The most prepared ACCA students find this paper fairly straightforward. It is generally easier than ACCA MA and the pass rate proves that. A simple approach can be followed to study for this paper and it is important to ensure that you have a strong understanding of the basics that underpin this ACCA examination. Here I will discuss the tips that you can use to pass this exam! A good study technique and a strong exam technique can be used to successfully pass this exam!
First of all, ensure that you cover the whole syllabus when studying for this paper. You need to be confident in all the areas that make up this paper. Common problem areas for students are cashflows, dealing with errors, accruals, prepayments, incomplete statements, and group financial statements. Have a solid understanding of these areas to ensure that you pass this paper! Do not try to spot the exam. Read everything and that will maximize your chances of passing this ACCA exam.
You must also ensure that you understand double-entry as it makes up a significant portion of the exam. Knowledge and understanding of this area of the exam will help pass the paper as this area is tested both directly and indirectly. Practice a lot exam questions to master journal entries as it will be also useful when sitting for the ACCA FR exam too! Do not overly focus on this one area of the paper. Aim to have a good understanding of every exam topic of this ACCA exam. Do not read notes passively. Read them repeatedly and you will pass this exam very well!
This ACCA exam can be time pressured. So, it is important that you practice a lot of past exam papers. Do these papers under exam conditions and this will help you significantly with time management. Focus on past papers from the last 10 years, and that should give you an idea of what the examiner expects from students. Also read examiner articles to understand the major reasons why students fail this exam. The examiner has often cited under-preparation as one of the major reasons why students fail this exam. Study everything and do that effectively to pass the exam.
Section B of the exam has two questions. One of them will focus on the preparation of single entity financial statements. Make sure you have an understanding of how to prepare those financial statements. Some students will have a proforma on how financial statements are prepared. Its best that you understand how its done and you will be able to attain marks in this area. The other question will focus on group financial statements. Make sure you study well for this syllabus area! Examinable topics under this area include non-controlling interest, statement of profit or loss, and statement of financial position. Know those areas by heart.
The exam requires a good grasp of maths but not at a high level. A general appreciation of the subject will suffice. I have an article about maths for ACCA students. Check it out here! Overall, study very well and practice a lot of past papers. This will help you pass the exam. Read technical articles and make sure you discuss the areas that are challenging with your tutors or study buddies. This will help you understand concepts that will contribute to success in your ACCA FA exam! Goodluck…