F3 study plan final

Hints for studying We highly suggest you with both books and websites that are contain up-to-date contents and syllabus coverage Books F3 – Study Text – Financial Accounting - BPP Lear

1 Hints for studying

We highly suggest you with both books and websites that are contain up-to-date contents and syllabus

coverage

Books

F3 – Study Text – Financial Accounting

- BPP Learning Media

As an ACCA approved content provider, BPP give learners

the chance to access academic material reviewed by the ACCA examination team And it is actually the most

trustworthy book, every learner should consider first

However its explanation are in very detail so purposes – oriented learning is needed to avoid getting lost in “the sea

of knowledge”

F3 – Revision Kit – Financial

Accounting – BPP Learning Media

The book is concerned as a pricing practice source that

reveal the best strategies with lots of helpful guidance on tackling questions for a good preparation

Websites

ACCA Official Website -

http://www.accaglobal.com/gb/en.ht

ml

It offer learners with material that significantly support for your learning process Materials are separately provided

according to each specific subject Besides, past exams also

need to be highlighted as an outstanding contents of this

In this handy book, we will divide the process of achieving F3 into 4 main phrases; namely Getting ready, Learning process, Review procedure and The exam With each phrases, we will give you some useful tips that hopefully enable you to learn by yourself with a right

direction and now let take you time!

STAGE 1: GETTING READY

Open Tuition Website -

http://opentuition.com/

It provides accountancy students with free ACCA and CIMA

lecture notes, lectures and tests and tutor forums It is actually a money-saving method with flexible time of learning

2 Build up your plan

a How to build your own plan?

Calculate the remain week from now to the date of exam

Personalize the learning time with considering your own circumstances and timetable

Block out days/ half days already committed to family/social events

Should put a three or four week aside for revision and final preparation

b A plan for reference

We create the plan that is 3-month lasting with three weeks of revision for F3 based on the syllabus on

F3 – Study book published by BPP Learning Media

 Use the ACCA Learning Community to contact with students around the world

who pursue the same objectives with you

 Take you time to access available learning sources at Student section of ACCA

website

 Feel free to personalize your edition of Student Accountant that fits your studying style the most to get possibly highest result

 Be realistic with your target using SMART (Specific, Measurable, Achievable,

Realistic, Timebound)

 Once the plan completed, stick to it

 Consider to add extra study time at chapters you find them hard

 Take 10 to 15’ short break after every 1 hour a half

 Smoothly combine between self-study and online/offline tuitions from reliable

sources

Code Content Learning Points Practice Material

Week

1

Part A: The context and purpose of financial

BPP Study Textbook - F3 BPP Revision Kit - F3

A1 1 Introduction to

accounting

1 The purpose of financial reporting

1 The context and purpose of

financial reporting

2 Types of business entity

3 Nature, principles and scope of financial reporting

4 Users' and stakeholders' needs

5 Governance

6 The main elements of financial reports

A2 2 The regulatory

framework

1 The regulatory system

2 The International Accounting Standards Board (IASB)

3 International Financial Reporting Standards (IFRSs)

Part B: The qualitative characteristics of financial

B3

3 The qualitative characteristics of financial information

1 Background

2 The qualitative characteristics of financial

information

2 The IASB's Conceptual framework

3 The qualitative characteristics of financial information

4 Other accounting concepts

Part C: The use of double entry and accounting

C4 4 Sources, records and

books of prime entry

1 The role of source documents

2 The need for books of prime entry

3 Sales and purchase day books

Week

2

Part C: The use of double entry and accounting

C5 5 Ledger accounts and

double entry

1 Why do we need ledger accounts? 3 Double entry

bookkeeping I

bookkeeping II

7 The receivables and payables ledgers

C6 6 From trial balance to

financial statements

2 The statement of profit or loss

3 The statement of financial position

4 Balancing accounts and preparing financial

Part D: Recording

D7 7 Inventory

2 Accounting for opening and closing

Week

3

Part D: Recording

D8 8 Tangible non-current

assets

1 Non-current and current assets 7 Tangible

non-current assets I

2 Capital and revenue expenditure 8 Tangible

non-current assets II

3 IAS 16 Property, plant and equipment

5 Revaluation of non-current assets

6 Non-current asset disposals

7 Disclosure in financial statements

D9 9 Intangible non-current

assets

1 Intangible assets

9 Intangible non-current assets

2 Research and development costs

3 Disclosure in financial statements

D10

10 Accruals and prepayments 1 Accruals and prepayments

10 Accruals and prepayments

Week

4

Part D: Recording

D11 11 Provisions and

contingencies

contingencies

2 Contingent liabilities and contingent assets

3 Disclosure in financial statements

D12 12 Irrecoverable debts and

allowances 1 Irrecoverable debts

12 Receivables and payables

D13 13 Sales tax 1 The nature of sales tax and how it is collected 5 Sales tax

Week

5

Part E: Preparing a trial

E14 14 Control accounts

1 What are control accounts? 15 Control

accounts

3 The operation of control accounts

4 The purpose of control accounts

E15 15 Bank reconciliations 1 Bank statement and cash book

16 Bank reconciliations

3 Worked examples

E16 16 Corrections of errors

1 Types of error in accounting 17 Correction of

errors

2 The correction of errors 18 Suspense

accounts

Week

6

Part F Preparing basic

F17 17 Incomplete record

1 Incomplete records questions

20 Incomplete record questions

2 The accounting and business equations

3 Credit sales and trade receivables

4 Purchases and trade payables

5 Establishing cost of sales

6 Stolen goods or goods destroyed

F18

18 Preparation of financial statements for sole traders 1 Preparation of final accounts

19 Preparing basic financial

statements

F19 19 Introduction to

company accounting

1 Limited liability and accounting records

5 Ledger accounts and limited liability

Week

7

Part F Preparing basic

F20 20 Preparation of financial

statements for companies

1 IAS 1: Presentation of financial statements

22 Disclosure notes

2 The statement of financial position

3 The statement of profit or loss and other

4 Statement of changes in equity

5 Notes to the financial statements

6 Company accounts for internal purposes

F21

21 Events after the reporting period 1 IAS 10 Events after the reporting period

23 Events after the reporting period

Week

8

Part F Preparing basic

F22 22 Statements of cash

24 Statements of cash flows

2 Preparing a statement of cash flows

Part G Preparing simple consolidated financial

G23

23 Introduction to consolidated financial statements

1 Groups and consolidation: an overview

25 Preparing simple consolidated financial statements

Week

9

Part G Preparing simple consolidated financial

G24

24 The consolidated statement of financial position

1 Summary of consolidation procedures

26 Consolidated financial

statements

2 Goodwill arising on consolidation

3 Non-controlling interests

4 Intra-group trading

5 Acquisition of a subsidiary part way through the year

6 Summary: consolidated statement of financial position

G25 25 The consolidated

statement of profit or loss

1 Introduction to the consolidated statement

of profit or loss

2 Intra-group trading

3 Acquisitions part way through the year

4 Summary: consolidated statement of profit

or loss

H26 26 Interpretation of

financial statements

1 Information required by users 27 Interpretation

of financial statements

2 The broad categories of ratios 28 Interpretation

of financial statements

4 Liquidity, gearing/leverage and working

6 Limitations of ratio analysis

Week

10

REVISION

Week

Week

Monday Tuesday Wednesday Thursday Friday Saturday Sunday

Week 10 Revision Part A Bank Test 1 Revision Part C Revision Part D Revision Part E Bank Test 3 Revision Part G

Week 11 Revision Part A Revision Part C Bank Test 4 Revision Part E Revision Part G Bank Test 5

Revision Part B Revision Part D Revision Part F Revision Part H

Week 12 Revision Part A Revision Part C Bank Test 6 Revision Part E Revision Part G Bank Test 7

Revision Part B Revision Part D Revision Part F Revision Part H

c Other considerations

Use the correct format of Financial Statements

Give the statements the correct title (should consider preposition as well)

Carefully read through the information in the question to decide what appear in the Financial

Statements

Consider notes for adjustments and calculation required (P/L account)

Always show your workings when needed

1 Keep your process under control

Use the control sheet relevant to the Approved Content Prrovider’s materials

Tick the box Content in the control sheet once you have smoothly understood and taken necessary notes

Tick the box Quiz/Test in the control sheet once you have tried the quiz at the end of the chapter Tick the box Question in the control sheet once you have tried the questions referred to in the

Question bank

Tick the box ACCA related resources in the control sheet once you have read the ACCA articles related to this chapter

2 Control sheet in detail

STAGE 2: LEARNING PROCESS

 Actively get knowledge from the materials

 Understand heading/key idea before going into detail

 Additional use resources provided by the Approved Content Providers for deeper or multi dimension understanding

 Always cleverly use practice question in learning phrase for support the theory

 Try to read a good quality business journal or newspaper regularly

1 Question practice

2 Key resources from ACCA official website

R Review the examining team’s guidance again in the context of what you have learnt

Remind yourself of areas that students often struggle with and obtain tips to avoid re-make

mistakes by reviewing the examiner’s reports from the last four sittings again, this time working through the F3 – A guide to using the examiner’s reports to really benefit from the valuable advice

provided

View the study support videos Paper F3/FFA MTQ

Read the exam technique and syllabus updates articles

Make sure you read the study skills articles in Student Accountant covering topics such as how to overcome exam anxiety as well as checking the Student Accountant Hub for any new technical

articles related to F3

3 Final preparation

Go over questions again that you found difficult during the revision phase

If you are unsure about the exam format, the style of questions or what specific syllabus areas are

likely to be tested in which questions, read the syllabus and study guide again

If you are not sure about how the marks are allocated review the specimen exam again.

STAGE 3: REVIEW PROCEDURE

 Pay attention on specific questions or mock exams or past exams to make sure everything is covered

 Do not be afraid of re-trying questions you have done before if you find them stricky

 Work through as many question as possible

 A question can be break into several parts for higher motivation

 Try not to look at solution before really seriously think of solving question

 Time management skill should be efficiently practiced and applied

Good luck and wish you

a well-done F3 exam!

STAGE 4: THE EXAM

 Identify where the CBE centre (if you have entered for the computer based exam) or

exam hall (if you have entered for the paper based exam) is

 Plan your route to the CBE centre or exam hall, taking into account the case of traffic

problems or public transport delays

 Ensure you have all the equipment needed for the exam (black pens, calculator etc)

 Don’t forget to take your exam docket with you as well as your student

identification

 Eat and sleep properly

 Try not to get into discussions with fellow students just before the exam about what

might come up – again this will only cause you stress