1
*♥ACCA F1 AB Accountant in Business Study material ♥*
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F2
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F3
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A THE BUSINESS ORGANISATION, ITS
STAKEHOLDERS AND THE EXTERNAL
ENVIRONMENT
1. The purpose and types of business organisation
a) Define ‘business organisations’ and explain why
they are formed.
[K]
b) Describe common features of business
organisations.
[K]
c) Outline how business organisations differ.
[K]
d) List the industrial and commercial sectors in
which business organisations operate.
[K]
e) Identify the different types of business
organisation and their main characteristics:
[K]
i) Commercial
ii) Not-for-profit
iii) Public sector
iv) Non-governmental organisations
v) Cooperatives
2. Stakeholders in business organisations
a) Define stakeholders and explain the agency
relationship in business and how it may vary in
different types of business organisation.
[K]
b) Define internal, connected and external
stakeholders and explain their impact on the
organisation.
[K]
c) Identify the main stakeholder groups and the
objectives of each group.
[K]
d) Explain how the different stakeholder groups
interact and how their objectives may conflict
with one another.
[K]
e) Compare the power and influence of various
stakeholder groups and how their needs should
be accounted for, such as under the Mendelow
framework.
[K]
3. Political and legal factors affecting business
a) Explain how the political system and
government policy affect the organisation.
[K]
b) Describe the sources of legal authority,
including supra-national bodies, national and
regional governments.
[K]
c) Explain how the law protects the employee and
the implications of employment legislation for
the manager and the organisation.
[K]
d) Identify the principles of data protection and
security.
[K]
e) Explain how the law promotes and protects
health and safety in the workplace.
[K]
f) Recognise the responsibility of the individual
and organisation for compliance with laws on
data protection, security and health and
safety.
[K]
g) Outline principles of consumer protection such
as sale of goods and simple contract.
[K]
4. Macro-economic factors
a) Define macro-economic policy and explain its
objectives.
[K]
b) Explain the main determinants of the level of
business activity in the economy and how
variations in the level of business activity affect
individuals, households and businesses.
[K]
c) Explain the impact of economic issues on the
individual, the household and the business:
[K]
i) Inflation
ii) Unemployment
iii) Stagnation
iv) International payments disequilibrium.
d) Describe the main types of economic policy
that may be implemented by government and
supra-national bodies to maximise economic
welfare.
[K]
e) Recognise the impact of fiscal and monetary
policy measures on the individual, the
household and businesses.
[K]
© ACCA 2017-2018 All rights reserved.
8
5. Micro economic factors
a) Define the concept of demand and supply for
goods and services.
[K]
b) Explain elasticity of demand and the impact of
substitute and complementary goods.
[K]
c) Explain the economic behaviour of costs in the
short and long term.
[K]
d) Define perfect, competition, oligopoly,
monopolistic competition and monopoly.
[K]
6. Social and demographic factors
a) Explain the medium and long-term effects of
social and demographic trends on business
outcomes and the economy.
[K]
b) Describe the impact of changes in social
structure, values, attitudes and tastes on the
organisation.
[K]
c) Identify and explain the measures that
governments may take in response to the
medium and long-term impact of demographic
change.
[K]
7. Technological factors
a) Explain the potential effects of technological
change on the organisation structure and
strategy:
[K]
i) Downsizing
ii) Delayering
iii) Outsourcing
b) Describe the impact of information technology
and information systems development on
business processes.
[K]
8. Environmental factors
a) List ways in which the businesses can affect or
be affected by its physical environment.
[K]
b) Describe ways in which businesses can operate
more efficiently and effectively to limit damage
to the environment.
[K]
c) Identify the benefits of economic sustainability
to stakeholders.
[K]
9. Competitive factors
a) Identify a business’s strengths, weaknesses
opportunities and threats (SWOT) in a market
and the main sources of competitive
advantage.
[K]
b) Identify the main elements within Porter’s
value chain and explain the meaning of a value
network'..
[K]
c) Explain the factors or forces that influence the
level of competitiveness in an industry or sector
using Porter’s five forces model.
[K]
d) Describe the activities of an organisation that
affect its competitiveness:
[K]
i) Purchasing
ii) Production
iii) Marketing
iv) Service
B BUSINESS ORGANISATION STRUCTURE,
FUNCTIONS AND GOVERNANCE
1. The formal and informal business organisation
a) Explain the informal organisation and its
relationship with the formal organisation.
[K]
b) Describe the impact of the informal
organisation on the business.
[K]
2. Business organisation structure and design
a) Describe Mintzberg’s components of the
organisation and explain the different ways in
which formal organisations may be structured
[K]
:
(i) Entrepreneurial
(ii) Functional
(iii) Matrix
(iv) Divisional: (geographical, by product, or by
customer type)
(v) Boundaryless: (virtual, hollow or modular)
b) Explain basic organisational structure
concepts:
[K]
i) Separation of ownership and management
ii) Separation of direction and management
iii) Span of control and scalar chain
iv) Tall and flat organisations
(v) Outsourcing and offshoring,
© ACCA 2017-2018 All rights reserved.
9
(vi) Shared services approach
c) Explain the characteristics of the strategic,
tactical and operational levels in the
organisation in the context of the Anthony
hierarchy.
[K]
d) Explain centralisation and decentralisation and
list their advantages and disadvantages.
[K]
e) Describe the roles and functions of the main
departments in a business organisation:
[K]
i) Research and development
ii) Purchasing
iii) Production
iv) Direct service provision
v) Marketing
vi) Administration
vii) Finance.
f) Explain the role of marketing in an
organisation:
[K]
i) Definition of marketing
ii) Marketing mix
iii) Relationship of the marketing plan to the
strategic plan
3. Organisational culture in business
a) Define organisational culture.
[K]
b) Describe the factors that shape the culture of
the organisation.
[K]
c) Explain the contribution made by writers on
culture:
[K]
i) Schein – determinants of organisational
culture
ii) Handy – four cultural stereotypes
iii) Hofstede – international perspectives on
culture
4. Committees in business organisations
a) Explain the purposes of committees.
[K]
b) Describe the types of committee used by
business organisations
[K]
c) List the advantages and disadvantages of
committees.
[K]
d) Explain the roles of the Chair and Secretary of
a committee.
[K]
5. Governance and social responsibility in
business
a) Explain the agency concept in relation to
corporate governance.
[K]
b) Define corporate governance and social
responsibility and explain their importance in
contemporary organisations.
[K]
c) Explain the responsibility of organisations to
maintain appropriate standards of corporate
governance and corporate social
responsibility.
[K]
d) Briefly explain the main recommendations of
best practice in effective corporate
governance:
[K]
i) Executive and non-executive directors
ii) Remuneration committees
iii) Audit committees
iv) Public oversight
e) Explain how organisations take account of their
social responsibility objectives through analysis
of the needs of internal, connected and external
stakeholders.
[K]
f) Identify the social and environmental
responsibilities of business organisations to
internal, connected and external
stakeholders.
[K]
C ACCOUNTING AND REPORTING SYSTEMS,
CONTROLS AND COMPLIANCE
1. The relationship between accounting and other
business functions
a) Explain the relationship between accounting
and other key functions within the business
such as procurement, production and
marketing.
[K]
b) Explain financial considerations in production
and production planning.
[K]
c) Identify the financial issues associated with
marketing.
[S]
© ACCA 2017-2018 All rights reserved.
10
d) Identify the financial costs and benefits of
effective service provision.
[S]
2. Accounting and finance functions within
business
a) Explain the contribution of the accounting
function to the formulation, implementation,
and control of the organisation’s policies,
procedures, and performance.
[K]
b) Identify and describe the main financial
accounting functions in business:
[K]
i) recording financial information
ii) codifying and processing financial
information
iii) preparing financial statements
c) Identify and describe the main management
accounting and performance management
functions in business:
[K]
i) Recording and analysing costs and
revenues
ii) Providing management accounting
information for decision-making
iii) Planning and preparing budgets and
exercising budgetary control.
d) Identify and describe the main finance and
treasury functions:
[K]
i) Calculating and mitigating business tax
liabilities
ii) Evaluating and obtaining finance
iii) Managing working capital
iv) Treasury and risk management.
e) Identify and describe the main audit and
assurance roles in business
i) Internal audit
ii) External audit.
[K]
f) Explain the main functions of the internal
auditor and the external auditor and how they
differ.
[K]
3. Principles of law and regulation governing
accounting and audit
a) Explain basic legal requirements in relation to
retaining and submitting proper records and
preparing and auditing financial reports.
[K]
b) Explain the broad consequences of failing to
comply with the legal requirements for
maintaining and filing accounting records.
[K]
c) Explain how the international accountancy
profession regulates itself through the
establishment of reporting standards and their
monitoring.
[K]
4. The sources and purpose of internal and
external financial information, provided by
business
a) Explain the various business purposes for
which the following financial information is
required:
[K]
(i) The statement of profit or loss
(ii) The statement of financial position
(iii) The statement of cash flows
(iv) Sustainability and integrated reports
b) Describe the main purposes of the following
types of management accounting reports.
[K]
:
i) Cost schedules
(ii) Budgets
(iii) Variance reports
5. Financial systems, procedures and related IT
applications
a) Identify an organisation’s system requirements
in relation to the objectives and policies of the
organisation.
[S]
b) Describe the main financial systems used
within an organisation:
[S]
i) Purchases and sales invoicing
ii) Payroll
iii) Credit control
iv) Cash and working capital management.
c) Explain why it is important to adhere to
policies and procedures for handling clients’
money.
[K]
d) Identify weaknesses, potential for error and
inefficiencies in accounting systems.
[S]
e) Recommend improvements to accounting
systems to prevent error and fraud and to
improve overall efficiency.
[S]
© ACCA 2017-2018 All rights reserved.
11
f) Explain why appropriate controls are necessary
in relation to business and IT systems and
procedures.
[S]
g) Identify business uses of computers and IT
software applications:
[S]
i) Spreadsheet applications
ii) Database systems
iii) Accounting packages
h) Describe and compare the relative benefits and
limitations of manual and automated financial
systems that may be used in an organisation.
[K]
6. Internal controls, authorisation, security and
compliance within business
a) Explain internal control and internal check.
[K]
b) Explain the importance of internal financial
controls in an organisation.
[K]
c) Describe the responsibilities of management for
internal financial control.
[K]
d) Describe the features of effective internal
financial control procedures in an organisation,
including authorisation.
[K]
e) Identify and describe the types of information
technology and information systems used by
the business organisation for internal control.
[S]
f) Identify and describe features for protecting the
security of IT systems and software within
business.
[S]
g) Describe general and application systems
controls in business.
[K]
7. Fraud and fraudulent behaviour and their
prevention in business.
a) Explain the circumstances under which fraud is
likely to arise.
[K]
b) Identify different types of fraud in the
organisation.
[K]
c) Explain the implications of fraud for the
organisation.
[K]
d) Explain the role and duties of individual
managers in the fraud detection and prevention
process.
[K]
e) Define the term money laundering.
[K]
f) Give examples of recognised offences under
typical money laundering regulations.
[K]
g) Identify methods for detecting and preventing
money laundering.
[K]
h) Explain how suspicions of money laundering
should be reported to the appropriate
authorities.
[K]
D LEADING AND MANAGING INDIVIDUALS
AND TEAMS
1. Leadership, management and supervision
a) Define leadership, management and
supervision and explain the distinction between
these terms.
[K]
b) Explain the nature of management:
[K]
i) Scientific/classical theories of management
Fayol, Taylor
ii) The human relations school – Mayo
iii) The functions of a manager – Mintzberg,
Drucker
c) Explain the areas of managerial authority and
responsibility.
[K]
d) Explain the situational, functional and
contingency approaches to leadership with
reference to the theories of Adair, Fiedler,
Bennis, Kotter and Heifetz.
[K]
e) Describe leadership styles and contexts: using
the models of Ashridge, and Blake and
Mouton.
[K]
2. Recruitment and selection of employees
a) Explain the importance of effective recruitment
and selection to the organisation.
[K]
b) Describe the recruitment and selection process
and explain the stages in this process.
[K]
c) Describe the roles of those involved in the
recruitment and selection processes.
[K]
© ACCA 2017-2018 All rights reserved.
12
d) Describe the methods through which
organisations seek to meet their recruitment
needs.
[K]
e) Explain the advantages and disadvantages of
different recruitment and selection methods.
[K]
f) Explain the purposes and benefits of diversity
and equal opportunities policies within the
human resources plan.
[K]
g) Explain the practical steps that an organisation
may take to ensure the effectiveness of its
diversity and equal opportunities policy.
[K]
3. Individual and group behaviour in business
organisations
a) Describe the main characteristics of individual
and group behaviour.
[K]
b) Outline the contributions of individuals and
teams to organisational success.
[K]
c) Identify individual and team approaches to
work.
[K]
4. Team formation, development and
management
a) Explain the differences between a group and a
team.
[K]
b) Explain the purposes of a team.
[K]
c) Explain the role of the manager in building the
team and developing individuals within the
team.
[K]
i) Belbin’s team roles theory
ii) Tuckman’s theory of team development
d) List the characteristics of effective and
ineffective teams.
[K]
e) Describe tools and techniques that can be used
to build the team and improve team
effectiveness.
[K]
5. Motivating individuals and groups
a) Define motivation and explain its importance to
the organisation, teams and individuals.
[K]
b) Explain content and process theories of
motivation: Maslow, Herzberg, McGregor, and
Vroom.
[K]
c) Explain and identify types of intrinsic and
extrinsic reward.
[K]
d) Explain how reward systems can be designed
and implemented to motivate teams and
individuals.
[K]
6. Learning and training at work
a) Explain the importance of learning and
development in the workplace.
[K]
b) Describe the learning process: Honey and
Mumford, Kolb.
[K]
c) Describe the role of the human resources
department and individual managers in the
learning process.
[K]
d) Describe the training and development process:
identifying needs, setting objectives,
programme design, delivery and validation.
[K]
e) Explain the terms ‘training’, ‘development’ and
‘education’ and the characteristics of each.
[K]
f) List the benefits of effective training and
development in the workplace.
[K]
7. Review and appraisal of individual performance
a) Explain the importance of performance
assessment.
[K]
b) Explain how organisations assess the
performance of human resources.
[K]
c) Define performance appraisal and describe its
purposes.
[K]
d) Describe the performance appraisal process.
[K]
e) Explain the benefits of effective appraisal.
[K]
f) Identify the barriers to effective appraisal and
how these may be overcome.
[K]
© ACCA 2017-2018 All rights reserved.
13
E. PERSONAL EFFECTIVENESS AND
COMMUNICATION IN BUSINESS
1. Personal effectiveness techniques
a) Explain the importance of effective time
management.
[K]
b) Describe the barriers to effective time
management and how they may be
overcome.
[K]
c) Describe the role of information technology in
improving personal effectiveness.
[S]
2. Consequences of ineffectiveness at work
a) Identify the main ways in which people and
teams can be ineffective at work.
[S]
b) Explain how individual or team ineffectiveness
can affect organisational performance.
[K]
3. Competence frameworks and personal
development
a) Describe the features of a ‘competence
framework’.
[S]
b) Explain how a competence framework
underpins professional development needs.
[S]
c) Explain how personal and continuous
professional development can increase
personal effectiveness at work.
[S]
d) Explain the purpose and benefits of coaching,
mentoring and counselling in promoting
employee effectiveness
[K]
e) Describe how a personal development plan
should be formulated, implemented, monitored
and reviewed by the individual.
[S]
4. Sources of conflict and techniques for conflict
resolution and referral
a) Identify situations where conflict at work can
arise.
[S]
b) Describe how conflict can affect personal and
organisational performance.
[S]
c) Identify ways in which conflict can be
managed.
[S]
5. Communicating in business
a) Describe methods of communication used in
the organisation and how they are used.
[K]
b) Explain how the type of information differs and
the purposes for which it is applied at different
levels of the organisation: strategic, tactical
and operational.
[K]
c) List the attributes of good quality information.
[K]
d) Explain a simple communication model:
sender, message, receiver, feedback, noise.
[K]
e) Explain formal and informal communication
and their significance in the workplace.
[K]
f) Identify the consequences of ineffective
communication.
[K]
g) Describe the attributes of effective
communication.
[K]
h) Describe the barriers to effective
communication and identify practical steps that
may be taken to overcome them.
[K]
i) Identify the main patterns of communication.
[K]
F PROFESSIONAL ETHICS IN ACCOUNTING
AND BUSINESS
1. Fundamental principles of ethical behaviour
a) Define business ethics and explain the
importance of ethics to the organisation and to
the individual.
[K]
b) Describe and demonstrate the following
principles from the IFAC (IESBA) code of
ethics, using examples.
[K]
(i) Integrity
(ii) Objectivity
(iii)Professional competence
(iv) Confidentiality
(v) Professional behaviour
c) Describe organisational values which promote
ethical behaviour using examples.
[K]
© ACCA 2017-2018 All rights reserved.
14
(i) Openness
(ii) Trust
(iii)Honesty
(iv) Respect
(v) Empowerment
(vi) Accountability
d) Explain the concept of acting in the public
interest.
[K]
.
2. The role of regulatory and professional bodies
in promoting ethical and professional standards
in the accountancy profession
a) Recognise the purpose of international and
organisational codes of ethics and codes of
conduct, IFAC (IESBA), ACCA etc.
[K]
b) Describe how professional bodies and
regulators promote ethical awareness and
prevent or punish illegal or unethical
behaviour.
[K]
c) Identify the factors that distinguish a profession
from other types of occupation.
[1
d) Explain the role of the accountant in promoting
ethical behaviour.
[K]
e) Recognise when and to whom illegal, or
unethical conduct by anyone within or
connected to the organisation should be
reported
[K]
3. Corporate codes of ethics
a) Define corporate codes of ethics.
[K]
b) Describe the typical contents of a corporate
code of ethics.
[K]
c) Explain the benefits of a corporate code of
ethics to the organisation and its employees.
[K]
4. Ethical conflicts and dilemmas
a) Describe situations where ethical conflicts can
arise.
[K]
b) Identify the main threats to ethical behaviour.
[K]
c) Outline situations at work where ethical
dilemmas may be faced.
[K
HE NATURE, SOURCE AND PURPOSE OF
MANAGEMENT INFORMATION
1. Accounting for management
a) Describe the purpose and role of cost and
management accounting within an
organisation.
[k]
b) Compare and contrast financial accounting
with cost and management accounting.
[k]
c) Outline the managerial processes of planning,
decision making and control.
[k]
d) Explain the difference between strategic,
tactical and operational planning.
[k]
e) Distinguish between data and information.
[k]
f) Identify and explain the attributes of good
information.
[k]
g) Explain the limitations of management
information in providing guidance for
managerial decision-making.
[k]
2. Sources of data
a) Describe sources of information from within
and outside the organisation (including
government statistics, financial press,
professional or trade associations, quotations
and price list.
[k]
b) Explain the uses and limitations of published
information/data (including information from
the internet) .
[k]
c) Describe the impact of general economic
environment on costs/revenue.
[k]
d) Explain sampling techniques (random,
systematic, stratified, multistage, cluster and
quota) .
[k]
e) choose an appropriate sampling method in a
specific situation.
[s]
(Note: Derivation of random samples will not
be examined)
3. Cost classification
a) Explain and illustrate production and non-production costs.
[k]
b) Describe the different elements of non
production costs- administrative, selling,
distribution and finance.
[k]
c) Describe the different elements of production
cost- materials, labour and overheads.
[k]
d) Explain the importance of the distinction
between production and non production costs
when valuing output and inventories.
[k]
e) Explain and illustrate with examples
classifications used in the analysis of the
product/service costs including by function,
direct and indirect. fixed and variable, stepped
fixed and semi variable costs.
[s]
.
f) Explain and illustrate the use of codes in
categorising transaction.
[k]
g) Describe and illustrate, graphically, different
types of cost behaviour.
[s]
h) Use high/low analysis to separate the fixed and
variable elements of total costs including
situations involving semi variable and stepped
fixed costs and changes in the variable cost per
unit.
[s]
i) Explain the structure of linear functions and
equations.
[s]
j) Explain and illustrate the concept of cost
objects, cost units and cost centres.
[s]
.
k) Distinguish between cost, profit, investment and
revenue centres.
[k]
.
l) Describe the differing needs for information of
cost, profit, investment and revenue centre
managers.
[k]
© ACCA 2017–2018 All rights reserved.
7
4. Presenting information
a) Prepare written reports representing
management information in suitable formats
according to purpose.
[s]
b) Present information using tables, charts and
graphs (bar charts, line graphs, pie charts
and scatter graphs) .
[s]
.
c) Interpret information (including the above
tables, charts and graphs) presented in
management reports.
[s]
B COST ACCOUNTING TECHNIQUES
1. Accounting for material, labour and overheads
a) Accounting for materials
(i) Describe the different procedures and
documents necessary for the ordering,
receiving and issuing of materials from
inventory.
[k]
(ii) Describe the control procedures used to
monitor physical and ‘book’ inventory and
to minimise discrepancies and losses.
[k]
.
(iii) Interpret the entries and balances in the
material inventory account.
[s]
.
(iv) Identify, explain and calculate the costs of
ordering and holding inventory (including
buffer inventory)
[s]
(v) Calculate and interpret optimal reorder
quantities.
[s]
(vi) Calculate and interpret optimal reorder
quantities when discounts apply.
[s]
.
(vii) Produce calculations to minimise inventory
costs when inventory is gradually
replenished.
[s]
.
(viii) Describe and apply appropriate methods
for establishing reorder levels where
demand in the lead time is constant.
[s]
(ix) Calculate the value of closing inventory and
material issues using LIFO, FIFO and
average methods.
[s]
b) Accounting for labour
(i) Calculate direct and indirect costs of
labour.
[s]
(ii) Explain the methods used to relate input
labour costs to work done.
[k]
(iii) Prepare the journal and ledger entries to
record labour cost inputs and outputs.
[s]
(iv) Describe different remuneration methods:
time-based systems, piecework systems
and individual and group incentive
schemes.
[k]
(v) Calculate the level, and analyse the costs
and causes of labour turnover.
[s]
(vi) Explain and calculate labour efficiency,
capacity and production volume ratios.
[s]
(vii) Interpret the entries in the labour
account.
[s]
c) Accounting for overheads
(i) Explain the different treatment of direct and
indirect expenses.
[k]
(ii) Describe the procedures involved in
determining production overhead
absorption rates.
[k]
(iii) Allocate and apportion production
overheads to cost centres using an
appropriate basis.
[s]
(iv) Reapportion service cost centre costs to
production cost centres (including using the
reciprocal method where service cost
centres work for each other)
[s]
(v) Select, apply and discuss appropriate bases
for absorption rates.
[s]
(vi) Prepare journal and ledger entries for
manufacturing overheads incurred and
absorbed.
[s]
(vii) Calculate and explain the under and over
absorption of overheads.
[s]
2. Absorption and marginal costing
a) Explain the importance of, and apply, the
concept of contribution.
[s]
b) Demonstrate and discuss the effect of
absorption and marginal costing on inventory
valuation and profit determination.
[s]
c) Calculate profit or loss under absorption and
marginal costing.
[s]
d) Reconcile the profits or losses calculated under
absorption and marginal costing.
[s]
e) Describe the advantages and disadvantages of
absorption and marginal costing.
[k]
3. Cost accounting methods
a) Job and batch costing:
© ACCA 2017–2018 All rights reserved.
8
(i) Describe the characteristics of job and
batch costing.
[k]
(ii) Describe the situations where the use of job
or batch costing would be appropriate.
[k]
(iii) Prepare cost records and accounts in job
and batch costing situations.
[s]
(iv) Establish job and batch costs from given
information.
[s]
b) Process costing
(i) Describe the characteristics of process
costing.
[k]
(ii) Describe the situations where the use of
process costing would be appropriate.
[s]
(iii) Explain the concepts of normal and
abnormal losses and abnormal gains.
[k]
(iv) Calculate the cost per unit of process
outputs.
[s]
(v) Prepare process accounts involving normal
and abnormal losses and abnormal gains.
[s]
(vi) Calculate and explain the concept of
equivalent units.
[s]
(vii) Apportion process costs between work
remaining in process and transfers out of a
process using the weighted average and
FIFO methods.
[s]
(viii)Prepare process accounts in situations
where work remains incomplete.
[s]
(ix) Prepare process accounts where losses and
gains are identified at different stages of the
process.
[s]
(x) Distinguish between by-products and joint
products.
[k]
(xi) Value by-products and joint products at the
point of separation.
[s]
(xii) Prepare process accounts in situations
where by-products and/or joint products
occur.
[s]
(Situations involving work-in-process and losses
in the same process are excluded).
c) Service/operation costing
(i) Identify situations where the use of
service/operation costing is appropriate.
[k]
(ii) Illustrate suitable unit cost measures that
may be used in different service/operation
situations.
[s]
(iii) Carry out service cost analysis in simple
service industry situations.
[s]
4 Alternative cost accounting
a) Explain activity based costing (ABC), target
costing, life cycle costing and total quality
management (TQM) as alternative cost
management techniques.
[k]
b) Differentiate ABC, Target costing and life cycle
costing from the traditional costing techniques
(note: calculations are not required) .
[k]
C BUDGETING
1. Nature and purpose of budgeting
a) Explain why organisations use budgeting.
[k]
b) Describe the planning and control cycle in an
organisation.
[k]
c) Explain the administrative procedures used in
the budgeting process.
[k]
d) Describe the stages in the budgeting
process ( including sources of relevant data,
planning and agreeing draft budgets and
purpose of forecasts and how they link to
budgeting).
[k]
2. Statistical techniques
a) Explain the advantages and disadvantages of
using high low method to estimate the fixed
and variable element of costing.
[k]
.
b) Construct scatter diagrams and lines of best
fit.
[s]
c) Analysis of cost data.
(i) Explain the concept of correlation
coefficient and coefficient of
determination.
[k]
(ii) Calculate and interpret correlation
coefficient and coefficient of
determination.
[s]
(iii) Establish a linear function using regression
analysis and interpret the results.
[s]
d) Use linear regression coefficients to make
forecasts of costs and revenues.
[s]
© ACCA 2017–2018 All rights reserved.
9
e) Adjust historical and forecast data for price
movements.
[s]
f) Explain the advantages and disadvantages of
linear regression analysis.
[k]
g) Describe the product life cycle and explain its
importance in forecasting.
[k]
h) Explain the principles of time series analysis
(cyclical, trend, seasonal variation and
random elements) .
[k]
i) Calculate moving averages.
[s]
j) calculation of trend, including the use of
regression coefficients .
[s]
k) Use trend and seasonal variation (additive
and multiplicative) to make budget
forecasts.
[s]
l) Explain the advantages and disadvantages of
time series analysis
[k]
m) Explain the purpose of index numbers
[k]
n) Calculate simple index numbers for one or
more variables.
[s]
o) Explain the role and features of a computer
spreadsheet system.
[k]
p) Identify applications for computer
spreadsheets and their use in cost and
management accounting.
[s]
3. Budget preparation
a) Explain the importance of principal budget
factor in constructing the budget’.
[k]
b) Prepare sales budgets
[s]
c) Prepare functional budgets (production, raw
materials usage and purchases, labour,
variable and fixed overheads)
[s]
d) Prepare cash budgets
[s]
e) Prepare master budgets (statement of profit or
loss and statement of financial position)
[s]
f) Explain and illustrate ‘what if’ analysis and
scenario planning
[s]
4. Flexible budgets
a) Explain the importance of flexible budgets in
control
[k]
b) Explain the disadvantages of fixed budgets in
control
[k]
c) Identify situations where fixed or flexible
budgetary control would be appropriate
[s]
d) Flex a budget to a given level of volume
[s]
5. Capital budgeting and discounted cash flows
a) Discuss the importance of capital investment
planning and control
[k]
b) Define and distinguish between capital and
revenue expenditure
[k]
c) Outline the issues to consider and the steps
involved in the preparation of a capital
expenditure budget
[k]
d) Explain and illustrate the difference between
simple and compound interest, and between
nominal and effective interest rates
[s]
e) Explain and illustrate compounding and
discounting
[s]
f) Explain the distinction between cash flow and
profit and the relevance of cash flow to capital
investment appraisal
[k]
g) Identify and evaluate relevant cash flows for
individual investment decisions.
[s]
h) Explain and illustrate the net present value
(NPV) and internal rate of return (IRR)
methods of discounted cash flow
[s]
i) Calculate present value using annuity and
perpetuity formulae
[s]
j) Calculate NPV, IRR and payback (discounted
and non-discounted)
[s]
© ACCA 2017–2018 All rights reserved.
10
k) Interpret the results of NPV, IRR and payback
calculations of investment viability
[s]
6. Budgetary control and reporting
a) Calculate simple variances between flexed
budget, fixed budget and actual sales, costs
and profits
[s]
b) Discuss the relative significance of variances
[k]
c) Explain potential action to eliminate variances
[k]
d) Define the concept of responsibility
accounting and its significance in control
[k]
e) Explain the concept of controllable and
uncontrollable costs
[k]
f) Prepare control reports suitable for presentation
to management. (to include recommendation of
appropriate control action
[s]
7. Behavioural aspects of budgeting
a) Explain the importance of motivation in
performance management
[k]
b) Identify factors in a budgetary planning and
control system that influence motivation
[s]
c) Explain the impact of targets upon motivation
[k]
d) Discuss managerial incentive schemes
[k]
e) Discuss the advantages and disadvantages of a
participative approach to budgeting
[k]
f) Explain top down, bottom up approaches to
budgeting
[k]
D STANDARD COSTING
1. Standard costing systems
a) Explain the purpose and principles
of standard costing.
[k]
b) Explain and illustrate the difference between
standard, marginal and absorption costing
[k]
c) Establish the standard cost per unit under
absorption and marginal costing
[s]
2 Variance calculations and analysis
a) Calculate sales price and volume variance.
[s]
b) Calculate materials total, price and usage
variance.
[s]
c) Calculate labour total, rate and efficiency
variance.
[s]
d) Calculate variable overhead total, expenditure
and efficiency variance
[s]
e) Calculate fixed overhead total, expenditure
and, where appropriate, volume, capacity and
efficiency variance.
[s]
f) Interpret the variances.
[s]
g) Explain factors to consider before investigating
variances, explain possible causes of the
variances and recommend control action.
[s]
h) Explain the interrelationships between the
variances .
[k]
i) Calculate actual or standard figures where the
variances are given.
[k]
3 Reconciliation of budgeted and actual profit
a) Reconcile budgeted profit with actual profit
under standard absorption costing.
[s]
b) Reconcile budgeted profit or contribution with
actual profit or contribution under standard
marginal costing.
[s]
E PERFORMANCE MEASUREMENT
1. Performance measurement overview
a) Discuss the purpose of mission
statements and their role in performance
measurement
[k]
b) Discuss the purpose of strategic and
operational and tactical objectives and their
role in performance measurement
[k]
© ACCA 2017–2018 All rights reserved.
11
c) Discuss the impact of economic and market
conditions on performance measurement
[k]
d) Explain the impact of government regulation on
performance measurement
[k]
2 Performance measurement - application
a) Discuss and calculate measures of financial
performance (profitability, liquidity, activity
and gearing) and non financial measures
[s]
b) Perspectives of the balanced scorecard
(i) discuss the advantages and limitations of
the balanced scorecard
[k]
(ii) describe performance indicators for
financial success, customer satisfaction,
process efficiency and growth
[k]
(iii)discuss critical success factors and key
performance indicators and their link to
objectives and mission statements
[k]
(iv) establish critical success factors and key
performance indicators in a specific
situation
[s]
c) Economy, efficiency and effectiveness
(i) explain the concepts of economy, efficiency
and effectiveness
[k]
(ii) describe performance indicators for
economy, efficiency and effectiveness
[k]
(iii)establish performance indicators for
economy, efficiency and effectiveness in a
specific situation
[s]
(iv) discuss the meaning of each of the
efficiency, capacity and activity ratios
[k]
(v) calculate the efficiency, capacity and
activity ratios in a specific situation
[s]
d) Unit costs
(i) describe performance measures which
would be suitable in contract and process
costing environments
[k]
e) Resource utilisation
(i) describe measures of performance
utilisation in service and manufacturing
environments
[k]
(ii) establish measures of resource utilisation in
a specific situation
[s]
f) Profitability
(i) calculate return on investment and residual
income
[s]
(ii) explain the advantages and limitations of
return on investment and residual income
[k]
g) Quality of service
(i) distinguish performance measurement
issues in service and manufacturing
industries
[k]
(ii) describe performance measures appropriate
for service industries
[k]
3. Cost reductions and value enhancement
a) Compare cost control and cost reduction
[k]
b) Describe and evaluate cost reduction
methods
[s]
c) Describe and evaluate value analysis
[s]
4 Monitoring performance and reporting
a) Discuss the importance of non-financial
performance measures
[k]
b) Discuss the relationship between short-term
and long-term performance
[k]
c) Discuss the measurement of performance in
service industry situations
[k]
d) Discuss the measurement of performance in
non-profit seeking and public sector
organisations
[k]
e) Discuss measures that may be used to assess
managerial performance and the practical
problems involved
[k]
f) Discuss the role of benchmarking in
performance measurement
[k]
g) Produce reports highlighting key areas for
management attention and recommendations
for improvement
[
AIN CAPABILITIES
On successful completion of this paper candidates
should be able to:
A Identify the essential elements of the legal
system, including the main sources of law
B Recognise and apply the appropriate legal
rules relating to the law of obligations
C Explain and apply the law relating to
employment relationships
D Distinguish between alternative forms and
constitutions of business organisations
E Recognise and compare types of capital
and the financing of companies
F Describe and explain how companies are
managed, administered and regulated
G Recognise the legal implications relating to
insolvency law
H Demonstrate an understanding of corporate
fraudulent and criminal behaviour.
RELATIONAL DIAGRAM OF MAIN CAPABILITIES
(A) Essential elements of the legal system
(B) The law of
obligations
(E)
Capital and the
financing of
companies
(H) Corporate fraudulent and criminal behaviour
(F)
Management,
administration
and regulation of
companies
(C)
Employment law C)
(D) The formation and constitution
of business organisations
(G) Insolvency law
FR (F7)
CR (P2)
CL (F4) AA (F8) FR (F7)
CR (P2)
CL (F4) AA (F8)
© ACCA 2017-2018 All rights reserved.
5
RATIONALE
Corporate and Business Law is divided into eight
areas. The syllabus starts with an introduction to
the overall English legal system such as the court
system and sources of law. It then leads into the
area of the law of obligations including contract and
tort, which underpin business transactions
generally.
The syllabus then covers a range of specific legal
areas relating to various aspects of business of most
concern to finance professionals. These are the law
relating to employment and the law relating to
companies. These laws include the formation and
constitution of companies, the financing of
companies and types of capital, and the day-to-day
management, the administration and regulation of
companies and legal aspects of insolvency law.
The final section links back to all the previous areas.
This section deals with corporate fraudulent and
criminal behaviour.
DETAILED SYLLABUS
A Essential elements of the legal system
1. Law and the legal system
2. Sources of law
B The law of obligations
1. Formation of contract
2. Content of contracts
3. Breach of contract and remedies
4. The law of torts and professional negligence
C Employment law
1. Contract of employment
2. Dismissal and redundancy
D The formation and constitution of business
organisations
1. Agency law
2. Partnerships
3. Corporations and legal personality
4. The formation and constitution of a company
E Capital and the financing of companies
1. Share capital
2. Loan capital
3. Capital maintenance and dividend law
F Management, administration and the regulation
of companies
1. Company directors
2. Other company officers
3. Company meetings and resolutions
G Insolvency law
1. Insolvency and administration
H Corporate fraudulent and criminal behaviour
1. Fraudulent and criminal behaviour
© ACCA 2017-2018 All rights reserved.
6
APPROACH TO EXAMINING THE SYLLABUS
The syllabus is assessed by a two-hour paper-based
examination.
The examination consists of:
Section A
- 25 x 2 mark objective test questions 50%
o 20 x 1 mark objective test
questions 20%
-Section B
- 5 x 6 mark multi-task question 30%
100%.
All questions are compulsory.
NOTE ON CASE LAW
Candidates should support their answers on the
paper- based multi-task questions with analysis
referring to cases or examples. There is no need to
detail the facts of the case. Remember, it is the
point of law that the case establishes that is
important, although knowing the facts of cases can
be helpful as sometimes questions include scenarios
based on well-known cases. Further it is not
necessary to quote section numbers of Acts.
© ACCA 2017-2018 All rights reserved.
7
Study Guide
A ESSENTIAL ELEMENTS OF THE LEGAL
SYSTEM
1. Law and the legal system
a) Define law and distinguish types of law.
[1]
b) Explain the structure and operation of the
courts.
[1]
2. Sources of law
a) Explain what is meant by case law and
precedent.
[1]
b) Explain legislation and evaluate delegated
legislation.
[1]
c) Illustrate the rules and presumptions used by
the courts in interpreting statutes.
[1]
d) Identify the concept and impact of human
rights law.
[1]
B THE LAW OF OBLIGATIONS
1. Formation of contract
a) Analyse the nature of a simple contract.
[2]
b) Explain the meaning of an offer and distinguish
it from an invitation to treat.
[2]
c) Explain the termination of an offer. (2)
d) Explain the meaning and consequence of
acceptance.
[2]
e) Explain the need for consideration.
[2]
f) Explain adequacy and sufficiency of
consideration.
[2]
g) Analyse the doctrine of privity.
[2]
h) Distinguish the presumptions relating to
intention to create legal relations.
[2]
2. Content of contracts
a) Distinguish terms from mere representations.
[1]
b) Define the various contractual terms.
[1]
c) Explain the control over terms in consumer
contracts and the operation of exclusion
clauses in non-consumer contractsl.
[2]
3. Breach of contract and remedies
a) Explain the ways in which a contract may be
discharged. (2)
b) Explain the meaning and effect of breach of
contract, and the remedies available in
common law
2]
c) Explain the rules relating to the award of
damages.
[2]
d) Analyse the equitable remedies for breach of
contract.
[2]
4. The law of torts and professional negligence
a) Explain the meaning of tort.
[2]
b) Explain the tort of ‘passing off.’
[2]
c) Explain the tort of negligence including the
duty of care and its breach, and the concept of
vicarious liability.
[2]
d) Explain the meaning of causality and
remoteness of damage.
[2]
e) Discuss defences to actions in negligence.
[2]
f) Explain and analyse the duty of care of
accountants and auditors.
[2]
C EMPLOYMENT LAW
1. Contract of employment
a) Distinguish between employees and the self-employed.
[2]
b) Explain the nature of the contract of
employment and common law and statutory
duties placed on the employer and employee.
[2]
© ACCA 2017-2018 All rights reserved.
8
2. Dismissal and redundancy
a) Explain termination of employment by notice.
[2]
b) Distinguish between summary and constructive
dismissal.
[2]
c) Explain wrongful dismissal.
[2]
d) Explain unfair dismissal, including the
procedure, and fair and unfair reasons for
dismissal.
[2]
e) Discuss the remedies available to those who
have been subject to unfair dismissal.
[2]
f) Explain what is meant by redundancy and the
operation of the rules relating to it.
[2]
D THE FORMATION AND CONSTITUTION OF
BUSINESS ORGANISATIONS
1. Agency law
a) Define the role of the agent and give examples
of such relationships paying particular regard
to partners and company directors.
[2]
b) Explain the formation of the agency
relationship.
[2]
c) Define the authority of the agent.
[2]
d) Explain the potential liability of both principal
and agent.
[2]
2. Partnerships
a) Demonstrate a knowledge of the legislation
governing the partnership, both unlimited and
limited.
[1]
b) Discuss the formation of a partnership.
[2]
c) Explain the authority of partners in relation to
partnership activity.
[2]
d) Analyse the liability of various partners for
partnership debts.
[2]
e) Explain the termination of a partnership, and
partners’ subsequent rights and liabilities.
[2]
3. Corporations and legal personality
a) Distinguish between sole traders, partnerships
and companies.
[1]
b) Explain the meaning and effect of limited
liability.
[2]
c) Analyse different types of companies,
especially private and public companies.
[2]
d) Illustrate the effect of separate personality and
the veil of incorporation.
[2]
e) Recognise instances where separate
personality will be ignored (lifting the veil of
incorporation).
[2]
4. The formation and constitution of a company
a) Explain the role and duties of company
promoters, and the breach of those duties and
remedies available to the company.
[2]
b) Explain the meaning of, and the rules relating
to, pre-incorporation contracts.
[2]
c) Describe the procedure for registering
companies, both public and private, including
the system of streamlined company
registration.
[1]
d) Describe the statutory books, records and
returns, including the confirmation statement
and the register of people with significant
control, that companies must keep or make.
[1]
e) Analyse the effect of a company’s
constitutional documents.
[2]
f) Describe the contents of model articles of
association.
[1]
g) Explain how articles of association can be
changed.
[2]
h) Explain the controls over the names that
companies may or may not use.
[2]
© ACCA 2017-2018 All rights reserved.
9
E CAPITAL AND THE FINANCING OF
COMPANIES
1. Share capital
a) Examine the different types of capital.
[2]
b) Illustrate the difference between various
classes of shares, including treasury shares,
and the procedure for altering class rights.
[2]
c) Explain allotment of shares, and distinguish
between rights issue and bonus issue of
shares.
[2]
d) Examine the effect of issuing shares at either a
discount, or at a premium.
[2]
2. Loan capital
a) Define companies’ borrowing powers.
[1]
b) Explain the meaning of loan capital and
debenture.
[2]
c) Distinguish loan capital from share capital, and
explain the different rights held by shareholders
and debenture holders.
[2]
d) Explain the concept of a company charge and
distinguish between fixed and floating
charges.
[2]
e) Describe the need and the procedure for
registering company charges.
[2]
3. Capital maintenance and dividend law
a) Explain the doctrine of capital maintenance
and capital reduction.
[2]
b) Explain the rules governing the distribution of
dividends in both private and public
companies.
[2]
F MANAGEMENT, ADMINISTRATION AND THE
REGULATION OF COMPANIES
1. Company directors
a) Explain the role of directors in the operation of
a company, and the different types of directors,
such as executive/ non-executive directors or
de jure and de facto directors, and shadow
directors .
[2]
b) Discuss the ways in which directors are
appointed, can lose their office and the
disqualification of directors.
[2]
c) Distinguish between the powers of the board of
directors, the managing director/chief executive
and individual directors to bind their
company.
[2]
d) Explain the duties that directors owe to their
companies, and the controls imposed by
statute over dealings between directors and
their companies, including loans.
[2]
2. Other company officers
a) Discuss the appointment procedure relating to,
and the duties and powers of, a company
secretary.
[2]
b) Discuss the appointment procedure relating to,
and the duties and rights of a company
auditor, and their subsequent removal or
resignation.
[2]
3. Company meetings and resolutions
a) Distinguish between types of meetings:
general meetings and annual general
meetings.
[1]
b) Distinguish between types of resolutions:
ordinary, special, and written.
[2]
c) Explain the procedure for calling and
conducting company meetings.
[2]
G INSOLVENCY LAW
1. Insolvency and administration
a) Explain the meaning of and procedure involved
in voluntary liquidation, including members’
and creditors’ voluntary liquidation.
[2]
b) Explain the meaning of, the grounds for, and
the procedure involved in compulsory
liquidation.
[2]
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10
c) Explain the order in which company debts will
be paid off on liquidation.
[2]
d) Explain administration as a general alternative
to liquidation.
[2]
e) Explain the way in which of an administrator
may be appointed, the effects of such
appointment, and the powers and duties an
administrator.
[2]
H CORPORATE FRAUDULENT AND CRIMINAL
BEHAVIOUR
1. Fraudulent and criminal behaviour
a) Recognise the nature and legal control over
insider dealing.
[2]
b) Recognise the nature and legal control over
market abuse.
[2]
c) Recognise the nature and legal control over
money laundering.
[2]
d) Recognise the nature and legal control over
bribery.
[2]
e) Discuss potential criminal activity in the
operation, management and liquidation of
companies.
[2]
f) Recognise the nature and legal control over
fraudulent and wrongful trading.
[2
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