answering challenge questions
Practical exPerience requirements (Per) challenge questions samPle answers 01 03 04 05 08 10 13 15 17 19 Demonstrate the application of professional ethics, values and judgement Raise awareness of non-financial risk Manage self Communicate effectively Improve departmental performance Prepare financial statements for external purposes Contribute to budget planning and production Evaluate potential business/investment opportunities and the required finance options Prepare for and collect evidence for audit Evaluate and compute taxes payable 6 7 8 10 12 13 14 15 16 17 4 5
answering challenge questions
practical experience requirements (per)
As part of your practical experience requirement (PER) you are required to achieve nine Essentials and at least four Options performance objectives (making a total of 13 or more) to the satisfaction of your workplace mentor. 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 essentials Performance objectives – comPlete all nine Professionalism, ethics and governance 1 2 3 Demonstrate the application of professional ethics, values and judgement Contribute to the effective governance of an organisation Raise awareness of non-financial risk oPtions Performance objectives – choose any four financial accounting and reporting 10 Prepare financial statements for external purposes 11 Interpret financial transactions and financial statements Performance measurement and management accounting 12 Prepare financial information for management 13 Contribute to budget planning and production 14 Monitor and control budgets finance and financial management 15 Evaluate potential business/investment opportunities and the required finance options 16 Manage cash using active cash management and treasury systems audit and assurance 17 Prepare for and collect evidence for audit 18 Evaluate and report on audit taxation The online trainee development matrix (TDM) includes detailed information on each performance objective. 19 Evaluate and compute taxes payable 20 Assist with tax planning
Personal effectiveness 4 5 6 Manage self Communicate effectively Use information and communications technology
business management 7 8 9 Manage ongoing activities in your area of responsibility Improve departmental performance Manage an assignment
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 the trainee development matrix (TDM). The challenge questions help you to summarise your work activity so that your workplace mentor can evaluate whether you have achieved the standard required by the individual performance objective. If your mentor signs off the answers to all three challenge questions for a performance objective, then that performance objective has been achieved. this is the only way you can achieve a performance objective. Challenge questions are not tests or exams that have to be passed. They allow you reflect on your work and demonstrate that you can analyse the quality and value of your work, and see where you may continue to improve. samPle answers ACCA has developed the following sample answers to help you understand what a suitable answer looks like. There is not a sample answer for every performance objective and the examples available are not model answers, as there are many ways to answer the questions. Your situation and experience is unique to you, so your workplace mentor and ACCA expect to see unique answers. How you decide to present the answers to your challenge questions is up to you – you can use an essay style, bullet points, or any...