HOW TO ACE THE FINANCIAL ACCOUNTING PAPER: A COMPREHENSIVE GUIDE

The financial accounting paper of the ACCA is one of the most crucial exams as it forms the basis of what lies ahead. It is also the basic version of your f7, so it is crucial to get a good grasp on f3 which will make it easier for one to achieve good marks at the later stage.  At Mirchawala Hub of Accountancy, it is taught by none other than Sir Mustafa Mirchawala, who not only teaches you the syllabus, but also leaves an everlasting impact on your mind. His methodology of teaching makes it very breezy for most students to gain good marks in the exam as well boost their confidence about the syllabus. Listed below are some of the tips and trick to keep your cool and pave the way towards excellence, towards achieving greatness 

  • DO NOT SKIP THE BASICS 

A lot of students study the most crucial topics of the exam, practise a lot until their head hurts, but the most bizarre mistake they make is that they skip over the refurbishments of the basics. For example, if you study the topics of errors and suspense, memorise every step that comes, one after another, and also practise every question in every book, but you don’t learn how to make its double entry, which is what usually tested in the exam, then you ultimately lose marks in your favourite topic, without you even understanding what went wrong. So it is vital to brush upon all of what you initially studied in the first place. Practise all those ledgers, all those double entries and all the bookkeeping before you start delving into main topics. 

  • READ THE BOOK

Many students only entirely rely on the online lectures, and the notes they made in class. But what they don’t do is that they do not read the book. And the book provides a better understanding of the topic as well as cements the topic further in the mind of the students. Thus going through the book right after finishing a topic will work wonders for students. For example, The chapter of incomplete records and inventory valuation overlaps with each other, thus gets confusing for students while attempting its questions. So reading up the book wll clear more than half of that confusion.

  • PRACTISE FROM STUDY HUB

When people first start out at ACCA, they are unaware that there are multiple quizzes, practice questions and chapter summaries on the Study Hub of ACCA website. And those questions are the closest one can come to the actual exam you attempt. The additional resources as well as the practice acts as brownie points in order for what to expect once you are in the exam room.

  • PREPARE YOUR BRAIN FOR EXAM

A very common catastrophe that happens with students that ultimately leads to scoring very low marks is that they do not prepare their mind and body for the exam. They constantly practise everything, go over concepts from time to time, but they do it in the very comfortable settings of their home. So what happens during exams is that their body goes under immense pressure, thus entering the fight or flight mode, which leads them to succumb to failure. So it is crucial to practise deep breathing exercises to calm your brain down as well as practice in the exam setting, which will eventually help them calm their nerves during the exam.

  • PRACTISE THE EXAM KITS MULTIPLE TIMES

When a teacher finishes the topic, they also do the exam kit as additional practice, so for a lot of students that is a done deal, but you should not wind up your practice there. Because once we do a question multiple times, we get a better understanding of the logic behind it. Because all of your efforts are in vain if you practise a lot of questions without understanding the basic idea behind it, you won’t be able to perform effectively in exams. For example, do one topic of Kaplan Kit multiple times, then proceed onto BPP, and the concepts will come naturally to you. Therefore, the key is to work smart and not hard!

  • FOLLOW THE TEACHERS FLOW

At Mirchawala’s Hub of Accountancy, Sir Mustafa Mirchawala has designed a specific flow of syllabus that intricately links one topic to another, thus in the end everything comes full circle. If you follow his footsteps, you’re just standing at the brink of success!

  • GROUP STUDY

One of the major advantages of group study as compared to solo studies is that you can measure where you are standing. Because when you are studying by yourself, you can’t gauge the essence of your performance, but in a group you become more conscious of what you have studied and therefore retain more than you can possibly do while studying alone. 

Mirchawala Hub of Accountancy provides an excellent centre to get together with your peers and effectively utilise your time to study. 

  • SET A STRICT SCHEDULE

A lot of students subscribe to the online lectures and usually study at their own pace. While this provides flexibility, it also causes a lot of students to slack off and they end up wasting a lot of their time. Thus, it is of precedence that students set up a strict schedule as well as targets about what they have to achieve in one day. This will help you keep in check of their performance as well and cover the syllabus in a viable time. For example, if you are doing consolidation, set a target of 3 days to complete it. If it is a small topic like any IAS, make a target to do all 3 of them in one day. 

Above listed are the following strategies that you can adapt in order to study effectively. Each added is a tool that will aid you in achieving more marks in your F3 exam. Moreover, Sir Mustafa Mirchawala of Mirchawala Hub of accountancy is at your earliest disposal, whenever you need help.

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