industrial buildings allowance and some calculation of chargeable gain.
Q2 - Income Tax
Trading income assessment, Employment Income leading to income tax and possible gains tax payable.
Section B
Q3 - VAT
VAT return - calculation of VAT payable
Default surcharge
Cash accounting
Tax point
Q4 - CGT
Capital Gains Tax
Rollover and Gift Relief
Capital losses
As from June 2005 exam, the format of the exam has changed and questions 5 to 7 can now be set on any topic
Groups – losses or Gains group
Partnership with losses
Disposal of business with capital allowances, CGT and some planning
CT – Long period