Saturday, December 18, 2010

ACCA | F3 - Financial Accounting

ACCA F3 [MFA] [FIA FFA]
Financial Accounting

ACCA F3 paper comes with a well designed syllabus that helps new comers to understand the basics and also enable them to quickly grasp some of the advanced accountancy knowledge that will be required heavily at the later stage in ACCA course.  ACCA F3 starts with introducing the very purpose of accountancy and what kind of information is regulated using international accounting standards and what in fact make the financial information useful for its users. Beside that, it explains the basic accounting concepts and how bookkeeping is done and how accounting records are maintained. It also involves the preparation of financial statements for sole traders, partnerships and companies. Moving further and taping advanced concepts like correction of errors, use of control accounts and preparing complete set of financial statements using incomplete (single entry) records.
NOTE: By December 2011, ACCA F3 syllabus and paper style is going under complete overhaul. Some new concepts will be included in ACCA F3 e.g. consolidation, though at very basic level. Also the paper style for both paper based or computer based ACCA F3 is going to change. For detailed analysis on ACCA F3 changes click here


Principal Objectives
By the end of ACCA F3 syllabus students are required to have sound knowledge about:
  1. Why organizations and other users of financial information need such information and how it helps them in making many of economic decisions rationally.
  2. What are the different elements of financial information and how they are interconnected with each other and what is accounting equation
  3. Role of International Accounting Standards Board (IASB) and how it regulates the financial information of entities around the world and the need for international accounting standards
  4. The qualitative characteristics that every financial information must posses the role of IASB conceptual framework
  5. How bookkeeping is done and what are the different business transactions and how they are recorded in books of account
  6. The accounting cycle and the importance of primary book of entries, ledgers and how they are connected with each other
  7. Preparing trial balance and the challenges faced by accountants while preparing trial balance and the different ways to overcome such challenges
  8. Preparing financial statements for different forms of entities and how they are different
  9. Preparing complete set of financial statements from incomplete records

Exam Format
ACCA - F3 is examined through Computer Based Examination (CBE) or Paper Based Exam. Each paper contains 40 two-marks questions and 10 one-mark questions. Format of questions will of varying nature i.e. they can be multiple type, multiple response, number entry etc.
Questions will be covering both computational and discursive aspects of the subject and to pass students are required to secure 50% marks.



LinksInfo
Past Exam PapersExaminer: Nicola Ventress
Examiner's ApproachExam fee: £55
Student Accountant ArticlesNo. of Variants: 2
Examiner's ReportsExam Type: CBE & PBE*
Important DatesPass Rates
Syllabus and Study guide-
Exam formulae-

* CBE stands for Computer based exam where PBE stands for Paper based exam



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ACCA  - F3
Financial Accounting Revision Notes

Access FREE ACCA - F3 Revision Notes exclusively designed to memorize and grab key areas of ACCA F3 syllabus. These ACCA F3 notes can work with any official study text book.
CLICK HERE to access 
 
ACCA - F3
Financial Accounting Practice Questions


Access FREE ACCA - F3 Practice questions. As past papers for ACCA - F3 are not available according to current paper pattern and syllabus these practice questions can help in great deal to practice different concepts examinable in ACCA F3 course.
 
ACCA - F3
Financial Accounting Mock Exams


Access eX-clusive! FREE ACCA - F3 Mock Exams. These free mock exams enable you to check, test, stress yourself in every possible way so that you enter exam hall confident. These mock exams come in MCQs format and also include other types of questions.

ACCA - F3
Financial Accounting
Exams Tips
ACCA - F3
Financial Accounting Exam Tips


Learn what tips, tricks and topics you must have before you sit for an exam. These exam tips specifically details important areas of ACCA - F3 course.


Resources by Syllabus Area


> Syllabus Area A
The context and Purpose of Financial Reporting
This area of ACCA F3 syllabus discusses the very nature of financial information and why it is needed for different kinds of entities like sole-traders, partnerships and companies and how their legal status can affect the financial information itself. It also discusses the users of financial statements and how International Accounting Standards Board regulates the financial information using different bodies working under and with IASB. It also includes the discussion about the different elements of financial statements and how they are connected to each other

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- ACCA F3 Revision Notes for Area A
- ACCA F3 Mock Exam for Area A
- ACCA F3 Practice questions for Area A
- ACCA F3 Prep-tips video lectures for Area A
- ACCA F3 Prep-tice video lectures for Area A
- Access list of questions answered by tutors related to Area A-
> Syllabus Area B
The qualitative characteristics of financial information and the fundamental bases of accounting
This area discusses the IASB conceptual framework in great detail. All of the qualitative characteristics of financial information that makes the information useful, relevant and reliable are included in this part of the section. One of the important areas from examination point of view as many discursive questions can be made from this area is also one of the under rated and ignored area among students. Students are advised in advance that they should give this area due consideration not only to pass exams but also for clearer understanding of accounting concepts at later stage
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- ACCA F3 Revision Notes for Area B
- ACCA F3 Exam for Area B
- ACCA F3 Practice questions for Area B
- ACCA F3 Prep-tips video lectures for Area B
- ACCA F3 Prep-tice video lectures for Area B
- Access list of questions answered by tutors related to Area B

 

> Syllabus Area C
The use of double-entry and accounting systems
This area of the syllabus introduces the very core of bookkeeping and how it is done. It starts with defining different business documentation which are crucial to be understood as without knowing the purpose and working of these documents students will not understand how the accounting process take place. Later in this area students are told about how double entry records are kept and what are the different accounting books which are maintained and how they are connected to each other. It also involves the discussion about the computer system in modern business environment and how they can help in maintaining financial information

- ACCA F3 Revision Notes for Area C
- ACCA F3 Mock Exam for Area C
- ACCA F3 Practice questions for Area C
- ACCA F3 Prep-tips video lectures for Area C
- ACCA F3 Prep-tice video lectures for Area C
- Access list of questions answered by tutors related to Area C
> Syllabus Area D
Recording transactions and events
The biggest portion of ACCA F3 syllabus and incorporates almost 75% of whole ACCA F3 exam. In this area students learn about how journal entries are made and how they are posted in different accounts pertaining to different elements of financial statements. Starting from simple sales and purchase of goods and then touching capital and revenue expenditure and lastly discussing the capital structure of different entities and how movements in capital is recorded in the books of accounts. As this is the biggest portion so students can expect round 50% of exam questions will be from this area alone.


- ACCA F3 Revision Notes for Area D
- ACCA F3 Mock Exam for Area D
- ACCA F3 Practice questions for Area D
- ACCA F3 Prep-tips video lectures for Area D
- ACCA F3 Prep-tice video lectures for Area D
- Access list of questions answered by tutors related to Area D
> Syllabus Area E
Preparing a trial balance
After the students have acquired the knowledge regarding what business transactions are and how they are recorded and how T accounts are maintained and closed, the next step in accounting cycle is preparation of trial balance which is a key step before preparing the financial statements. This stage pose many challenges most of the time and students must be aware of such complications and how to over come them. This area discusses how trial balance can be helpful in finding the errors and how control accounts are used to keep the accounting records error free. This area, especially the control account reconciliation is also one of the most disastrous areas among students.
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- ACCA F3 Revision Notes for Area E
- ACCA F3 Mock Exam for Area E
- ACCA F3 Practice questions for Area E
- ACCA F3 Prep-tips video lectures for Area E
- ACCA F3 Prep-tice video lectures for Area E
- Access list of questions answered by tutors related to Area E
> Syllabus Area F
Preparing basic financial statements
In the end of ACCA F3 syllabus and also at the end of accounting cycle we will discuss how financial statements of different entities are made. It involves the financial statements of sole-traders, partnership and companies. It also includes how trial balance is adjusted for some of the transactions which has not been accounted for or it is event after the balance sheet date. This area also involve other key areas like cash flow statements and preparing complete set of financial statements from incomplete financial information. Students are advised to practice this area with great concentration as wide variety of questions can be made up from this area. However, before students tackle this area it is recommended that they must posses great conceptual clarity in previous areas.


- ACCA F3 Revision Notes for Area F
- ACCA F3 Mock Exam for Area F
- ACCA F3 Practice questions for Area F
- ACCA F3 Prep-tips video lectures for Area F
- ACCA F3 Prep-tice video lectures for Area F
- Access list of questions answered by tutors related to Area F



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