F3 study plan final

SAPP Academy Floor, No.2, Trai Ca alley, Truong Dinh street, Hanoi No.31, alley 56/34 Le Van Hien street, Hanoi Tel: 096 972 94 63 Web: sapp.edu.vn In this handy book, we will divide the process of achieving F3 into main phrases; namely Getting ready, Learning process, Review procedure and The exam With each phrases, we will give you some useful tips that hopefully enable you to learn by yourself with a right direction and now let take you time! STAGE 1: GETTING READY Hints for studying We highly suggest you with both books and websites that are contain up-to-date contents and syllabus coverage Books Book F3 – Study Text – Financial Accounting - BPP Learning Media F3 – Revision Kit – Financial Accounting – BPP Learning Media Characteristics As an ACCA approved content provider, BPP give learners the chance to access academic material reviewed by the ACCA examination team And it is actually the most trustworthy book, every learner should consider first However its explanation are in very detail so purposes – oriented learning is needed to avoid getting lost in “the sea of knowledge” The book is concerned as a pricing practice source that reveal the best strategies with lots of helpful guidance on tackling questions for a good preparation Websites Website ACCA Official Website http://www.accaglobal.com/gb/en.ht ml Characteristics It offer learners with material that significantly support for your learning process Materials are separately provided according to each specific subject Besides, past exams also need to be highlighted as an outstanding contents of this SAPP Academy Floor, No.2, Trai Ca alley, Truong Dinh street, Hanoi No.31, alley 56/34 Le Van Hien street, Hanoi Open Tuition Website http://opentuition.com/    Tel: 096 972 94 63 Web: sapp.edu.vn web It provides accountancy students with free ACCA and CIMA lecture notes, lectures and tests and tutor forums It is actually a money-saving method with flexible time of learning Use the ACCA Learning Community to contact with students around the world who pursue the same objectives with you Take you time to access available learning sources at Student section of ACCA website Feel free to personalize your edition of Student Accountant that fits your studying style the most to get possibly highest result Build up your plan a How to build your own plan? Calculate the remain week from now to the date of exam Personalize the learning time with considering your own circumstances and timetable Block out days/ half days already committed to family/social events Should put a three or four week aside for revision and final preparation      Be realistic with your target using SMART (Specific, Measurable, Achievable, Realistic, Timebound) Once the plan completed, stick to it Consider to add extra study time at chapters you find them hard Take 10 to 15’ short break after every hour a half Smoothly combine between self-study and online/offline tuitions from reliable sources b A plan for reference We create the plan that is 3-month lasting with three weeks of revision for F3 based on the syllabus on F3 – Study book published by BPP Learning Media SAPP Academy Floor, No.2, Trai Ca alley, Truong Dinh street, Hanoi No.31, alley 56/34 Le Van Hien street, Hanoi Code Content Tel: 096 972 94 63 Web: sapp.edu.vn Learning Points Practice Material Part A: The context and purpose of financial reporting The purpose of financial reporting Types of business entity A1 Introduction to accounting Nature, principles and scope of financial reporting Users' and stakeholders' needs Governance The main elements of financial reports Week 1 The context and purpose of financial reporting The regulatory system A2 The regulatory framework BPP Study Textbook - F3 BPP Revision Kit - F3 The International Accounting Standards Board (IASB) International Financial Reporting Standards (IFRSs) Part B: The qualitative characteristics of financial information Background B3 The qualitative characteristics of financial information The IASB's Conceptual framework The qualitative characteristics of financial information Other accounting concepts The qualitative characteristics of financial information SAPP Academy Floor, No.2, Trai Ca alley, Truong Dinh street, Hanoi No.31, alley 56/34 Le Van Hien street, Hanoi Tel: 096 972 94 63 Web: sapp.edu.vn Part C: The use of double entry and accounting systems The role of source documents The need for books of prime entry C4 Sources, records and books of prime entry Sales and purchase day books Cash book Petty cash Part C: The use of double entry and accounting systems C5 Week Ledger accounts and double entry Why we need ledger accounts? Double entry bookkeeping I The nominal ledger Double entry bookkeeping II The accounting equation Double entry bookkeeping The journal Day book analysis The receivables and payables ledgers The trial balance C6 From trial balance to financial statements The statement of profit or loss The statement of financial position Balancing accounts and preparing financial statements SAPP Academy Floor, No.2, Trai Ca alley, Truong Dinh street, Hanoi No.31, alley 56/34 Le Van Hien street, Hanoi Tel: 096 972 94 63 Web: sapp.edu.vn Part D: Recording transactions and events Cost of goods sold D7 Inventory Inventory Accounting for opening and closing inventories Counting inventories Valuing inventories IAS Inventories Part D: Recording transactions and events Non-current and current assets Tangible noncurrent assets I Capital and revenue expenditure Tangible noncurrent assets II IAS 16 Property, plant and equipment Week D8 Tangible non-current assets Depreciation accounting Revaluation of non-current assets Non-current asset disposals Disclosure in financial statements The asset register Worked example D9 Intangible non-current assets Intangible noncurrent assets Intangible assets Research and development costs Disclosure in financial statements SAPP Academy Floor, No.2, Trai Ca alley, Truong Dinh street, Hanoi No.31, alley 56/34 Le Van Hien street, Hanoi D10 10 Accruals and prepayments Tel: 096 972 94 63 Web: sapp.edu.vn Accruals and prepayments 10 Accruals and prepayments Part D: Recording transactions and events Provisions D11 11 Provisions and contingencies 11 Provisions and contingencies Contingent liabilities and contingent assets Week Disclosure in financial statements D12 12 Irrecoverable debts and allowances 12 Receivables and payables Irrecoverable debts Allowances for receivables D13 13 Sales tax The nature of sales tax and how it is collected Sales tax Accounting for sales tax Part E: Preparing a trial balance What are control accounts? Week E14 14 Control accounts 15 Control accounts Discounts The operation of control accounts The purpose of control accounts E15 15 Bank reconciliations Bank statement and cash book The bank reconciliation 16 Bank reconciliations SAPP Academy Floor, No.2, Trai Ca alley, Truong Dinh street, Hanoi No.31, alley 56/34 Le Van Hien street, Hanoi Tel: 096 972 94 63 Web: sapp.edu.vn Worked examples E16 Types of error in accounting 17 Correction of errors The correction of errors 18 Suspense accounts 16 Corrections of errors Part F Preparing basic financial statements Incomplete records questions 20 Incomplete record questions The accounting and business equations F17 17 Incomplete record Week Credit sales and trade receivables Purchases and trade payables Establishing cost of sales Stolen goods or goods destroyed The cash book Accruals and prepayments F18 F19 18 Preparation of financial statements for sole traders 19 Introduction to company accounting Preparation of final accounts Limited liability and accounting records Share capital Reserves Bonus and rights issues 19 Preparing basic financial statements SAPP Academy Floor, No.2, Trai Ca alley, Truong Dinh street, Hanoi No.31, alley 56/34 Le Van Hien street, Hanoi Tel: 096 972 94 63 Web: sapp.edu.vn Ledger accounts and limited liability companies Part F Preparing basic financial statements IAS 1: Presentation of financial statements 22 Disclosure notes The statement of financial position Week F20 20 Preparation of financial statements for companies The statement of profit or loss and other comprehensive income Statement of changes in equity Notes to the financial statements Company accounts for internal purposes IAS 18 Revenue Practice question F21 21 Events after the reporting period IAS 10 Events after the reporting period 23 Events after the reporting period IAS Statement of cash flows 24 Statements of cash flows Part F Preparing basic financial statements Week F22 22 Statements of cash flows Preparing a statement of cash flows Part G Preparing simple consolidated financial statements SAPP Academy Floor, No.2, Trai Ca alley, Truong Dinh street, Hanoi No.31, alley 56/34 Le Van Hien street, Hanoi G23 23 Introduction to consolidated financial statements Tel: 096 972 94 63 Web: sapp.edu.vn Groups and consolidation: an overview 25 Preparing simple consolidated financial statements Subsidiaries Associates and trade investments Content of consolidated financial statements Part G Preparing simple consolidated financial statements Summary of consolidation procedures Goodwill arising on consolidation G24 Week 24 The consolidated statement of financial position Non-controlling interests Intra-group trading Acquisition of a subsidiary part way through the year Summary: consolidated statement of financial position G25 25 The consolidated statement of profit or loss Introduction to the consolidated statement of profit or loss Intra-group trading Acquisitions part way through the year 26 Consolidated financial statements SAPP Academy Floor, No.2, Trai Ca alley, Truong Dinh street, Hanoi No.31, alley 56/34 Le Van Hien street, Hanoi Tel: 096 972 94 63 Web: sapp.edu.vn Summary: consolidated statement of profit or loss H26 26 Interpretation of financial statements Information required by users 27 Interpretation of financial statements The broad categories of ratios 28 Interpretation of financial statements Profitability and return Liquidity, gearing/leverage and working capital Interpreting information Limitations of ratio analysis Week 10 29 Mixed bank REVISION 30 Mixed bank 31 Mixed bank Week 11 REVISION Week 12 REVISION 32 Mixed bank 33 Mixed bank 34 Mixed bank 35 Mixed bank 10 SAPP Academy Floor, No.2, Trai Ca alley, Truong Dinh street, Hanoi No.31, alley 56/34 Le Van Hien street, Hanoi Thursday Friday A1 B3 B3 A2 A2 C4 C4 C5 C5 C6 C6 D7 D7 WRAP UP D8 D8 D10 D10 WRAP UP D9 D9 D11 D11 D13 D13 WRAP UP D12 D12 E14 E14 E16 E16 WRAP UP E15 E15 F17 F17 F18 WRAP UP F19 F18 F19 Week F20 F20 F21 F21 WRAP UP Week F22 F22 G23 G23 WRAP UP Week G24 G24 G25 H26 Week Week Week Week Week Week Week 10 Monday Tuesday A1 Tel: 096 972 94 63 Web: sapp.edu.vn Revision Part A Bank Test Revision Part B Week 11 Week 12 Wednesday G25 Revision Part C Revision Part D Bank Test Revision Part A Revision Part C Revision Part B Revision Part A Revision Part D Revision Part C Revision Part B Revision Part D Bank Test Bank Test Revision Part E Revision Part E Revision Part F Revision Part G Revision Part F Revision Part H Revision Part E Revision Part G Revision Part F Revision Part H 11 Saturday Sunday WRAP UP H26 Bank Test Bank Test Bank Test WRAP UP Revision Part G Revision Part H SAPP Academy Floor, No.2, Trai Ca alley, Truong Dinh street, Hanoi No.31, alley 56/34 Le Van Hien street, Hanoi Tel: 096 972 94 63 Web: sapp.edu.vn c Other considerations Use the correct format of Financial Statements Give the statements the correct title (should consider preposition as well) Carefully read through the information in the question to decide what appear in the Financial Statements Consider notes for adjustments and calculation required (P/L account) Always show your workings when needed STAGE 2: LEARNING PROCESS Keep your process under control Use the control sheet relevant to the Approved Content Prrovider’s materials Tick the box Content in the control sheet once you have smoothly understood and taken necessary notes Tick the box Quiz/Test in the control sheet once you have tried the quiz at the end of the chapter Tick the box Question in the control sheet once you have tried the questions referred to in the Question bank Tick the box ACCA related resources in the control sheet once you have read the ACCA articles related to this chapter      Actively get knowledge from the materials Understand heading/key idea before going into detail Additional use resources provided by the Approved Content Providers for deeper or multi dimension understanding Always cleverly use practice question in learning phrase for support the theory Try to read a good quality business journal or newspaper regularly Control sheet in detail 12 SAPP Academy Floor, No.2, Trai Ca alley, Truong Dinh street, Hanoi No.31, alley 56/34 Le Van Hien street, Hanoi Tel: 096 972 94 63 Web: sapp.edu.vn STAGE 3: REVIEW PROCEDURE Question practice       Pay attention on specific questions or mock exams or past exams to make sure everything is covered Do not be afraid of re-trying questions you have done before if you find them stricky Work through as many question as possible A question can be break into several parts for higher motivation Try not to look at solution before really seriously think of solving question Time management skill should be efficiently practiced and applied Key resources from ACCA official website R Review the examining team’s guidance again in the context of what you have learnt Remind yourself of areas that students often struggle with and obtain tips to avoid re-make mistakes by reviewing the examiner’s reports from the last four sittings again, this time working through the F3 – A guide to using the examiner’s reports to really benefit from the valuable advice provided View the study support videos Paper F3/FFA MTQ Read the exam technique and syllabus updates articles Make sure you read the study skills articles in Student Accountant covering topics such as how to overcome exam anxiety as well as checking the Student Accountant Hub for any new technical articles related to F3 Final preparation Go over questions again that you found difficult during the revision phase If you are unsure about the exam format, the style of questions or what specific syllabus areas are likely to be tested in which questions, read the syllabus and study guide again If you are not sure about how the marks are allocated review the specimen exam again 13 SAPP Academy Floor, No.2, Trai Ca alley, Truong Dinh street, Hanoi No.31, alley 56/34 Le Van Hien street, Hanoi Tel: 096 972 94 63 Web: sapp.edu.vn STAGE 4: THE EXAM       Identify where the CBE centre (if you have entered for the computer based exam) or exam hall (if you have entered for the paper based exam) is Plan your route to the CBE centre or exam hall, taking into account the case of traffic problems or public transport delays Ensure you have all the equipment needed for the exam (black pens, calculator etc) Don’t forget to take your exam docket with you as well as your student identification Eat and sleep properly Try not to get into discussions with fellow students just before the exam about what might come up – again this will only cause you stress Good luck and wish you a well-done F3 exam! 14 ... self -study and online/offline tuitions from reliable sources b A plan for reference We create the plan that is 3-month lasting with three weeks of revision for F3 based on the syllabus on F3 – Study. .. and final preparation      Be realistic with your target using SMART (Specific, Measurable, Achievable, Realistic, Timebound) Once the plan completed, stick to it Consider to add extra study. .. your edition of Student Accountant that fits your studying style the most to get possibly highest result Build up your plan a How to build your own plan? Calculate the remain week from now to the