ACCA F3 Financial accounting (ATC)
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F3FAVol1-DSG_d07.doc
FINANCIAL ACCOUNTING – VOLUME 1 (F3) – DETAILED STUDY GUIDE
| Study System Session | Topic | Study Question | Date completed |
| 1 | Context of financial reporting | | |
| | This Session introduces some of the types of entity encountered in the accountancy profession. This first volume concentrates on the accounts of a sole trader, other entities will be considered in detail in Volume 2. The Session introduces a number of accounting terms, most of which will be expanded in later Sessions. | | |
| | After studying this you should be able to:
| | |
| 2 | Balance sheet and income statement | 1,2 | |
| | This Session introduces “illustrations” and “examples”. An Illustration is used to explain a particular point and a solution, if needed, follows immediately after it. Examples should be attempted and checked against the solution, which appears at the end of the Session. This Session describes the two main financial statements that accountants are required to produce and analyse. The formats given in this Session are very important and must be learnt. The distinction between capital and revenue expenditure is very important as this dictates whether the transaction appears in the income statement or on the balance sheet. | | |
| | After studying this you should be able to:
| | |
| ^ | Topic | Study Question | Date completed |
| 3 | Double entry bookkeeping principles | 3 | |
| | The Session introduces the accounting equation, this equation in one form or another forms an extremely important part of the accounting function and must become second nature to accountants. | | |
| | After studying this you should be able to:
| | |
| 4 - 5 | These Sessions start to look at the use of “T” accounts in recording transactions. “T” accounts are extremely important to the accountant as, although in practice accountants very rarely have to record transactions, they do need an awareness of how transactions have been recorded. Session 4 introduces the terms DEBIT and CREDIT which need to become “second-nature” to accountants. Session 5 considers the settlement of credit sale and purchase transactions. | | |
| 4 | Ledger accounting | 4 – 8 | |
| | After studying this you should be able to:
| | |
| ^ | Topic | Study Question | Date completed |
| 5 | Credit transactions | 9 – 11 | |
| | After studying this you should be able to:
| & 16, 17 | |
| 6 | Trial balance | 12 – 15 | |
| | This Session explains the use of the trial balance in helping to find errors and the link it provides between recording transactions and preparing financial statements. Pay particular attention to understanding which errors are identified by the trial balance and why. This will be crucial to tackling the topic of suspense accounts later, | | |
| | After studying this you should be able to:
| | |
| 7 | Fundamental bases | | |
| | ^ | | |
| | After studying this you should be able to:
| | |
| ^ | Topic | Study Question | Date completed |
| 8 - 11 | These 4 sessions look at the adjustments that are required at the year end in order that the financial statements can reflect fully the activity for the period. Note how the double-entry can “work” to calculate a charge (or credit) to the income statement without need for a separate proof. | | |
| 8 | Accruals and prepayments | 18 – 24 | |
| | After studying this you should be able to:
| MCQs Test 1 | |
| 9 | Depreciation and disposal of non-current assets Make sure you understand the principle that an annual allowance for the use of the asset is charged to the income statement, The accumulated allowance is netted off against the cost of an asset in arriving at the “carrying value” (i.e. balance sheet amount). | 25 – 29 | |
| | After studying this you should be able to:
| | |
| ^ | Topic | Study Question | Date completed |
| 10 | Receivables and payables Understand the principle that receivables must be carried at the expected recoverable amount. Note that whereas an allowance for depreciation is accumulated year-on-year (until the asset is disposed of), a trade receivables allowance, once made, is simply adjusted to reflect the change in circumstances, if any, of the receivable balances against which the allowance is made. | 30 – 37 | |
| | After studying this you should be able to:
| MCQs Test 2 | |
| ^ | Topic | Study Question | Date completed |
| 11 | Inventory Although this is a short session many students initially find the double-entries for inventory confusing. Inventory is unique, in that it is “its own double-entry”. That is closing inventory in the balance sheet (a Debit) is created by a credit against cost of sales. The entries that were made for opening inventory (in creating the prior year closing inventory balance) must be reversed. | 38 – 40 | |
| | After studying this you should be able to:
| | |
| 12 - 16 | The following sessions test your understanding of double-entry bookkeeping and ability to reconcile figures between two sets of data. These “control mechanisms” are highly examinable. | | |
| 12 | Books of prime entry and control accounts You may never see “books” in today’s computerised systems. However, the principles of day books are the same even if produced as computerised “journals”. | 42 – 50 | |
| | After studying this you should be able to:
| | |
| ^ | Topic | Study Question | Date completed |
| 13 | Control accounts reconciliations You need to understand the purpose of these reconciliations and the reasons for differences. Even though some errors may be prevented in computerised systems (e.g. “single entry”, where the double-entry is automatic), computerised systems may be more prone to other errors (e.g. omission or duplicated entries). | 51 – 57 | |
| | After studying this you should be able to:
| MCQs Test 4 | |
| 14 | Bank reconciliations Whereas control account reconciliations are between records maintained by an entity, bank reconciliations are between the bank account records maintained by the entity and those maintained by an external third party – the bank. | 58 – 65 | |
| | After studying this you should be able to:
| MCQs Test 3 | |
| ^ | Topic | Study Question | Date completed |
| 15 | Journal entries Although it is important to be able to write suitable journals and recognise what double entries need to be made do not get in into the habit or writing them out unnecessarily – double entries in T a/cs are generally much more efficient as workings. | 69 & 72 (see also suspense accounts) | |
| | After studying this you should be able to:
| | |
| 16 | Suspense accounts Definitely a favourite with examiners! This is where it all seems to be “back to front” so there is plenty of scope for confusion. There are just two things to remember. (1) Not all errors affect the balancing of the trial balance (see Session 6) so the correction of many errors should not involve an entry to a suspense account. (2) Any entry to a suspense account is always the opposite side of the correcting entry – so work out what the correcting entry is first. | 66 – 68, 70 – 71 & 73 – 75 | |
| | After studying this you should be able to:
| MCQs Test 5 | |
| ^ | Topic | Study Question | Date completed |
| 17 | Accounting systems | | |
| | ^ . | | |
| | After studying this you should be able to:
| | |
| Appx | Sources of information | – | |
| 18 | ^ | | |
| | After studying this you should be able to:
| | |
| ^ | Topic | Study Question | Date completed |
| | Integrating your knowledge Even if you are sitting ACCA’s wholly MCQ exams (rather than ATC Accredited exams) longer question practice is essential to integrating your knowledge of discrete topics so that you understand how they are related within the “bigger picture”. Remember that studying for F3 is not just to pass a two-hour assessment, but to provide you with the essential knowledge that underpins later studies – not only for financial reporting examinations, but auditing also. | 76 – 83 | |
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