ACCA Applied Skills Level is the third step in the ACCA learning journey. Building on prior knowledge and comprehension, the Applied Skills Level aims to help you acquire and demonstrate the robust, diverse, and useful skills that are essential to the toolkit of a strategic finance professional. These skills include taxation, financial reporting, and auditing.
At this level, students learn more about financial management, taxation, and reporting. To enroll at this level, students must either have a relevant degree in accounting or finance, have received the ACCA Diploma in Accounting and Business (RQF Level 4), or have finished the Applied Knowledge examinations. In this article, we will explore each ACCA applied skills level paper in depth, its exam pattern, and key tips to qualify for these exams successfully.
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ACCA Corporate and Business Law (LW)
The ACCA Corporate and Business Law is to increase students’ knowledge and proficiency in both the overall legal framework and particular business-related legal areas while acknowledging the necessity of obtaining further specialized legal counsel as needed.
ACCA Corporate and Business Law (LW) Exam Pattern
The ACCA LW exam paper holds a total of 100 marks.
- Section A (70 marks): 25 Objective Test Questions (OTQs) * 2 marks each, 5 Multi-Task Questions (MTQs) * 6 marks each
- Section B (30 marks): 20 Objective Test Questions (OTQs) * 1 mark each
Best Methods for Succeeding in the ACCA LW Exam
- This ACCA LW exam is available whenever you want. This implies that the exam is administered all year round, and you can decide to take it whenever you’re ready.
- You can select the closest Computer-Based Exam Center (CBE) to take these tests, which are administered in authorized and accredited CBE facilities.
- Start your preparations by reading the study text and thoroughly understanding each idea. Since these questions span a wide range of subjects from the syllabus, practicing them thoroughly will be a highly beneficial practice.
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ACCA Taxation (F6)
The ACCA Taxation (F6) paper focuses on important taxation concepts and procedures. It gives pupils a thorough understanding of tax systems, including VAT, capital gains tax, corporate tax, and income tax. In order to calculate tax liabilities and comprehend the wider effects of tax laws on both individuals and organizations, this paper gives aspiring accountants and financial professionals the necessary practical skills.
ACCA Taxation (F6) Exam Pattern
The ACCA F6 exam is a computer-based exam (CBE) with two sections:
Section A: Questions for the Objective Test
30 marks are awarded for 15 multiple-choice questions (MCQs), each worth two marks.
Section B: Questions Based on Scenarios
30 points are awarded by answering three scenario-based questions, each earning 10 points.
Section C: Constructed Response Questions in
There are two lengthy questions with written and numerical answers that are worth 20 marks each, for a total of 40 marks.
Assure Your Success in ACCA F6 Exam
- The exam gives more weight to some topics than others, such as VAT, corporation tax, and income tax. Make sure you are an expert in these areas.
- Avoid wasting too much time on low-scoring questions and concentrate on high-scoring questions initially, particularly in Section C. During practice tests, learn time management techniques.
- Concentrate on real-world examples that resemble the format of the test, including figuring out capital gains tax for people or corporation tax for businesses.
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ACCA Financial Reporting (FR)
With an emphasis on the creation and analysis of financial statements, the ACCA Financial Reporting (FR) course is essential to building solid knowledge and abilities in accounting standards. It supports the development of your knowledge and abilities in the analysis and interpretation of financial statements using ratios (Ratio Analysis), as well as the understanding and application of accounting standards and the theoretical framework in the preparation of financial statements of entities.
ACCA Financial Reporting (FR) Exam Pattern
The ACCA Financial Reporting paper comprises 100 marks, including
- Section A (30 marks): 15 OTQs * 2 marks each
- Section B (30 marks): 3 case studies * 5 OTQs in each case study * 2 marks each
- Section C (40 marks): 2 Constructed response questions * 20 marks each
Tips to Qualify ACCA FR Exam
- Always remember that writing the analysis (the analytical portion) earns more points than doing the calculations. Be careful to concentrate on writing the analysis effectively in addition to the numbers.
- Combined, your syllabus’s financial statements may be included in any portion of the test. This might be a highly scoring section of the paper if the idea is understood and practiced well.
- Do not overlook the section C questions, which may also include the preparation of financial accounts for a single firm. Complete every task in the Practice Kit.
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ACCA Performance Management (PM)
ACCA Performance Management (PM) includes skills like cost and management accounting, budgeting, decision-making, and performance evaluation, which are taught in the ACCA PM Syllabus. Students who go through the entire ACCA PM Syllabus are prepared to handle performance in various firms.
ACCA Performance Management (PM) Exam Structure
- Section A: 15 objective test (OT) questions (Each question is worth 2 marks.)
- Section B: 3 questions, each worth 10 marks (Each question comprises 5 OT questions worth 2 marks each)
- Section C: 2 constructed response (CR) questions, each worth 20 marks.
Strategies for ACCA PM Exam Success
- Among the topics covered in your “High Importance” course are budgeting and decision-making techniques. Ensure that you have spent adequate time practicing these concepts.
- You may get some questions in the PM paper that may not necessarily be from the ones practiced in the Study Text or Exam Kit. So be ready for ‘Unknown Territories’.
- When working on the constructed response questions, always go through the key answer tips, the tutor’s top tips, tutorial notes, and the examiner’s comments.
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ACCA Financial Management (FM)
The ACCA Financial Management (FM) curriculum is carefully crafted to provide applicants the skills required of a finance manager in charge of a company’s financial operations. Candidates are prepared for more complex and specialized Advanced Financial Management coursework via the ACCA FM syllabus.
ACCA Financial Management (FM) Exam Structure
The 100-mark ACCA FM exam paper has various sections and question types
- Section A: 15 Objective Test Questions (OTQs) worth 30 marks.
- Section B: Three case studies with 15 OTQs totaling 30 marks.
- Section C: Two constructed response questions, each worth 20 marks.
Strategies to Qualify ACCA FM Exam
- Pay more attention to important elements, including business valuation, risk management (money market hedge), cost of capital (weighted average cost of capital), and investment appraisal (net present value).
- Instead of focusing just on the numbers, take the time to fully understand and apply the theory. The Financial Management exam includes several theoretical questions as well as practical questions that assess your ability to clearly explain the ideas.
- Reviewing the key answer hints, tutor’s top tips, tutorial notes, examiner’s remarks, and solutions is beneficial when working through the constructed response problems.
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ACCA Audit and Assurance (AA)
ACCA Audit and Assurance (AA) aims to provide students with the technical know-how and real-world auditing experience they need to succeed in the accounting and financial industry. The AA exams offer the groundwork for strategic-level papers and real-world business scenarios, even if their primary focus is theoretical comprehension.
ACCA Audit and Assurance (AA) Exam Pattern
The three-hour AA exam is computer-based. It is divided into two parts:
Section A: Objective Test Questions
30 marks: Scenario-based multiple-choice and drag-and-drop questions.
Time allocation: Aim for 15-18 minutes per scenario.
Section B: Constructed Response Questions
70 marks: Three questions, including one 30-mark question and two 20-mark questions.
Time allocation:
- 30-mark question: 54 minutes
- Each 20-mark question: Around 30 minutes
Strategies for ACCA AA Exam Success
- After every lecture, write the main points on an A4 piece of paper. To improve retention, go over handwritten notes before bed.
- By going over difficult subjects again, you can find and fill in knowledge gaps. Give the sections of the syllabus that you find challenging more time.
- Make a thorough study schedule with weekly and daily goals. Instead of using time-based study goals, use output-based ones (such as answering particular questions).
Bottom Line
The ACCA Applied Skills level serves as the cornerstone of your professional preparedness and provides you the abilities you need to manage finance in the global economy. Although the ACCA Applied Skills module takes 12 to 18 months to finish, with expert mentoring and support , this time frame can be greatly reduced. Enroll at Mirchawala to not only achieve ACCA success but also build a solid subject knowledge.
Frequently Asked Questions (FAQs)
Q: What order to do the ACCA applied skills?
Ans: This level of the exam can be taken in any sequence. Nonetheless, it is recommended that Audit and Assurance (AA) be finished either concurrently with or after Financial Reporting (FR). These can be taken as you complete the final Applied Knowledge level exams.
Q: What is the ACCA Applied Skills module equivalent to?
Ans: As per the official ACCA website, if you took the exam at the Professional Level, the Applied Skills module is equal to a master’s degree certificate.
Q: Which is the easiest paper of ACCA?
Ans: F1 (Accountant in Business) is the easiest subject in the ACCA , with the greatest pass rate of 85%, while P7 (Advanced Audit and Assurance) is the hardest paper, with the lowest pass percentage of 30%.
