DECODING THE SUBJECT
The aim of ACCA Corporate and Business Law is to develop knowledge and skills in the understanding of the general legal framework, and of specific legal areas relating to business, recognizing the need to seek further specialist legal advice where necessary. You can prepare yourself for this subject using our ACCA LW study guide.
Table Of Contents
ACCA LW SYLLABUS
ACCA LW PAPER PATTERN
ACCA LW EXAM STYLE
ACCA LW PASSING TRENDS
SOURCES OF CONTENT
STUDYING METHODOLOGY
HOW TO PLAN ACCA LW MOCK EXAMS
THINGS TO REMEMBER WHILE WRITING THE EXAM
EXAMINER’S EXPECTATIONS
ACCA LW SYLLABUS
The Syllabus can be broken down into the following categories:
A. Essential elements of legal systems
- Business, political and legal systems
- International trade, international legal regulation, and conflict of laws
- Alternative dispute resolution mechanisms
B. International business transactions
- Introduction to the UN Convention on Contracts for the International Sale of Goods and ICC Incoterms
- Obligations of the seller and buyer, and provisions common to both
C. Transportation and payment of international business transactions
- Transportation documents and means of payment
D. The formation and constitution of business organizations
- Agency law
- Partnerships
- Corporations and legal personality
- The formation and constitution of a company
E. Capital and the financing of companies
- Share capital
- Loan capital
- Capital maintenance and dividend law
F. Management, administration and the regulation of companies
- Company directors
- Other company officers
- Company meetings and resolutions
G. Insolvency law
- Insolvency and administration
H. Corporate fraudulent and criminal behavior
- Fraudulent and criminal behavior
Hack: It is advisable to follow this order of syllabus while preparing for the paper – You can begin your preparations with Part D: The formation and constitution of business organizations.
Follow next with Part F: Management, administration and the regulation of companies.
Continue next with Part E: Capital and the financing of companies.
It is advisable to follow next with Part H: Corporate fraudulent and criminal behavior.
At this stage, a large chunk of your syllabus would have been covered. Now you can focus on completing the remaining parts.
Part G: Insolvency law. After studying Part G, you can take up Part B: International business transactions.
Follow next with Part C: Transportation and payment of international business transactions.
Continue next with Part A: Essential elements of legal systems.
ACCA LW PAPER PATTERN
The 100-marks ACCA LW exam paper has been designed to ensure that all the different areas of the syllabus are covered adequately.
This is an online, objective-style paper, where you are required to choose the correct answer from the given options. You are not expected to deliver answers to any response questions, i.e., long-form of questions are not tested here.
| Corporate and Business Law (100 Marks) | ||
|---|---|---|
| Section A (70 marks) | Section B (30 marks) | |
| 25 Objective Test Questions (OTQ’s) * 2 marks each | 5 Multi-Task Questions (MTQ’s) * 6 marks each | |
| 20 Objective Test Questions (OTQ’s) * 1 mark each | ||
Please note that there is no negative marking for any wrong answer.
You are allotted 2 hours to answer this paper online. On submitting your paper, the result is available immediately.
ACCA LW EXAM STYLE
This is an on-demand-based examination. This means that the exam runs throughout the year and you can choose to appear for it when you are just ready.
These exams are conducted at the authorized and approved CBE centers (Computer Based Exam Centers) and you can choose the nearest CBE Centre.
You are expected to select a date and time at your convenience and physically appear at the CBE center for the examination. In exceptional circumstances, these exams can also be taken remotely from home.
ACCA LW PASSING TRENDS
You are expected to score 50/100 to pass this examination. This is easily manageable with a clear understanding of the concepts, good practice of the questions, and a positive attitude. The subject matter is purely theoretical and the pass rates of this paper are very promising, averaging 86% across the globe.
SOURCES OF CONTENT
You need to primarily refer to these two content sources for your preparations –
- The Study Text – for conceptual understanding
- The Practice/Exam Kit – for practice questions
There are only two ACCA-approved content providers that you should consider, namely, Kaplan Publishing and BPP Learning Media. Apart from this, you can also refer to the technical articles published by ACCA on different topics. You can use this link to refer to the articles.
Download our curated express notes for ACCA LW here
STUDYING METHODOLOGY
- Commence preparations with the Study Text and understand all the concepts in great detail. Thereafter, attempt all questions from the Practice Kit to get more clarity and a deeper understanding of how to approach each part of the syllabus. The Practice Kit has enough practice questions chapter wise and hence it is always advisable to do both in parallel.
- At the end of your syllabus, do remember to take up the Multitask Questions in the Practice Kit (typically tested in Section B of the paper). These questions cover a variety of topics across the syllabus and hence practicing it well shall prove to be a very valuable exercise.
HOW TO PLAN ACCA LW MOCK EXAMS
Attempting enough mock exams are a must! Going without solving mocks is like a soldier without a weapon.
It is advisable that you practice at least 3 mock exams before you take the final exam. These mock exams will give you a first-hand experience of the exam online environment, the style of questions & how well you can attempt them in the given time.
These Practise Mocks (designed by ACCA) need to be purchased and you will be able to access them once purchased via myACCA. You can purchase a single test or a set of three tests.
You can log in to the ACCA ‘Practice Platform’ for solving mocks using the following link.
Hack: One day before the examination, invest all your time in revising what you have studied so far and focus on memorizing all the important concepts. Skim through the study text and practice kit. Do not try to study any new concept or solve any new question.
THINGS TO REMEMBER WHILE WRITING THE EXAM
After months of all the efforts and hard work you would’ve put into the preparation for this exam, it is equally important to ace your exam. Here are some things to remember-
- Time Management: It is important to complete the paper on time. Remember, time management is a key to success! Here is how you can allocate your time-
| PAPER | LW | TOTAL |
|---|---|---|
| Section A | 25 OTQ’s * 2 mins 20 OTQ’s * 1 min |
50 minutes 20 minutes |
| Section B | 5 MTQ’s * 8 mins each | 40 minutes |
| Final check | 10 minutes | |
| TOTAL | 120 minutes |
- Do not stress or panic during the exam, stay calm write all you know. If you panic, it is possible that you mess with other straightforward, manageable, and scoring questions.
- Do not leave any question unattempted
For your OTQ’s and MTQ’s there is always a 25% probability to get the answer right, place your bet and mark the option you believe is the closest to the answer. - Be prepared to find different and new styles of questions, with patience and linking to the concepts of your syllabus you should be able to tackle them well.
- Better to start with Section A first, and then Section B, FOLLOW THE ORDER!! Do not spend too much time finding answers to questions you are not able to crack.
EXAMINER’S EXPECTATIONS
The ACCA publishes an Examiner’s Report for every attempt which gives an insight into the marking process, the common mistakes that students make during the exams, and other useful techniques to do well in your examination. You must go through the Examiner’s Reports to understand what the examiner is expecting from you. It will help you understand how students have failed to tackle different questions and how they could have performed better. It’s like learning from someone else’s mistakes. You can follow through this link to refer to a few of the examiner’s reports published by the ACCA.
