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Tips for You to pass F1-F3


It is always difficult to start with everything new. The same is true with ACCA exams. Most of candidates whose major are not accounting may feel difficult to pass ACCA exams. Here are some tips for those candidates preparing to take F1-F3 exams. 1. Candidates should know what F1-F3 is about F1 (account in business) is the basis of all other papers. The knowledge contained in F1 is very wide which mainly involves the following three major areas: organisational behaviour, human resource management, accounting and auditing. It also relates to the economics, marketing strategic management, ethics, information management and time management. F2 (management accounting) introduces the main elements of the management accounting systems such as how to support enterprise decision making and drawing up the role of enterprise decision making etc. F3 (Financial accounting) gives a view of financial standards, account establishment and accurate financial information. 2. Candidates should follow the latest syllabus and examination form F1 2012 syllabus newly added micro economics, competency framework and ethical conflicts and dilemmas. F2 syllabus newly added alternative costing principles (target costing, life-cycle costing, TQM), prepare cash budget, prepare master budget, capital budgeting and NPV, IRR, pay back period and performance measurement. F3 syllabus newly added duties and responsibilities of those charged with governance, disclosure notes, accounting for subsidiary, awareness of what associates are and equity accounting and importance and purpose of analysis of financial statements. There are two parts involved in F1-F3 exam papers. Section A, 16 one-mark objective test questions and 30 two-mark short objective test questions; Section B, 6 four-mark longer version objective test questions, one taken from each of the six sections of the syllabus from Dec 2011. 3. Be serious about business English, but don't afraid of it. Many students consider English their NO.1 barrier at the beginning. However, it is not necessary to be so. AdmittedlyEnglish language is the key to open door of ACCA exams. You have to be able to read Chinese before you are able learn accounting in
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Chinese. The same, you have to able to read accounting English, before you are able to prepare ACCA exams. Luckily, although the difficulty of those new words varies according to students' English vocabularythe grammars used are pretty simple and the total number of jargon is comprehensive. We suggested you spend some time on business English before you learn ACCA or you should allocate more time to the first subject you take so that you can learn both accounting and its related vocabulary at the same time. After a period of vocabulary enriching, accounting English will be as familiar as your native language. 4. Skills for tackling multiple choice questions As we all know, almost all of questions in F1-F3 exam are multiple choice questions. Is some candidates do not understand the related knowledge, they may answer the questions just by guessing. However, the options are sometimes confusing and disruptive and are quite long. Candidates should eliminate incorrect answers and find the correct option quickly. Here are some skills for you. 1. Understanding core knowledge points. In my view, It is not necessary to do a lot of questions and remember the answers. In fact most of the knowledge can be grasped by understanding. For example, In relation to the management of conflict, which of the following approaches will maximize the prospect of consensus? A Acceptance B Negotiation C Avoidance D Assertiveness If you are familiar with the internal structure and framework of knowledge, you can find the answer very quickly. For this question, negotiation gives the best opportunity for the two sides in a conflict to converge their positions. The other options either involve backing down, forcing a position, potentially increasing conflict, or leaving the issue unresolved. 2. Find out key words According to the examiner's report, scenario questions are becoming longer and it is sometimes necessary to read the scenario several times in order to understand the issues involved. If candidates can find the key words from long questions, precious time can be saved. For example, a team has been set up to study a new product. The members of the team are debating how they should approach the task and who should be the leader. They are quite exited in brainstorming sessions. At what stage team development does this team? A. Forming B. Storming C. Norming
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D. Performing The answer is B. The key words debating, brainstorming reflects the storming stage of the development of a team. A. Relate concepts to real life It is more efficient for candidates to understand and remember a concept if they can relate the concept to their real lives. For example, what is ad hoc committee? Ad hoc committee is formed to complete a particular task on a temporary basis. Candidates can relate the concept to the real life: Linda, Lisa and Peter work in different departments. They are members of the permanent committee which meets on a monthly basis to discuss staff issues such as pensions and benefits. There is no shortcut to success, However, there is shortcut to pass. You should grasp the core knowledge well and use various skills during the exam in order to pass the F1-F3 papers.

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