Latest developments from the F3 examiner - Nicola Ventress
At the ACCA teacher’s conference, Nicola Ventress gave a presentation which discussed students’ performance in F3 Financial Accounting. She also provided insights into how performance in this paper can be improved.


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Common problems seen on students’ scripts included:
Students perform badly on suspense accounts, partnership accounts, preparation of a statement of cash flows, and intangible assets.
Although students seem to know accounting treatments, they do less well in
explaining the impact of an accounting treatment on profit or net assets.

There were however some strong points in students’ scripts:
Students have performed well in the syllabus areas of control accounts, non-current assets, inventories, provisions, and events after the reporting date.
Most students have a good grasp of the principles of double entry bookkeeping.

The following tips were given to candidates attempting F3:
Students should practice full questions even though a topic will be examined by MCQ, i.e. it is important to practice the preparation of a full set of financial statements.
The theoretical aspects of the syllabus such as the Framework document should be studied.
The examiner’s report looks at questions which students found difficult. The report should be read as a guide to how to improve performance.
The examiner recommends that students read questions carefully, e.g. do not assume that a company’s year end is December, and check the months needed to calculate e.g. an accrual or prepayment.
The statement of comprehensive income will be examined at a basic level in the INT variant - for UK students, the equivalent is the Statement of Total Recognised Gains and Losses.

ACCAHELP advises all F3 students to:
Read the examiner’s reports on past sittings of F3 which are available on ACCA’s website.
Practice exam questions from an approved, up to date exam kit.[/SHOWTOGROUPS]