How to pass the ACCA FA F3 exams

How to pass the ACCA FA F3 exams

Discover effective techniques and strategies on how to pass the ACCA FA F3 exams

The ACCA Financial accounting exam is one of the more challenging parts of the ACCA applied Knowledge level exams, with average pass rates between 65-73% in recent years. In this article, we look at some tips and tricks to help you pass this module. 

This exam aims to test your knowledge of financial accounting principles and concepts and your proficiency in double-entry accounting techniques, such as preparing basic financial statements.

If you're looking to score high in your FFA/FA exams, read on for our FA study tips to help you pass it on your next attempt:

What is the ACCA FA exam pattern?

A two-hour computer-based examination assesses the syllabus.

The questions will cover all topics on the syllabus, assess knowledge, and test comprehension or application.

The examination will consist of two sections. Section A will contain 35 two-mark objective test questions. Section B will contain two 15-mark multi-task questions, testing consolidations and accounts preparation.

The consolidation question may require a small amount of interpretation, while the accounts preparation question may relate to a sole trader or a limited company.

What skills are tested in the FA exams?

The FA exam tests your skills in the following areas

• The context and purpose of Financial Reporting
• The qualitative characteristics of financial information
• Recording transactions and events
• Demonstrate the use of double-entry and accounting systems
• Prepare a trial balance.

How Do I tackle the FA exams? 

•  Time management is critical, as the exam is split into two sections, so section A is your thirty-five objective test questions, and section B is to multi-task questions. 
• It would help if you aimed to spend around eighty-four minutes on Section A. So that's when you work through the short objective test questions. And then 36 minutes on section B, the multi-task questions. It will help if you plan your time accordingly.
• It's very, very important that you complete those multi-task questions in section B. So if you spend too much time in section A, then you'll lose vital marks in section B
• You're happy with the calculations you need and how to approach those more extended questions. So question practice is critical. And as you're coming up with your study plan, please make sure you factor in the time to review the course notes and then practice questions. 

What conceptual skills do I need to clear the FA exams?

If we think about Section A, the objective test questions, how will you be successful in that part of the exam? 

• Well, double entry is crucial. So you need to know the debits and credits. You need to know that, for example, if the business makes a sale for cash, you must debit cash and credit that sales income account. So lots and lots of practice around the double entry.
• And, of course, that also leads to the calculations. So as well as knowing whether something is a debit or credit entry, you'll need to be able to calculate a whole range of accounting adjustments. So this includes accruals, prepayments, non & current assets, and debts.
• Now, when you move on to the multi-task questions, you've got some longer tasks to work through. And to be successful in these more extended questions, you need to have a methodical approach. So, for example, if you're required to do your consolidation question, read the requirement very, very carefully, work out precisely what it is you're being asked to do and also the amount of time you should spend on each part of the requirements by multiplying by one point two minutes. But the number of marks.
• A good approach is to draw up the group structure so that, you know, the percentage owned by the parents and the pet percentage owned by the non-controlling interests. As you read the task information, you can determine which consolidation adjustments are required. Take your time with these questions. It would help if you worked through them steadily to ensure you bring in all the adjustments and complete the performance. 

What are the Things I need to avoid

• So your syllabus does include some narrative elements. For example, you've got the regulatory conceptual framework. So it would help if you studied those. Be sure to complete them because they don't involve numbers. 
• As we said earlier, time management is essential, so spend only a little on Sections A or B. Make sure you allocate your time based on the number of marks when you get to the end of the exam. 
• Do make sure that you haven't left any questions on set.

What are the study resources available for the FA Exams?

Students can use the following resources.

1. ACCA FA Technical articles
2. ACCA-approved BPP or KAPLAN books
3. BPP ACCA online course on FA

Summing up

Passing the FA exams can be challenging, but with the right approach and using the ACCA-approved books and BPP online course, you can pass the exams on the first attempt.