Things That are Considered by Examiners for the ACCA Past Paper F7.
The ACCA past paper F7's goals are usually to develop the skills and knowledge of the Financial Reporting learners so they may understand and apply the basic accounting concepts and theoretical frameworks so they can be ready on the financial statements of an individual, as well as the groups. The way to analyze and interpret the financial statements is also discussed here. The F7 exam papers serves as a foundation for the Paper P2 (Corporate Reporting) because it can be a good basis for the implicit knowledge needed for this particular exams.
An ACCA F7 examiner can successfully complete the exam when he or she is:
-Good in discussing and applying the conceptual framework related to accounting.
-Has understanding in the regulatory framework for financial reporting.
-Able to prepare and present the conforming with International Financial Reporting Standards (IFRS) financial statements.
-Taking account for the business arrangements in unity with the IFRS.
-Can analyze and interpret financial statements.
The students may also be successful if they have wide knowledge and skills gotten from the Paper F3 (Financial Accounting). It will also be a progress in your taking of Paper 7 if you have understood the Paper F2 well (Corporate Reporting). The Paper F3 (Business Analysis) is also very helpful for the exam. The knowledge acquired from these exams and studies is a very reliable source for the many aspects and frameworks of the Paper F8 (Audit and Assurance). The main purpose of studying the Paper F7 (Financial Reporting) is summarized as the vital understanding and application for the standard concepts in accounting.
It is very important to discuss Paper F7 because it enhances the students' understanding about the theories and concepts that are essential for the readiness and regulation of the body's financial reports, to display the analytical skill in assessing the performance of an individual basing in the information got from the financial statements, and to apply the skills of basic accounting for the preparation of the financial statements.
The examiner is given three hours to answer the compulsory five questions. The ACCA past paper F7 exams may differ from its scheme and formats and it depends on the choice of the ACCA. There are many changes for each past exam papers but it is intentionally altered regularly to include the new and growing methods of only studying the center topics like the interpretation, groups and published accounts. This technique is a short term practice that may not give the extent of the skills and knowledge needed for the success for the Professional level as well as the required background of for the preparation in the development while working.
The recommended aid for this minor issue is the full awareness for the examiners that each question may often include elements that are relevant to various subjects and topics on the different areas of the syllabus given. This strategy has always been done by students taking up the ACCA past paper F7 and they had gained broader and wider knowledge about the financial reporting.
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