ACCA F3 -  Financial Accounting

Introduction

Studying for the F3 exam

The content of this Knowledge Bank is not designed to be a substitute for a structured system of study towards the exams but rather should help complement your chosen study system.

In particular,

• we do not guarantee full syllabus coverage,
• the knowledge bank focusses on knowledge, concepts and ideas but has very few worked examples or graded exercises for you to practice,
• there are no past exam questions here to attempt
• examiner's articles are not repeated here.

We highly recommend that you complete a structured course of study and obtain text books and exam kits to improve your chances of exam success.

Using the Kaplan Financial Knowledge Bank

The main benefits of the way the content is presented and accessed via the Knowledge Bank are as follows:

• a quick answer to a quick question - if you have a F3 query then you should be able to access a trusted answer quickly and efficiently using either the search function, the top navigation bars or /and the side navigation.
• integrated knowledge - examiners often criticise students for not appreciating how different topics fit together. By following the structured links and navigation bars in the content, you can explore related concepts to integrate your knowledge.

The ACCA F3 syllabus

 A good page to start on if you are unclear where to begin would be the overview Financial Reporting page and then explore further using the menu on the RHS.

Other useful starting points for exploration are linked to syllabus areas below. Be aware that in many areas the content here goes beyond F3 into F7 and P2 territory, so gives you an excellent opportunity to read around the topics.

The syllabus for F3 is split into 8 main areas:

A The context and purpose of financial reporting

Start with the Context And Purpose Of Financial Reporting page and explore the links given.

B The qualitative characteristics of financial information

The best place to start here is with the Qualitative Characteristics Of Financial Information page.

C The use of double-entry and accounting systems

The most useful pages for this syllabus area are Ledger Accounts, Double entry and Books of Prime Entry.

D Recording transactions and events

The best pages for this syllabus section are Double entry and Books of Prime Entry. To look at specific issues in more detail you need to refer to the relevant IFRS page. For example, to look at depreciation you should go to the IAS16 page.

E Preparing a trial balance

The page on Controlling the Financial Reporting System is the best place to start and most of the links in the top menu (e.g. on control accounts) are relevant here.

F Preparing basic financial statements

If you start with the page Preparing Basic Financial Statements before looking at the individual statements in turn, such as the Statement of Financial Position.

G Preparing simple consolidated financial statements

Start with the overview Consolidated Financial Statements page before exploring related topics in more detail using the top menu.

H Interpretation of financial statements

Start with the page on the Interpretation of Financial statements and the associated pages linked to it.

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