ACCA Cheat Sheet 2026

The 30 highest-yield ACCA facts, distilled from real exam questions. Print it, save it as a PDF, or study it here — free, no sign-up.

1. What is 'board diversity' most commonly referring to in corporate governance best practice? → Ensuring a mix of skills, experience, gender, and backgrounds on the board
2. Which of the following financial statement assertions relates to whether transactions occurred and relate to the entity? → Occurrence
3. Which theory of corporate governance suggests that managers (agents) may act in their own interests rather than those of shareholders (principals)? → Agency theory
4. What is the purpose of budgeting in management accounting? → To forecast future financial performance
5. How should risk be assessed in regulatory compliance? → Evaluate risk tolerance, capacity, time horizon, and investment objectives systematically
6. What fiduciary duty applies to risk assessment? → Act in the client's best interest with loyalty, care, and full disclosure
7. What regulatory compliance requirement applies to regulatory compliance? → Full compliance with all applicable federal, state, and industry regulations
8. What is the purpose of variance analysis in performance management? → To identify deviations from budgeted performance
9. Which US legislation was enacted in response to major corporate governance scandals such as Enron and WorldCom? → Sarbanes-Oxley Act
10. How should financial planning performance be reported to clients? → Provide accurate, complete, and timely performance reporting with appropriate benchmarks
11. How should risk be assessed in investment analysis? → Evaluate risk tolerance, capacity, time horizon, and investment objectives systematically
12. According to the OECD Principles of Corporate Governance, which stakeholder group is primarily protected by governance frameworks? → Shareholders and stakeholders broadly
13. Which of the following best describes "professional competence and due care"? → Keeping skills and knowledge up-to-date to deliver competent services
14. What is the main objective of hedge accounting under IFRS 9? → To align accounting treatment with risk management objectives
15. Under IFRS 3, how should goodwill arising on a business combination be accounted for? → Recognized as an asset and tested annually for impairment
16. How should risk be assessed in client relations? → Evaluate risk tolerance, capacity, time horizon, and investment objectives systematically
17. How should portfolio management performance be reported to clients? → Provide accurate, complete, and timely performance reporting with appropriate benchmarks
18. How should conflicts of interest be managed in estate planning? → Identify, disclose, and mitigate all actual and potential conflicts of interest
19. Which of the following best describes a 'unitary board' structure in corporate governance? → Executive and non-executive directors on a single board
20. How should conflicts of interest be managed in client relations? → Identify, disclose, and mitigate all actual and potential conflicts of interest
21. Which ISA requires auditors to plan and perform an audit with professional skepticism? → ISA 200
22. How should risk be assessed in portfolio management? → Evaluate risk tolerance, capacity, time horizon, and investment objectives systematically
23. How should risk be assessed in tax strategies? → Evaluate risk tolerance, capacity, time horizon, and investment objectives systematically
24. What regulatory compliance requirement applies to risk assessment? → Full compliance with all applicable federal, state, and industry regulations
25. Which IFRS standard governs the accounting for income taxes, including deferred tax? → IAS 12
26. What is the primary purpose of the ACCA Ethics and Professional Skills module? → To develop ethical decision-making and professional behaviors
27. Under ISA 315, which of the following is NOT a component of internal control? → External audit procedures
28. Which accounting standard governs the treatment of revenue in financial statements? → IFRS 15
29. What regulatory compliance requirement applies to estate planning? → Full compliance with all applicable federal, state, and industry regulations
30. Which of the following best describes 'integrated reporting' as promoted by the IIRC? → Combining financial and non-financial information to show value creation over time