Foundations in Accountancy

What F3/FFA is about Paper F3/FFA aims to develop your knowledge and understanding of the underlying principles, concepts and regulations relating to financial accounting. You will need to demonstrate technical proficiency in the use of double entry techniques, including the preparation of basic financial statements for incorporated and unincorporated entities, as well as simple consolidated financial statements for group incorporated entities. You also need to be able to conduct a basic interpretation of financial statements. If you plan to progress through the ACCA qualification, the skills you learn at F3 will be built on in Papers F7 and P2. Approach to examining the syllabus Paper F3/FFA is a two-hour paper. It can be taken as a written paper or a computer based examination. The questions in the computer based examination are objective test questions – multiple choice, number entry and multiple response. (See page xxiii for frequently asked questions about computer based examinations.) Both the written and computer based examinations are structured as follows. Number of marks Section A 35 compulsory objective test questions of two marks each 70 Section B 2 compulsory multi-task questions of fifteen marks each 30 100 Multi-task questions are a series of short questions relating to one scenario. These short questions can take a number of formats, eg drop down lists, multiple choice, number entry and multiple response. In paper exams, multi-task questions will require longer answers and workings need to be shown to ensure that an error is only penalised once.