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ACCA F3 financial Accounting examiners report

ACCA F3 financial Accounting examiners report

ACCA F3 financial Accounting examiners report: The examiners’ reports are an essential study resource. Read them to learn about mistakes that students commonly make in exams and how to avoid them. The guidance articles and video set out the general approach to the syllabus and the exam, and provide tips on how to improve your exam performance.

The examining team prepares these reports after each exam session to offer constructive feedback on candidates’ performance in the examinations. They are full of useful guidance for future candidates.

The reports provide a general commentary on candidates’ performance as well as:

  • identifying technical aspects examined in the questions
  • highlighting good performance and where performance could be improved
  • explaining aspects which caused difficulty and why the difficulties arose, whether lack of knowledge, poor examination technique, for example.

The reports can be downloaded from the ‘Related documents’ section of this page.

 ACCA F3 financial Accounting examiners report

Examiner’s report F3/FFA Financial Accounting For CBE and Paper exams covering July to December 2016 Examiner’s report – F3/FFA December 2016 1

General Comments There are two sections to the examination paper and all of the questions are compulsory. Section A consists of 35 multiple choice questions (two marks each) which cover a broad range of syllabus topics.

Section B has two longer questions (15 marks each) testing the candidates’ understanding and application of financial accounting skills in more depth. The following paragraphs report on each section of the examination and use some illustrative examples to demonstrate the type of questions candidates are expected to be able to answer. Section A This section tests a wide range of the syllabus and the majority of candidates usually attempt all of the questions.

Candidates must have a thorough knowledge of the entire syllabus and are advised to practice as many multiple choice questions as possible prior to the exam. It is important to read the questions carefully and calculate any figures required before choosing a response. The following three questions have been chosen to help future candidates understand some of the questions that candidates found difficult. Carefully review how each of the correct answers are derived.

ACCA F3 financial Accounting examiners report: Example Questions Example 1 On 1 October 2011, X Co purchased a property for $400,000.

The property had a useful life of 40 years and was depreciated on a straight-line basis. On 1 October 2015, the property was revalued to $432,000. The remaining useful life at that date was 36 years. The company wishes to make the allowed transfer of excess depreciation between the revaluation surplus and retained earnings. Which of the following correctly records the transfer at 30 September 2016? Debit Credit A Retained earnings $2,000 Revaluation surplus $2,000 B Revaluation surplus $2,000 Retained earnings $2,000 C Retained earnings $12,000 Revaluation surplus $12,000 D Revaluation surplus $12,000 Retained earnings $12,000 In this question the consequence of the revaluation to $432,000 is a higher annual depreciation charge. The difference between the new depreciation charge based on the revalued carrying amount and the old depreciation charge based on £400,000 original cost is known as the excess depreciation. IAS16 allows entities to transfer an amount equal to the excess depreciation from the revaluation surplus to retained earnings in the equity section of the statement of financial position. As X Co wishes to make the transfer, the calculations are as follows: Old depreciation = $400,000/40 years = $10,000 New depreciation = $432,000/36 years = $12,000 Excess depreciation = $12,000 – $10,000 = $2,000 An amount of $2,000 which represents the excess depreciation can be transferred each year from the revaluation surplus to retained earnings.

ACCA F3 financial Accounting examiners report: The correct accounting entries would be: Debit Revaluation surplus $2,000 Credit Retained earnings $2,000 The correct answer to this question is therefore B. Example 2 Paula Co is reconciling its receivables control account and has discovered the following items: (1) An invoice for $110 had been recorded in the receivables ledger as $1,100 (2) A cash sale of $100 to a customer had been posted to the receivables ledger Where should each of the corrections be recorded? Item 1 Item 2 A Control account Receivables ledger B Receivables ledger Control account C Control account Control account D Receivables ledger Receivables ledger This question tests whether candidates understand the nature of the errors and where the corrections need to be recorded. Item 1 – there has been a transposition error recorded in the individual ledger, therefore the adjustment must be made in the receivables ledger. Item 2 – This transaction is a cash sale, therefore it should not have been posted to individual receivables ledger and needs to be removed. The correct answer to this question is therefore D.

ACCA F3 financial Accounting examiners report

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