ACCA F5, Performance Management, is the fifth paper in the Foundation level of the ACCA exams. Its objective is to test the ability of the student to apply the knowledge and skills gained in Paper F2, which is Management Accounting.This paper determines whether a student can use management accounting methods for planning, decision-making, performance evaluation and control systems. It is an advanced version of Paper F2 and is a more detailed and thorough exam of the students' ability to apply management accounting to performance management systems.
Syllabus.
The syllabus of ACCA F5 is a step above Paper F2, Management Accounting, and a stepping-stone towards Paper P5, Advanced Performance Management. The topics under the syllabus of ACCA F5 cover the basic principles of performance management and how management accounting topics can be applied to performance management. Paper F5 contains simple scenario-based questions to test if the student can apply the learning from Paper F2. Every student is provided with a formula sheet, since application, instead of memory, is being tested.
The ACCA F5 syllabus is divided into five different areas. Syllabus area A introduces some advanced management accounting topics. The student is expected to solve questions, through calculations, and comment on the implications of the results of those questions. Syllabus area B is all about decision making, and the problems and risks associated with it. Topics such as resources, pricing and uncertainty will be studied to under their effect on performance. Syllabus area C of ACCA F5 relates to budgeting, and the methods and problems associated with it. Students will be expected to suggest how budgeting problems can be overcome. Syllabus area D covers topics on costing and variances, and is an advanced version of the topics learned in Paper F2. Finally, Syllabus area E is a conclusion and relates to performance measurement and controls. This area covers all the concepts covered in the previous areas of ACCA F5 and their applications. This area also prepares students for the more advanced Paper P5.
Format.
The format of ACCA F5 consists of five questions of twenty marks each. The questions are mostly based on calculations relating to the areas of ACCA F5 syllabus, mentioned above. There are computational and discursive parts in the questions, however, and calculations only will not ensure a pass in Paper F5. A student will also be expected to discuss the implications of the scenario and the result in each case to earn good marks.
Summary.
A student planning to appear for ACCA F5 will be required to thoroughly study the syllabus, review the study guide and practice the pilot paper to be fully prepared for the exam. This way, the student will be prepared not only on the topics that will appear in ACCA F5, but will also be comfortable with the exam pattern. It is important to reiterate that application and implications will be tested in the exam and, hence, a student should be able to think and discuss the scenario and give recommendations. And lastly, a good understanding of the business environment will also help the student comprehend easily the scenarios in the questions and ace the ACCA F5.
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