The Complete Roadmap to Qualify the ACCA FA F3 Exams

 

The ACCA financial accounting (FA F3) exam is one of the most difficult papers of the ACCA applied knowledge level exams. The ACCA FA F3 exam is designed to evaluate your understanding of double-entry accounting procedures, like creating fundamental financial statements, as well as your grasp of financial accounting principles and concepts. It has had 65-73% average success rates in the past few years. 

In this blog, we will craft a complete roadmap on how to qualify for the ACCA Financial Accounting FA F3 exam with all the strategies and tips you need to know to succeed.

ACCA FA F3 Exam Format 

The ACCA FA F3 exam is a two-hour computer-based exam. 

All of the subjects covered in the syllabus are checked in the exam, along with knowledge assessment and comprehension/application tests.

There will be two portions to the exam.

In Section A, there will be 35 two-mark objective test questions.

In Section B, two 15-mark multitask questions, testing consolidations, and account preparation are all included.

Whereas the accounts preparation question might pertain to a limited company or a lone trader, the consolidation question might call for some interpretation.

The Major Skills Evaluated in the ACCA FA F3 Exam

The ACCA FA F3 exam evaluates your proficiency in the following domains:

  • The background and intent behind financial reporting
  • The qualitative aspects of financial data
  • Keeping a record of events and transactions
  • Show how to utilize accounting and double-entry methods.
  • Get a trial balance ready.

How to Approach the ACCA FA Exams?

Time management is crucial because the exam is divided into two sections—part B has problems with multitasking, and section A consists of your 35 objective test questions.

Giving eighty-four minutes to Section A is considered a smart strategy to cover most of the questions. You should therefore complete the few objective test questions at that time. 36 minutes were subsequently spent on Section B’s multitasking questions. Making the right time management strategy is going to help you a lot.

You must finish the multitasking questions in Section B. Thus, you will lose significant points in Section B if you spend too much time in Section A.

When you are satisfied with the computations required and the strategy you will move to answer those longer questions. Practice asking questions is therefore essential.

Additionally, while creating your study schedule, please remember to account for the time needed to go over the course notes and then the practice questions.

Conceptual Skills Required for Passing the ACCA FA F3 Exams

How will you perform well in Section A of the exam, which consists of the objective test questions?

Double entry is an essential topic. Therefore, you must be aware of the credits and debits. For instance, you must debit cash and credit that sales income account if the business makes a sale for cash. Therefore, practice the double-enter a ton.

Therefore, you’ll need to be able to compute a wide range of accounting adjustments in addition to being able to determine whether anything is a debit or credit entry. Thus, accruals, prepayments, loans, and non-current assets are all included in this.

You have a few longer jobs to complete before moving on to the multi-task problems. And a deliberate approach is necessary to succeed in these longer problems. For instance, if you have to complete your consolidation question, carefully read the criteria, determine exactly what you need to do, and then multiply the total time required by 0.2 to determine how much time you should spend on each task. However, the quantity of marks.

Creating the group structure with the parents’ percentage and the non-controlling interests’ pet percentage in mind is a smart strategy. You can decide which consolidation adjustments are necessary as you examine the assignment details. Examine these questions slowly. To make sure you incorporate all the changes and finish the performance, it would be beneficial if you went through them step-by-step.

What to Avoid During the ACCA FA F3 Exam

There are some narrative aspects to the syllabus. You have the regulatory conceptual framework, for instance. Studying those would therefore be beneficial. They don’t require any numbers, so make sure you finish them.

As we previously stated, time management is crucial, so don’t spend too much time on Sections A or B. When the exam is almost over, make sure you plan your time according to the number of marks.

Please check to make sure there are no questions left on the set.

Bottom Line 

So, this was the complete guide to the ACCA FA F3 Exam. Hopefully, you have a better idea of how to prepare your exam strategy. If you are just starting your ACCA learning journey, consider Mirchwala’s Hub of Accountancy as your one-stop learning partner. To learn more about ACCA courses, feel free to contact us

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