F3 Financial Accounting (FA)
THE SECRET TO EXAM SUCCESS
F3 paper tests the understanding of producing financial accounting statements and candidates should demonstrate thorough understanding of all elements of the syllabus. When preparing for the examination, practice preparing financial statements and familiarise yourself with the format in which they are required in exam. In addition, you need to develop a good examination technique so that all the questions are completed in the time available.
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.
The syllabus for Paper FFA/F3, Financial Accounting, introduces the candidate to the fundamentals of the regulatory framework relating to accounts preparation and to the qualitative characteristics of useful information. The syllabus then covers drafting financial statements and the principles of accounts preparation. The syllabus then concentrates in depth on recording, processing, and reporting business transactions and events. The syllabus then covers the use of the trial balance and how to identify and correct errors, and then the preparation of financial statements for incorporated and unincorporated entities. The syllabus then moves in two directions, firstly requiring candidates to be able to conduct a basic interpretation of financial statements; and secondly requiring the preparation of simple consolidated financial statements from the individual financial statements of group incorporated entities.
On successful completion of this paper, candidates should be able to:
- Explain the context and purpose of financial reporting
- Define the qualitative characteristics of financial information
- Demonstrate the use of double-entry and accounting systems
- Record transactions and events
- Prepare a trial balance (including identifying and correcting errors)
- Prepare basic financial statements for incorporated and unincorporated entities
- Prepare simple consolidated financial statements
- Interpretation of financial statements
- Lectures 13
- Quizzes 2
- Duration 15-25 hrs
- Skill level All levels
- Language English
- Students 28
- Certificate Yes
- Assessments Self
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