The 'LW-ENG' paper is intended to help students gain a better understanding of how legal systems work, with a particular emphasis on business law.
Before we begin, it's important to understand that there are numerous types of ACCA Corporate and Business Law, including English (ENG), Ireland (IRL), Malaysia (MLY), and others.
These are specific to the country you are studying in as well as the applicable legislation. This guide will focus on the LW-ENG Paper, but the advice is applicable to all Corporate and Business Law students.
You can choose your exam based on the national laws that are most relevant to your profession. More details about the ACCA variant exams can be found here.
If you have an ACCA Corporate and Business Law (LW) exam coming up, are thinking about enrolling, or want to retake it, keep reading.
Overview
The LW syllabus is intended to improve knowledge and skills in understanding the general legal framework as well as specific legal areas pertaining to business, while also recognizing the need for additional specialist legal advice when necessary.
Keep in mind that the goal of LW is not to turn you into a lawyer, but rather to focus on the legal issues that an accountant must be aware of in order to practice.
The syllabus covers a wide range of legal topics that an accountant should be familiar with in order to succeed in their career, such as contract law, employment law, and understanding business formation, financing, and administration, as well as corporate fraud.
The ACCA offers Corporate and Business Law as an Applied Skills subject, and the knowledge gained here applies 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, it is critical to establish a solid foundation of knowledge while studying for the LW course.
LW Exam Format
This exam is unusual for an Applied Skills course because it is more like the Applied Knowledge exams you may have taken previously or for which you may have received exemptions.
The syllabus is assessed through two-hour Computer Based Exams (CBEs) that can be scheduled on demand rather than in traditional ACCA sittings. This exam, like all others in the ACCA qualification, has a pass mark of 50%.
The LW exam is divided into two sections, each of which contains all required questions. These are broken down as follows:
Section A includes 25 Objective Test (OT) questions worth 2 points each, for a total of 50 points, and 20 Objective Test (OT) questions worth 1 point each, for a total of 20 points.
As a result, this section of the exam accounts for 70% of the total. These may be drawn from any subject on the curriculum.
Section B includes five Multi-Task Questions worth six points each, for a total of thirty points. These can come from any subject matter. The format is a series of tasks related to a problem scenario, with questions ranging from analysis to application.
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 almost certainly cost you a failing grade.
LW Syllabus Guide
The LW syllabus is intended to provide students with a better understanding of the general legal framework as well as specific legal areas relevant to businesses.
- Determine the key elements of the legal system, such as the primary sources of law.
- Recognize and apply the applicable legal rules pertaining to the law of obligations.
- Explain and apply the law that governs employee-employer relationships.
- Different types of business structures and constitutions must be distinguished.
- Recognize and contrast various forms of capital and company financing.
- Describe and explain business management, administration, and regulation.
- Understand the legal implications of bankruptcy law.
- Show that you understand corporate fraud and criminal behavior.
LW Study Tips
#1 – Cover the full syllabus
As you may have noticed, you must cover the entire syllabus in order to
succeed in this paper. Because the exam is designed to test the entire range
of legal knowledge that an accountant is expected to have a basic
understanding of, having a broad knowledge of all syllabus areas will benefit
you on the day.
It is impossible to avoid covering the entire syllabus due to the large number of questions in the exam and the randomization of topic areas, and students who attempt to question spot ahead of time will fail on exam day.
To give yourself the best chance of passing, you should practice questions from a wide range of topics, 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 Applied Skill level exams require a deeper understanding of the content in order to tailor your knowledge to various scenarios in Section B. This necessitates not only a solid understanding of the theory but also a significant amount of question practice to improve your analysis skills, so we recommend following our 8-week study plan to prepare.
This allows you to follow our recommended study plan, which consists of 6 weeks of reviewing the material and practicing with practice tests. This will help you finish the entire syllabus as stated above. For two weeks, we also include our exam technique phase, which focuses on exam and question practice through Mock Exams and our Revision Bootcamp.
A well-structured study plan will give you a solid foundation of knowledge as well as good exam technique, increasing your chances of passing.
#3 Practice makes perfect
There is no getting around the fact that practicing questions is the only way to grasp the concepts of the entire LW syllabus. As a result, practice, practice, practice should be the foundation of your studies, which is why we recommend setting aside enough time to prepare. It's the only way you'll be able to understand the underlying principles and applications of various laws, as well as apply what you've learned in scenarios.
Don't be discouraged if this appears difficult at first; remember that you learn more from your mistakes than your successes, so 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 keep approaching questions in this manner, you will gain a solid understanding of both the content and how it is evaluated.
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