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Per Challenge PDF
Per Challenge PDF
Performance objectives are ACCA’s indicators of effective performance, and set the minimum standard of work that you are expected to
achieve and demonstrate in the workplace as a trainee accountant.
PERFORMANCE OBJECTIVES
1 Demonstrate the application of professional ethics, 10 Prepare financial statements for external purposes
values and judgement 11 Interpret financial transactions and financial statements
2 Contribute to the effective governance of an
organisation Performance measurement and management accounting
3 Raise awareness of non-financial risk 12 Prepare financial information for management
Personal effectiveness 13 Contribute to budget planning and production
14 Monitor and control budgets
4 Manage self
5 Communicate effectively Finance and financial management
6 Use information and communications technology 15 Evaluate potential business/investment opportunities
Business management and the required finance options
16 Manage cash using active cash management and
7 Manage ongoing activities in your area of responsibility treasury systems
8 Improve departmental performance
9 Manage an assignment Audit and assurance
Taxation
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challenge
questions
When you think you have achieved a performance objective, you will need to answer three challenge
questions which are related to the performance objective. You should do this using your My
Experience online recording tool.
The challenge questions help you to It is up to you to decide how to present sure that your workplace mentor
summarise your work activity so that your the answers to your challenge questions, understands these references. You will
workplace mentor can evaluate whether ensuring that your answers fully address also need to provide this information
you have achieved the standard required the question set. You can use an essay if you are selected by ACCA for a
by the individual performance objective. style, bullet points, or any structure PER ausit, so we can confirm the
you prefer – as it is the content, not the authenticity of your work.
If your mentor signs off the answers format, of your answers that is important. • If relevant, you might need to mention
to all three challenge questions for the size or variety of client firms.
a performance objective, then that Consider the following tips when • You can use information from existing
performance objective has been achieved. answering challenge questions: documents that you have written, such
This is the only way you can achieve a • Keep your answers concise, but not as your performance appraisal form.
performance objective. so brief that your workplace mentor You must make sure that whatever
cannot appreciate what you are you use fully addresses the question.
Challenge questions are not tests or exams recording. Provide evidence and Remembr that the questions are
that have to be passed. They allow you examples to help illustrate your unique and your ansers should be
reflect on your work and demonstrate that answers. unique too. (If cutting and pasting from
you can analyse the quality and value • Show your workplace mentor that another document, please check that
of your work, and see where you may you are achieving your goals and your answer is saved correctly in My
continue to improve. perfroming effectively in the workplace. Experience.
• Avoid repeating information or answers, • Avoid using jargon or abbreviations,
or making reference to other answers. unless they are explained.
sample answers • Check back against the detail of the • Remember that there is a limit of 500
ACCA has developed the following sample perfromance objective’s indicators of words for each answer. Your situation
answers to help you understand what a effective perfomance. Have you met all and experience are unique to you, so
suitable answer looks like. There is not the outcomes and shown that you have your workplace mentor and ACCA do
a sample answer for every performance conducted yourself in an appropriate not expect to see duplicated answers,
objective and the examples available are manner? whether from question to question, or
not model answers, as there are many • If you need to make reference to from other trainees. If such duplication
ways to answer the questions. Your cleints or particular documents that occurs then it may be referred to
situation and experience is unique to may be confidential, it might be more ACCA’s Disciplinary Committee.
you, so your workplace mentor and ACCA appropriate to use some references
expect to see unique answers. or codes instead. If you do, make
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raise awareness of
non-financial risk
Question 1 Question 3
What experience have you had in How did your organisation
dealing with non-financial risk? benefit from your actions?
Sample answer
The business was considering offering a
major outsourcing contract to a potential
supplier. During the negotiations with
the supplier I questioned the company’s
ability to finance such a contract and was
not satisfied with the response I received.
I then carried out a financial check of the
supplier and upon interpreting the results
advised my employer that I believed the
supplier to be high risk in terms of its
ability to finance such an contract.
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Question 3
How has this helped improve
work outputs or business
results in your area?
Sample answer
Being conscious of the importance of
time management I am able to meet
deadlines, so I can work on tasks more
effectively. Consequently, the number of
errors discovered in the fund valuations
have significantly reduced and I am able
to complete the valuation of the high
volume transactions fund much quicker
than it was achieved in the past. Better
time management helps me to reply to
many queries received from external and
internal clients on time. It builds clients’
trust and creates better relationships.
Clients become confident as to the
quality of information received. Using my
professional knowledge I have helped to
train junior staff and explained to them
some of the fund accountancy issues
which they were not familiar with. A
positive attitude in my work helps me
and my colleagues cope more effectively
with stressful situations and to adapt to
the new situations more quickly.
For example, for one particular client, I provided the audience with appropriate
I have performed the final audit and hard-copy supports and based the
reported conclusions to management and presentation upon a document that
the audit committee. reinforces the professional aspect of our
work which also enables people to follow
The first stage of communication was the development of the meeting via a
during the audit: I had to obtain all written synthesis of the main issues.
information required from client staff, thus
using oral and written (e-mail) media. I have always provided regular feedback
before, during, and after the meetings.
The second stage was during the For example we try to agree the agenda
presentation of our conclusions to with the audience before the meeting
management: This was made orally during in order to make sure that all important
the meeting and on the basis of a written issues for both parties will be addressed.
report I had prepared. The purpose of this During the presentation, we ask whether
communication was to bring information everything was clear or not, and if there
adapted to the management level, thus were any questions. After the meeting,
emphasising the main issues without we enquire of the audience whether
detailing too much on each point. Also, we the presentation was well received by
had to obtain client management feedback them or not, and what points were most
on our findings, because on the one interesting or of least relevance to them.
hand we did not have all the information We always ask for questions at the time
required to formulate the best conclusion, and allow a facility for people to submit
and on the other we needed their point further questions in writing.
of view in order to adjust our vision or
conclusion. This goal was achieved in
the sense that through this meeting, we
reached a more accurate understanding of
issues and could consequently adjust our
conclusion to the benefit of all concerned.
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Question 3
How have your communication
skills helped you to improve
your performance elsewhere?
Sample answer
The benefits from effective communication
for all these meetings have been:
increased quality of my work, improved
validity of my conclusions and increased
involvement and engagement of the client.
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prepare financial
statements for
external purposes
Question 1 Question 3
Explain your role in the How have you used supporting
preparation of financial (possibly non-financial)
statements information to make these more
easily understood by users?
Sample answer
Being the accountant in a medium sized Sample answer
private limited company, one of my main During board meetings, I used
duties would be closing the accounts on a graphical charts to present my
monthly basis. I am in charge of posting analysis. This includes bar charts and
accounts payable, receivables as well as trend line analysis.
the general ledger. Accounts payable and
receivable will be entered from the sub- The use of bar charts allows the directors
ledger to the general ledger. Thereafter, all to understand the service usage pattern,
transactions will be reviewed again at the whereas trend analysis allows them
general ledger level before I do any final to understand the future trend of the
posting to the overall financial statement. business. This type of high impact visual
presentation, used properly, helps me
Payroll computation is also under my make points more quickly, effectively and
scope of duties and payroll will be posted with more conviction.
through direct bank transactions.
Question 2
How have you ensured that
the statements you have
prepared meet all necessary
requirements?
Sample answer
I have prepared a checklist to ensure
that all information required had been
completed. The checklist includes items
like the fixed assets schedule, accruals,
prepayments etc. The checklist also
serves as a guideline that I had met all
requirements and completed all duties.
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evaluate potential
business/investment
opportunities and
the required finance
options
Question 1 different levels of cost. Therefore, this
Outline your experience in entailed calculating the net cash flow
this area for each of the years of each project and
discounting this by the company’s cost
Sample answer of capital. I also determined which of the
During my time as a management projects, if any, were most profitable or
accountant I have had numerous dealings yielded the highest NPV. In circumstances
with making investment decisions. At where I had to compare multiple projects
the request of the client, I have been in I would advise on which project should
a position whereby I have had to attend be undertaken in order to maximise
meetings regarding potential changes shareholder value.
to the current service. As a result of the
meeting the proposed profitability of Another example is shown by
the change would be calculated. This is attending meetings regarding a change
known as budget revision. If the adjusted to the current service we provide to
return was above the company’s cost of our client. This requires calculating the
capital and met the various non-financial proposed new profitability level after
measures it would be approved from the change to the current service. Then
a finance perspective by myself, thus I need to consider any non-financial
allowing the work to go ahead. implications of modifying the service at
the request of the client and if everybody
I have also had to calculate the is happy I authorise the changes from a
profitability of all new investment finance perspective.
opportunities. This often means comparing
multiple investment opportunities to find
the most profitable, whilst not sacrificing Question 3
the non-financial implications. How has research you
have done been integrated
into a recommendation for
Question 2 management?
What have you done to
fully analyse investment Sample answer
opportunities? My research into a project’s feasibility
generally comes directly from the project
Sample answer managers who would be dealing with the
In a previous role I was given the proposed change. During the meeting
responsibility of calculating the net they will highlight the advantages and
present value (NPV) of any projects disadvantages of implementing the change
which materialised. This entailed me at the request of the client. Once all of the
compiling a picture of any revenue and advantages and disadvantages have been
costs associated with undertaking a addressed, a conclusion is reached as to
particular activity. Often I would need to whether the change is feasible or not. If
make comparisons between a number we determine the change to be viable,
of different investment opportunities. All both financially and non-financially, then
of these opportunities could be used for the proposed change is sanctioned by
the project, however, each would attract myself from a finance perspective which
different levels of revenue and incur means it can be implemented.
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evaluate and compute
taxes payable
Question 1 from the accounting tool and externally
Outline your experience in which I prepare myself) that help me to
evaluating and computing analyse and classify the data I provide
taxes payable in the tax return.
answering challenge 19
questions
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The information contained in this publication is provided for general purposes only. While every effort has been made to ensure that the information is accurate and up to date
at the time of going to press, ACCA accepts no responsibility for any loss which may arise from information contained in this publication. No part of this publication may be
reproduced, in any format, without prior written permission of ACCA. © ACCA January 2012
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