TIPS ON CRUSHING ACCA PAPER F7 (Financial Reporting)

ACCA F7 – Nature of the paper:

ACCA paper F7 is the link between paper F3(Financial Accounting) and paper P2(Corporate Reporting). It goes beyond the ability to prepare financial statements and consolidated financial statements. It requires candidates to have the abilty to interprete the performance of entities based on their financial statements. It extends beyond the normal double entry principles. 

Structure of the ACCA F7 paper:

The exam is a three-hour paper, with all questions being compulsory, and with 15 minutes reading time. There will be two sections to the exam:

Section A will comprise 20 multiple choice questions of 2 marks each.

Section B will comprise one 30 mark questions and two 15 mark questions.(The 30 mark question will examine the preparation of financial statements for either a single entity or a group. The section A question and the other questions in Section B can cover any areas of the syllabus.)

FREQUENTLY ASKED QUESTIONS ABOUT CFA

The CFA is presently the most sought after finance certification in the world. The CFA is one of the most respected designations in finance. It is considered to be the gold standard in the world of finance. Here are some of the most frequently asked questions about the certification.

1. Question: What are the prerequisites to be eligible to write the exam?

Answer: You must have a B.Sc or its equivalent. However, you might be allowed to write Level 1 if you satisfy you are in the final year of your undergraduate program or you have up to four years of professional experience. You do not need to be a chartered accountant to be eligible.

2. Question: How much will I pay to register and what is the cost of the exam fees?

Answer: The initial registration and exam fees vary. You can find the details on the CFA website

http://www.cfainstitute.org/programs/cfaprogram/register/Pages/fee_schedule.aspx

3. Question: When is the exam written?

Answer: Level 1 is written in both June and December, while Levels 2 and 3 are written in June only.