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How can I prepare for exam based theory questions in FR? As I go through the syllabus, I could see a discuss or explain in each and every topic..Do I need to prepare each and every topic? Please advise on how shall I prepare for the whole theory?
I would suggest you to watch the introductory lecture on Financial Reporting exam. It gives a detailed idea of what the syllabus is and how it will be examined. You can access all FR lectures on below link:
https://opentuition.com/acca/fr/
In exam, a 20 mark question will be presented to you in Section C, which will require you analyse a given scenario of an entity’s performance, position or cash flows and then comment on it. Apart from this question, you will not be asked to ‘write’ anything.
The other 20 mark question will require you to prepare financial statements (individual or group).
In addition to the lecture, you can also have a look at the actual published past exams through the following link:
Thanks a lot for your response..Actually I am so confused on how can I prepare for section A and section B theory questions.I was actually exempted from F3. My actual query is there a lot of indetailed theory part..So do I need to study each topic (theory) of the whole syllabus for certain marks by preparing the notes?? Or just prepare for section C theory part only??Still confused on Preparation regarding Section A and C to score..
Apologies for misunderstanding your query.
In Section A & B, MCQs can be asked on theoretical aspects of accounting standards and framework. It can be straightforward, knowledge based questions such as
‘how do we account for an event where cash outflow is virtually certain but the amount is yet to be known?’
and you’ll be given options from which you’ll have to select the correct one. Or it could be a scenario based question in Section B where you’ll have to apply the rules of the standard on the given scenario to answer the requirement.To prepare for theoretical aspects, i’d say refer to the lectures along with lecture notes. They cover both theoretical and calculative aspects of Financial Reporting exam.
You must also use a revision kit from one of ACCA’s approved content providers. They contain lots of exam standards questions for practice.
As far as exemption from Financial Accounting exam is concerned, it shouldn’t be an issue. You must have obtained the knowledge elsewhere which would be repeated in FA exam, that is why you were exempted from studying it again.
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