BPP ACCA F12FFAB accountant in business 2017
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Foundations in Accountancy
FAB /ACCA F1
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BPP Learning Media is dedicated toksupporting aspiring business professionals
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Feburary 2016
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Interactive Text
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In addition to ACCA examining team reviewed
material you get:
Accountant in Business
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Foundations in Accountancy FAB / ACCA Paper F1
Accountant in Business
This Interactive Text for Foundations in Accountancy
FAB Accountant in Business and ACCA Paper F1
Accountant in Business has been comprehensively
reviewed by the ACCA examining team. This review
guarantees appropriate depth and breadth of content
and comprehensive syllabus coverage.
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ACCA APPROVED
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ACCA Approved
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Foundations in
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Accountant in Business
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ACCA APPROVED
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Foundations
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Accountancy
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PAPER
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ACCOUNTANT IN BUSINESS
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BPP Learning Media is an ACCA Approved Content Provider for the Foundations in
Accountancy qualification. This means we work closely with ACCA to ensure this
Interactive Text contains the information you need to pass your exam.
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In this Interactive Text, which has been reviewed by the ACCA examination team, we:
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Highlight the most important elements in the syllabus and the key skills you need
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Examine your understanding in our practice question bank
Reference all the important topics in our full index
BPP's Practice & Revision Kit also supports this paper.
FOR EXAMS FROM 1 SEPTEMBER 2016 TO 31 AUGUST 2017
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FAB/F1 ACCOUNTANT IN BUSINESS
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First edition March 2011
Fifth edition January 2016
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ISBN 9781 4727 4589 7
Previous ISBN 9781 4727 3524 9
eISBN 9781 4727 4630 6
British Library Cataloguing-in-Publication Data
A catalogue record for this book is available from
the British Library
BPP Learning Media Ltd
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Printed in the United Kingdom by
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BPP Learning Media.
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We are grateful to the Association of Chartered
Certified Accountants for permission to reproduce
past examination questions. The suggested
solutions in the practice answer bank have been
prepared by BPP Learning Media Ltd.
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©
BPP Learning Media Ltd
2016
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A note about copyright
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CONTENTS
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Contents
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Page
Introduction
Helping you to pass ....................................................................................................................... v
Chapter features ........................................................................................................................... vi
Studying FAB/F1 ......................................................................................................................... vii
The Computer-Based Examination .................................................................................................xxi
Tackling Multiple Choice Questions...............................................................................................xxii
Part A The business organisation, its stakeholders and the external environment
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2
3
4
Business organisations and their stakeholders .......................................................................... 3
The business environment ................................................................................................... 19
The macroeconomic environment ......................................................................................... 57
Microeconomic factors......................................................................................................... 85
Part B Business organisation structure, functions and governance
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Part C Accounting and reporting systems, controls and compliance
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Business organisation, structure and strategy ....................................................................... 123
Organisational culture and committees ................................................................................ 145
Corporate governance and social responsibility ..................................................................... 177
The role of accounting ....................................................................................................... 201
Control, security and audit ................................................................................................. 237
Identifying and preventing fraud ......................................................................................... 265
Part D Leading and managing individuals and teams
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Leading and managing people ............................................................................................ 293
Recruitment and selection.................................................................................................. 319
Diversity and equal opportunities ........................................................................................ 345
Individuals, groups and teams ............................................................................................ 357
Motivating individuals and groups....................................................................................... 379
Training and development.................................................................................................. 399
Performance appraisal....................................................................................................... 421
Part E Personal effectiveness and communication in business
18
Personal effectiveness and communication .......................................................................... 437
Part F Professional ethics in accounting and business
19
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Ethical considerations ....................................................................................................... 477
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Practice question bank ......................................................................................................................... 517
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Practice answer bank ........................................................................................................................... 537
Index ..................................................................................................................................................... 551
Review form
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FAB/F1 ACCOUNTANT IN BUSINESS
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INTRODUCTION
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Helping you to pass
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re Learning Media – ACCA Approved ContentFProvider
FBPP
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As an ACCA Approved Content Provider, BPP Learning Media gives you the opportunity to use study
materials reviewed by the ACCA examination team. By incorporating the examination team's comments
and suggestions regarding the depth and breadth of syllabus coverage, the BPP Learning Media
Interactive Text provides excellent, ACCA-approved support for your studies.
The PER alert!
To become a Certified Accounting Technician or qualify as an ACCA member, you not only have to pass
all your exams but also fulfil a practical experience requirement (PER). To help you to recognise areas
of the syllabus that you might be able to apply in the workplace to achieve different performance
objectives, we have introduced the 'PER alert' feature. You will find this feature throughout the
Interactive Text to remind you that what you are learning in order to pass your Foundations in
Accountancy and ACCA exams is equally useful to the fulfilment of the PER requirement.
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Your achievement of the PER should now be recorded in your online My Experience record.
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Tackling studying
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Studying can be a daunting prospect, particularly when you have lots of other commitments. The
different features of the Interactive Text, the purposes of which are explained fully on the Chapter
features page, will help you whilst studying and improve your chances of exam success.
Developing exam awareness
Our Interactive Texts are completely focused on helping you pass your exam.
Our advice on Studying FAB/F1 outlines the content of the paper and the necessary skills you are
expected to be able to demonstrate.
Exam focus points are included within the chapters to highlight when and how specific topics might
were examined, or how they might be examined in the future.
Using the Syllabus and Study Guide
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You can find the syllabus and study guide on page viii of this Interactive Text.
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Testing what you can do
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Testing yourself helps you develop the skills you need to pass the exam and also confirms that you can
recall what you have learnt.
We include Questions – lots of them – both within chapters and in the Practice Question Bank, as well
as Quick Quizzes at the end of each chapter to test your knowledge of the chapter content.
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Chapter features
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Each chapter contains a number of helpful features to guide you through each topic.
Topic list
What you will be studying in this chapter and the relevant
section numbers, together with the ACCA syllabus
references.
Introduction
Puts the chapter content in the context of the syllabus as a
whole.
Study Guide
Links the chapter content with ACCA guidance.
Fast Forward
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EXAMPLE
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Summarises the content of main chapter headings,
allowing you to preview and review each section easily.
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Demonstrates how to apply key knowledge and techniques.
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Key Term
Definitions of important concepts that can often earn you
easy marks in exams.
Exam Focus
Point
When and how specific topics were examined, or how they
may be examined in the future.
Formula
Formulae that are not given in the exam but which have to
be learnt.
PER Alert
Gives you a useful indication of syllabus areas that closely
relate to performance objectives in your Practical
Experience Requirement (PER).
Question
Gives you essential practice of techniques covered in the
chapter.
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Chapter Roundup
A full list of the Fast Forwards included in the chapter,
providing an easy source of review.
Quick Quiz
A quick test of your knowledge of the main topics in the
chapter.
Practice Question Bank
Found at the back of the Interactive Text with more
comprehensive chapter questions. Cross referenced for
easy navigation.
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INTRODUCTION
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Studying FAB/F1
re to Use this Interactive Text
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Aim of this Interactive Text
To provide the knowledge and practice to help you succeed in the examination for Paper FAB/F1
Accountant in Business.
To pass the examination you need a thorough understanding of all areas covered by the syllabus and
teaching guide.
Recommended approach
(a)
To pass you need to be able to answer questions on everything specified by the syllabus and
teaching guide. Read the Interactive Text very carefully and do not skip any of it.
(b)
Learning is an active process. Do all the questions as you work through the Interactive Text so
you can be sure you really understand what you have read.
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(c)
After you have covered the material in the Interactive Text, work through the Practice Question
Bank, checking your answers carefully against the Practice Answer Bank.
(d)
Before you take the exam, check that you still remember the material using the following quick
revision plan.
(i)
Read through the chapter topic list at the beginning of each chapter. Are there any gaps
in your knowledge? If so, study the section again.
(ii)
Read and learn the key terms.
(iii)
Look at the exam focus points. These show the ways in which topics might be examined.
(iv)
Read the chapter roundups, which are a summary of the fast forwards in each chapter.
(v)
Do the quick quizzes again. If you know what you're doing, they shouldn't take long.
This approach is only a suggestion. You or your college may well adapt it to suit your needs.
Remember this is a practical course.
(a)
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Try to make as many links as you can to other papers at the Introductory and Intermediate levels.
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For practice and revision use BPP Learning Media’s Practice & Revision Kit and Passcards.
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Try to relate the material to your experience in the workplace or any other work experience you
may have had.
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What FAB/F1 is about
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The overall aim of the Accountant in Business syllabus is to introduce accountancy firmly in its context
as a central business function. This encompasses:
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Business organisation, stakeholders and the business environment
Business structure, functions and governance, including social responsibility
Accounting and its relationship with other business functions
Audit and internal control
People management issues
Effectiveness and communications
Professional ethics in the business environment
Brought forward knowledge
There is no assumed brought forward knowledge for this paper.
Approach to examining the syllabus
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Paper FAB/F1 is a two-hour paper. It can be taken as a written paper or a computer-based examination.
The questions in the computer-based examination are objective test questions or multiple task questions
– multiple choice, number entry, multiple response, multiple response matching, picklists and hotspots.
(See page xxiii for frequently asked questions about computer-based examinations.)
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The written examination is structured as follows:
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Number of marks
16
60
24
16 one mark objective test questions
30 two mark objective test questions
6 four mark multiple task questions (One on each area of the syllabus)
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INTRODUCTION
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Syllabus and Study Guide
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FAB/F1 ACCOUNTANT IN BUSINESS
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INTRODUCTION
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FAB/F1 ACCOUNTANT IN BUSINESS
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INTRODUCTION
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FAB/F1 ACCOUNTANT IN BUSINESS
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INTRODUCTION
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FAB/F1 ACCOUNTANT IN BUSINESS
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INTRODUCTION
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The Computer-Based Examination
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Computer based examinations (CBEs) are available for the first seven Foundations in Accountancy
papers (not papers FAU, FTX or FFM) and ACCA papers F1, F2, and F3, in addition to the conventional
paper based examination.
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Computer based examinations must be taken at an ACCA CBE Licensed Centre.
How does CBE work?
Questions are displayed on a monitor.
Candidates enter their answer directly onto the computer.
Candidates have two hours to complete the examination.
When the candidate has completed their examination, the final percentage score is calculated
and displayed on screen.
Candidates are provided with a Provisional Result Notification showing their results before leaving
the examination room.
The CBE Licensed Centre uploads the results to the ACCA (as proof of the candidate's
performance) within 72 hours.
Candidates can check their exam status on the ACCA website by logging into myACCA.
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Benefits
Flexibility as a CBE can be sat at any time.
Resits can also be taken at any time and there is no restriction on the number of times a
candidate can sit a CBE.
Instant feedback is provided as the computer displays the results at the end of the CBE.
Results are notified to ACCA within 72 hours.
CBE question types
Multiple choice – choose one answer from four options
Multiple response – select more than one response by clicking the appropriate tick boxes
Multiple response matching – select a response to a number of related statements by choosing
one option from a number of drop down menus
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Number entry – key in a numerical response to a question
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Multiple task questions – a series of short questions related to one scenario. Question formats
could include number entry, drop-down lists, multiple choice, multiple response and hotspot
For more information on computer-based exams, visit the ACCA website.
www.accaglobal.com/en/student/Exams/Computer-based-exams.html
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FAB/F1 ACCOUNTANT IN BUSINESS
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Tackling Multiple Choice Questions
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MCQs are part of all Foundations in Accountancy exams and ACCA papers F1, F2 and F3.
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The MCQs in your exam contain four possible answers. You have to choose the option that best
answers the question. The three incorrect options are called distracters. There is a skill in answering
MCQs quickly and correctly. By practising MCQs you can develop this skill, giving you a better chance of
passing the exam.
You may wish to follow the approach outlined below, or you may prefer to adapt it.
Step 1
Skim read all the MCQs and identify what appear to be the easier questions.
Step 2
Attempt each question – starting with the easier questions identified in Step 1. Read
the question thoroughly. You may prefer to work out the answer before looking at the
options, or you may prefer to look at the options at the beginning. Adopt the method
that works best for you.
Step 3
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Read the four options and see if one matches your own answer. Be careful with
numerical questions, as the distracters are designed to match answers that incorporate
common errors. Check that your calculation is correct. Have you followed the
requirement exactly? Have you included every stage of the calculation?
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You may find that none of the options matches your answer.
Step 4
Re-read the question to ensure that you understand it and are answering the
requirement.
Eliminate any obviously wrong answers.
Consider which of the remaining answers is the most likely to be correct and
select the option.
Step 5
If you are still unsure make a note and continue to the next question.
Step 6
Revisit unanswered questions. When you come back to a question after a break you
often find you are able to answer it correctly straight away. If you are still unsure have a
guess. You are not penalised for incorrect answers, so never leave a question
unanswered!
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After extensive practice and revision of MCQs, you may find that you recognise a question when you sit
the exam. Be aware that the detail and/or requirement may be different. If the question seems familiar
read the requirement and options carefully – do not assume that it is identical.
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The business organisation,
its
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stakeholders and the external
environment
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