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Details on ACCA F3 Financial Accounting notes

ACCA F3 Financial Accounting notes

ACCA F3 Financial Accounting notes: EXAM AIM

To develop knowledge and understanding of the underlying principles, concepts and regulations relating to financial accounting and technical proficiency in the use of double-entry accounting techniques.

This includes the preparation of basic financial statements and from December 2011 will also include preparation of basic consolidated financial statements and interpretation of financial statements.

To find the right resources for you, please select from the menu.

ACCA has introduced new question types, known as Multi-Task Questions (MTQs), into the paper and computer based exams for F3 Financial Accounting:

Multi-task questions (MTQs) contain a series of tasks which relate to one or more scenarios.


The introduction of MTQs into CBEs took effect on 26 February 2014


MTQs were introduced to the June 2014 exam.

Specimen exams in both CBE and paper formats are now available for you to review.

Please familiarise yourself with the structure and question types.

ACCA F3 Financial Accounting notes

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.
 Financial accounting So far in this chapter we have dealt with financial accounts. Financial accounting is mainly a method of reporting the results and financial position of a business. It is not primarily concerned with providing information towards the more efficient running of the business.

ACCA F3 Financial Accounting notes: Management accounting

The information needs of management go far beyond those of other account users. Managers have the responsibility of planning and controlling the resources of the business. Therefore they need much more detailed information. They also need to plan for the future (eg budgets, which predict future revenue and expenditure).
2 Users of financial statements and accounting information The following people are likely to be interested in financial information about a large company with listed shares.
  1. Managers of the company appointed by the company’s owners to supervise the day-to-day activities of the company.
  2. Shareholders of the company, ie the company’s owners, want to assess how well the management is performing. They want to know how profitable the company’s operations are and how much profit they can afford to withdraw from the business for their own use.
  3. Trade contacts include suppliers who provide goods to the company on credit and customers who purchase the goods or services provided by the company. Suppliers want to know about the company’s ability to pay its debts; customers need to know that the company is a secure source of supply and is in no danger of having to close down.
  4. Providers of finance to the company might include a bank which allows the company to operate an overdraft, or provides longer-term finance by granting a loan. The bank wants to ensure that the company is able to keep up interest payments, and eventually to repay the amounts advanced.
  5. The taxation authorities want to know about business profits in order to assess the tax payable by the company, including sales taxes.
  6. Employees of the company should have a right to information about the company’s financial situation, because their future careers and the size of their wages and salaries depend on it.
  7. Financial analysts and advisers need information for their clients or audience. For example, stockbrokers need information to advise investors; credit agencies want information to advise potential suppliers of goods to the company; and journalists need information for their reading public.
  8. Government and their agencies are interested in the allocation of resources and therefore in the activities of business entities. They also require information in order to provide a basis for national statistics.
  9. The public. Entities affect members of the public in a variety of ways. For example, they may make a substantial contribution to a local economy by providing employment and using local suppliers. Another important factor is the effect of an entity on the environment, for example as regards pollution. Accounting information is summarised in financial statements to satisfy the information needs of these different groups. Not all will be equally satisfied.

This Study Guide is designed to help you plan your studies and to provide more detailed interpretation of the syllabus for ACCA’s Certified Accounting Technician exams. It contains both the Syllabus and the Study Sessions for the paper, which you can follow when preparing for the exam.

ACCA F3 Financial Accounting notes

The Syllabus outlines the content of the paper and how that content is examined. The Study Sessions take the syllabus and expand it into teaching or study sessions of similar length. These sessions indicate what the examiner expects of candidates for each part of the syllabus, and therefore gives you guidance in the skills you are expected to demonstrate in the exams. The time to complete each session will vary according to your individual capabilities and the time you have available to study. Tuition providers offering face-to-face tuition are recommended to design courses with a minimum of two hours tuition per study session. However, repeated coverage of the material is vital to ensure your understanding and recall of the subject. Be sure to practise past exam questions to consolidate your knowledge and read Student Accountant regularly.

From 26 February 2014 ACCA has introduced an improved student experience for all exams available by CBE.  Use the specimen exam available via the link on the right hand side of this page to familiarise yourself with the style and layout of the exam.

ACCA F3 Financial Accounting notes

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