F4 - [2021] - Corporate and Business Law (GLOBAL) - STUDY TEXT and EXAM KIT - KAP LAN

The 'LW-ENG' paper is designed to help students gain a better understanding of how legal systems work, with a focus on business law.

Before we begin, it's important to understand that there are many different types of ACCA Corporate and Business Law, such as English (ENG), Ireland (IRL), Malaysia (MLY), and so on.

These are specific to the country in which you are studying and the applicable legislation. We'll be talking about the LW-ENG Paper in this guide, but the advice is applicable to all Corporate and Business Law students.

You can select the exam you will take based on the national laws that are most relevant to your profession. More information on the ACCA variant exams can be found here.

Keep reading if you have an ACCA Corporate and Business Law (LW) exam coming up, are thinking about enrolling, or want to retake it.

Overview

The LW syllabus is designed to improve knowledge and skills in understanding the general legal framework as well as specific legal areas relating to business, while also acknowledging the need for additional specialist legal advice when necessary.

Remember that the goal of LW isn't to turn you into a lawyer; rather, it's to focus on the legal issues that an accountant must be aware of in order to practice.

The syllabus covers a variety of legal topics that an accountant should be familiar with in order to succeed in their career, including contract law, employment law, and understanding the formation, financing, and administration of businesses, as well as corporate fraud.

Corporate and Business Law is an Applied Skills subject offered by the ACCA, and the knowledge gained here is applicable to other Applied Skills subjects such as F7 Financial Reporting (FR) and F8 Audit and Assurance (AA), as well as Strategic Professional Essential subject Strategic Business Reporting (SBR). As a result, while studying for the LW course, it is critical to establish a solid foundation of knowledge.

LW Exam Format

This exam has a unique format for an Applied Skills course, as it is more like the Applied Knowledge exams you may have taken before or for which you may have received exemptions.

The syllabus is assessed through two-hour Computer Based Exams (CBEs), which can be scheduled on-demand rather than in the traditional ACCA sittings. The pass mark for this exam, like all others in the ACCA qualification, is 50%.

The LW exam is divided into two sections, each with all mandatory questions. The following is a breakdown of these:

Section A consists of 25 Objective Test (OT) questions worth 2 points each, totaling 50 points, and 20 Objective Test (OT) questions worth 1 point each, totaling 20 points.

As a result, this section of the exam is worth 70% of the total. These can come from any subject on the curriculum.

Section B consists of five Multi-Task Questions, each worth six points, for a total of thirty points. These can come from any area of the curriculum. The format is a series of tasks that relate to a problem scenario and the questions are analysis and application questions.

This means that any topic on the syllabus can be used to answer any question on the exam, so failing to cover the entire course will undoubtedly cost you in the exam.

LW Syllabus Guide

The LW syllabus is designed to help students gain a better understanding of the general legal framework as well as specific legal areas pertaining to businesses.

In order to achieve this goal, the ACCA has identified eight key capabilities that candidates should be able to demonstrate after passing this exam:

1. Identify the key components of the legal system, such as the primary sources of law.
2. Recognize and apply the relevant legal rules concerning the law of obligations.
3. Explain and apply the law governing employee-employer relations.
4. Distinguish between different types of business structures and constitutions.
5. Recognize and compare different types of capital and company financing.
6. Describe and explain the management, administration, and regulation of businesses.
7. Recognize the legal ramifications of bankruptcy law.
8. Demonstrate a working knowledge of corporate fraud and criminal behavior.
   
   

LW Study Tips

#1 – Cover the full syllabus

As you may have noticed, in order to succeed in this paper, you must cover the entire syllabus. Because the exam is designed to test the full spectrum of legal knowledge that an accountant is expected to have a basic understanding of, having a broad knowledge of all syllabus areas will help you on the day.

Because of the large number of questions in the exam and the randomization of topic areas, it is impossible to avoid covering the entire syllabus, and students who attempt to question spot ahead of time will fail on exam day.

You should practice questions from a wide range of topics to give yourself the best chance of passing, as this will provide you with the strongest foundation of knowledge to tackle whatever exam you are given.

#2 – Give yourself sufficient time to prepare

The exams at the Applied Skill level demand a deeper understanding of the content, in order to tailor your knowledge to different scenarios in Section B. This requires not only a solid understanding of the theory but also a significant amount of question practice in order to improve your analysis skills, so we recommend following our 8-week study plan to get ready.

This enables you to follow our suggested study plan, which includes 6 weeks of reviewing the material and practicing with practice tests. This will assist you in completing the entire syllabus as stated above. Our exam technique phase, which focuses on exam and question practice through Mock Exams and our Revision Bootcamp, is also included in the plan for two weeks.

Having a structured study plan in place will provide you with a solid foundation of knowledge as well as good exam technique, increasing your chances of passing.

#3 Practice makes perfect

There's no getting around the fact that the only way to grasp the concepts of the entire LW syllabus is to practice questions. As a result, practice, practice, the practice should be the cornerstone of your studies, which is why we recommend allocating enough time to prepare. It's the only way you'll be able to comprehend the underlying principles and applications of various laws, as well as apply them in scenarios using the information you've learned.

Don't be discouraged if this seems difficult at first; remember that you learn more from your mistakes than from your successes, so even if you struggled with a question, review the solution, go back and review the content as needed, and then try the question again to see if you understand what was required. If you continue to approach questions in this manner, you will gain a solid understanding of both the content and how it is assessed.

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