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ACCA F3 financial Accounting best books

ACCA F3 financial Accounting best books

ACCA F3 financial Accounting best books: Aim of Paper F3 To develop knowledge and understanding of the underlying principles and concepts relating to financial accounting and technical proficiency in the use of double-entry accounting techniques including the preparation of basic financial statements.’ Before you learn how to prepare financial reports, it is important to understand why they are prepared. Sections 1 – 3 of this chapter introduce some basic ideas about financial reports and give an indication of their purpose. You will also be introduced to the functions which accountants carry out: financial accounting and management accounting. These functions will be developed in detail in your later studies for the ACCA qualification. Section 4 identifies the main users of financial statements and their needs. Finally, in Section 5, we will look at the main financial statements: the statement of financial position and the income statement; as well as the main elements of assets, liabilities, equity, revenue and expense.

ACCA F3 financial Accounting best books

Studying F3 As the name suggests, this paper examines basic financial accounting topics and is fundamental for all financial accountants. The examiner for this paper is Nicola Ventress. She is a member of the ICAEW and an experienced accounting and financial reporting author and tutor. 1 What F3 is about Paper F3 aims to develop your knowledge and understanding of the underlying principles, concepts and regulations relating to financial accounting. You will need to demonstrate technical proficiency in the use of double entry techniques, including the preparation of basic financial statements for sole traders, partnerships and limited liability companies. The skills you learn at F3 will be built upon in papers F7 and P2.

ACCA F3 financial Accounting best books

What skills are required? You are expected to demonstrate Level 1 skills throughout the syllabus. This means that you need to show ‘knowledge and comprehension’. It is not sufficient to merely know the subject, you need to understand it and show that you understand. Therefore you will need to not only know an accounting standard but also show how to use it in practice. Double entry bookkeeping is a basic skill that you will need throughout all the financial accounting papers. Therefore it is essential that you master it at this stage or you will find the higher papers very difficult to understand. For paper F3, you also need to be able to prepare basic financial statements. Once again, your basic knowledge from paper F3 will be built upon in papers F7 and P2. Therefore you must understand the basics of preparing financial statements now.

3 How to improve your chances of passing Examiners have repeatedly emphasised that students must know the whole syllabus. This is particularly important for paper F3, as all fifty questions are compulsory and the examiner aims to cover most of the syllabus. If you miss out a syllabus area, you will severely limit your chances of passing the exam. Above all you must practise questions. The text gives you some exam style questions but you really need a large question bank to practise on as given in BPP’s Practice and Revision Kit. Do keep to the timing specified. The exam is 2 hours for 90 marks, which means 1.3 minutes per mark or just over 2.5 minutes for a 2 mark question. In the exam question bank we suggest that you allow 1 minute for a 1 mark question and 2 minutes for a 2 mark question.

ACCA F3 financial Accounting best books: The exam paper The exam is a two-hour paper.

There will be fifty questions and they are all compulsory. The format of the paper based Pilot Paper is 50 MCQs, 40 being 2 mark questions and 10 being 1 mark questions. The examiner has confirmed that this will be the format for future exams. All exams are marked by computer and so no marks will be given for workings. Analysis of pilot paper Number of marks 40 2 mark compulsory MCQs 80 10 1 mark compulsory MCQs 10 90

ACCA F3 financial Accounting best books: Computer based exam

You can also sit the exam as a computer based assessment. Feedback from students implies that the 40 2 mark questions are divided approximately 50:50 between MCQs and data entry style questions. Data entry style questions may require you to enter the answer to a calculation or words to complete a sentence and are very similar to the non-MCQ style questions found in the Quick Quizzes.

ACCA F3 financial Accounting best books: Technical articles

There have been a number of technical articles on exams in recent editions of Student Accountant. Fundamental Knowledge, 7 February 2008 (why all the questions in Fundamentals level exams are compulsory) Be Prepared – multiple choice questions, 7 July 2008 (practical guidance on how to maximise marks in MCQs) Computer-based exams put to the test, 19 August 2008.

ACCA F3 financial Accounting best books: Here are the links that may help you in your exams.

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