ACCA P5 Exam Tips June 2016 session given below are just intelligent guesses from exam point of view provided by famous tuition providers. These exam tips must not be relied on totally. To increase chances of success in Exams you must prepare full breadth of syllabus and topics.
ACCA P5 Exam Tips June 2016:
ACCA P5 Exam Tips June 2016 Session are given below by famous tuition providers
Answer the wordy bits first, provided they don’t depend on calculations you’ve not yet done. This paper awards approx 70% of the marks for discussion, and 30% for calculations.
Watch your time management when doing the calculations. Although they are not technically complicated, they can be time consuming. Lots of practice before the exam means you should be reasonably efficient at these parts in the exam, although you may well take more time than the 1.8 minutes per mark you should theoretically allow. However, if you realise it is taking too long, make up some numbers, move on and use those figures as the basis of your discussion as you’ll get the follow through marks on that basis.
Numerical techniques – KPIs, EVA, transfer pricing, financial reporting measures, analysis of quality related costs, ABC.
Performance management frameworks – building blocks model or balanced scorecard.
Know the difference between evaluating a performance report and evaluating the underlying performance of the organisation.
Quality management – Six Sigma.
Information reporting – CSFs and KPIs, non-financial performance indicators.
HR frameworks – reward & appraisal systems.
Risk management and environmental management accounting.
Performance management frameworks – building blocks, performance pyramid, balanced scorecard.
Appraising performance metrics.
Impact on performance management.
Critique an existing performance management system and the performance hierarchy.
Quality as a critical success factor.
Value based approaches to performance management.
Effective use of information systems.
Balanced scorecard or Performance Prism.
- Remember that the title of the exam is ‘Advanced Performance Management’ and its emphasis is on ways of measuring and improving performance.
- When you are allowed to, start doing the Question 1 on the exam paper itself. Remember, for all questions to out your answers in the proper format where required: briefing paper, memorandum, report.
- Make sure you write something for every part of every question. You are unlikely to be able to finish every part of every question – either because you run out of time or you get stuck – but you can always write something for each part. In the calculations each part of the workings is marked separately, whether or not you have finished. In the written parts, each comment is marked separately.
- Even if you can only think of one brief comment and get just one mark, that could turn a 49% fail into a 50% pass.
- For calculation parts of questions, show your workings neatly. It is the workings that get the marks (whether the final answer is right or wrong) but the marker can only give you the marks if they can follow what you are doing.
- For the written parts of questions, make sure that your writing is legible. (Before the exam day, ask someone if they can read your writing easily – if they can’t then consider printing the words – though that is slow!)
- For the written parts of questions, write each separate point on a new line (with a line space between points). If you write one long paragraph containing several points, then there is a danger that the marker will miss some of the points.
- Allocate your time. You should allow 45 minutes for each 25-mark question, and 90 minutes for the 50 mark question. Within question allocate the proper time to each part (1.8 minutes per mark).
- Start each part of each question on a new page in the answer booklet (if you run out of pages they will provide an extra booklet!).That way you can always go back to questions and be able to add more to your answer neatly, if you have time left at the end of the exam.
- You do not have to attempt the questions in order or even every part within a question in order, but do make sure you make it clear at the top of the page which part of which question you are answering.