F3 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.

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

ACCA – F3 is examined through Computer Based Examination (CBE) or Paper Based Exam. Each paper contains 50 two-marks 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.

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