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EXAM TOPICS

INTRODUCTION TO F3 FINANCIAL ACCOUNTING

EXAMINER’S GUIDANCE

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MURTAZA’S ACCA F3 EXAM TIPS OR GUIDANCE

STUDENT RESOURCES (PAST PAPERS, TECHNICAL ARTICLES, EXAMINER REPORTS ETC)

 

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Exam Topic:1 THE CONTEXT & PURPOSE OF FINANCIAL REPORTING

Exam Topic Awareness

  1. Financial Accounting is Recording,Analysing & Summarising Financial Data
  2. Types of Business Organizations
  3. Sole Trader Vs Partnership Vs Limited Liability Company
  4. Advantages & Disadvantages of Types of Business Organizations
  5. Nature, Principles & Scope of Financial Reporting

Exam Topic:2 THE QUALITATIVE CHARACTERISTICS OF FINANCIAL INFORMATION

Exam Topic Awareness

  1. Qualitative Characteristics of Financial Information
  2. Balancing Between Qualitative Characteristics

Exam Topic:3 DOUBLE-ENTRY BOOK-KEEPING PRINCIPLES INCLUDING THE MAINTENANCE OF ACCOUNTING RECORDS

Exam Topic Awareness

  1. Sources of Data in Financial Accounting
  2. Double Entry Accounting & Duality
  3. Accounting Equation
  4. Role of Accounting System
  5. Frequently Examined or Used Accounting Entries or Transactions

Exam Topic:4 LEDGER ACCOUNTS, BOOKS OF PRIME ENTRY & JOURNALS

Exam Topic Awareness

  1. Books of Prime Entry or Day Books
  2. Nominal or General Ledger
  3. Memorandum/Subsidiary Ledgers
  4. Recording, Casting and Posting Accounting Entries

Exam Topic:5 SALES, PURCHASE & CASH

Exam Topic Awareness

 

Exam Topic:6 INVENTORY

Exam Topic Awareness

  1. Need for Adjustments in Inventory
  2. Journal Entries for Opening & Closing Inventory
  3. Continuous & Period End Inventory Records
  4. Alternative Methods of Valuing Inventory
  5. Inventory Valuation Methods
  6. Impact of Inventory Valuation Methods of Profit and Assets
  7. IAS 2 Inventory, Definition and Scope
  8. Measurement Of Inventories
  9. Valuation Of Inventories

Exam Topic:7 TANGIBLE NON-CURRENT ASSETS

Exam Topic Awareness

  1. IAS 16 Property, Plant & Equipment, Definitions
  2. Property, Plant & Equipment, Initial & Subsequent Recognition
  3. IAS 16 Property, Plant & Equipment, Derecognition
  4. Capital Vs. Revenue Expenditure
  5. Journal Entries for Tangible Non Current Assets
  6. Calculation Of Gain Or Loss On Disposal of Fixed Asset
  7. Revaluation of Non-Current Assets or Fixed Assets
  8. Calculation of Profit & Loss on Disposal of Revalued Assets

Exam Topic:8 DEPRECIATION

Exam Topic Awareness

  1. Purpose of Depreciation of Fixed Assets
  2. IAS 16 Property, Plant & Equipment, Depreciation

Exam Topic:9 INTANGIBLE NON-CURRENT ASSETS & AMORTISATION

Exam Topic Awareness

  1. IAS 37 Research Vs. Development Expenditure,Definition,Treatment
  2. IAS 37 Non-Current Intangible Assets, Recognition
  3. IAS 37 Non-Current Intangible Assets, Amortization & Impairment

Exam Topic:10 ACCRUALS & PREPAYMENTS

Exam Topic Awareness

  1. Accounting for Accruals & Prepayments

Exam Topic:11 RECEIVABLES & PAYABLES

Exam Topic Awareness

  1. Account Receivables Definition, Recognition and Types
  2. Account Payable Definition, Recognition and Types
  3. Purpose Of An Aged Receivables Analysis
  4. Purpose Of Credit Limits
  5. Accounting for Irrecoverable Debts or Bad Debts
  6. Accounting for Allowance for Receivables
  7. Costs and Benefits of Sales on Credit to Customers

Exam Topic:12 PROVISIONS & CONTINGENCIES

Exam Topic Awareness

  1. IAS 37 Provisions, Contingent Assets & Contingent Liabilities

Exam Topic:13 CAPITAL STRUCTURE & FINANCE COSTS

Exam Topic Awareness

  1. Capital Structure Of A Limited Liability Company
  2. Types of Share Capital
  3. Accounting for Dividend
  4. Accounting for Finance Cost
  5. Script Dividends or Bonus Dividends
  6. Accounting for Right Issue
  7. Statement Of Changes In Equity

Exam Topic:14 TRIAL BALANCE

Exam Topic Awareness

  1. Purpose Of A Trial Balance
  2. Limitations Of A Trial Balance

Exam Topic:15 CORRECTION OF ERRORS

Exam Topic Awareness

  1. Types of Errors in Bookkeeping Systems

Exam Topic:16 CONTROL ACCOUNTS & RECONCILIATIONS

Exam Topic Awareness

  1. Purpose of Control Accounts in Double Entry Accounting
  2. Preparation of Receivable/Payable Ledger Control Accounts
  3. Receivable/Payable Ledger Control Accounts Reconciliations
  4. Errors Highlighted by Control Account Reconciliation

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Exam Topic:17 BANK RECONCILIATIONS

Exam Topic Awareness

  1. Purpose Of Bank Reconciliations
  2. Reasons For Differences b/w Cash Book & Bank Statement

Exam Topic:18 SUSPENSE ACCOUNTS

Exam Topic Awareness

  1. Purpose Of A Suspense Account

Exam Topic:19 STATEMENTS OF FINANCIAL POSITION

Exam Topic Awareness

  1. Performa Statement of Financial Position
  2. What is Retained Earnings

Exam Topic:20 INCOME STATEMENTS & STATEMENTS OF COMPREHENSIVE INCOME

Exam Topic Awareness

  1. Performa Statement of Comprehensive Income
  2. Recognition of Revenues and Expenses
  3. Accounting for Under and Over Provision of Tax
  4. Interrelationship b/w Parts of Financial Statements

Exam Topic:21 DISCLOSURE NOTES

Exam Topic Awareness

  1. Purpose Of Disclosure Notes

Exam Topic:22 EVENTS AFTER THE REPORTING PERIOD

Exam Topic Awareness

  1. IAS 10 Events After Balance Sheet Date, Explanation
  2. IAS 10 Events After Reporting Period, Recognition & Measurement

Exam Topic:23 STATEMENTS OF CASH FLOWS (EXCLUDING PARTNERSHIPS)

Exam Topic Awareness

  1. IAS 7 Statement of Cash Flows, Definitions
  2. Difference b/w Profit and Cash Flow
  3. Statement of Cash Flows

Exam Topic:24 INCOMPLETE RECORDS

Exam Topic Awareness

Accounting for Incomplete Records

Exam Topic:25 SUBSIDIARIES

Exam Topic Awareness

  1. Preparing Simple Consolidated Financial Statements
  2. IFRS 3 Business Combinations, Definitions
  3. IFRS 3, Business Combinations, Accounting for Groups, Subsidiaries

Exam Topic:26 ASSOCIATES

Exam Topic Awareness

  1. IAS 28 Investments in Associates and Joint Ventures

Exam Topic:27 IMPORTANCE AND PURPOSE OF ANALYSIS OF FINANCIAL STATEMENTS

Exam Topic Awareness

  1. Purpose Of Interpretation Of Ratios

Exam Topic:28 RATIOS & ANALYSIS OF FINANCIAL STATEMENTS

Exam Topic Awareness

  1. Profitability Ratios for Financial Analysis Part 1of5
  2. Working Capital & Liquidity Ratios for Financial Analysis Part 2of5
  3. Financial Gearing Ratios for Financial Analysis Part 3of5
  4. Investor Ratios for Financial Analysis Part 4of5
  5. Evaluating Performance using Financial Analysis Part 5of5

 

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