London School of Business & Finance

ACCA F3 Course

“Financial Accounting”

What F3 is about?
Paper F3 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 sole traders, partnerships and limited liability companies. The skills you learn at F3 will be built upon in papers F7 and
P2.

What skills are required?
You are expected to demonstrate Level 1 skills throughout the syllabus. This means that you need to show ‘knowledge and comprehension’. It is not sufficient to merely know the subject, you need to understand it and show that you understand. Therefore you will need to not only know an accounting standard but also show how to use it in practice. Double entry bookkeeping is a basic skill that you will need throughout all the financial accounting papers. Therefore it is essential that you master it at this stage or you will find the higher papers very difficult to understand.
For paper F3, you also need to be able to prepare basic financial statements. Once again, your basic knowledge from paper F3 will be built upon in papers F7 and P2. Therefore you must understand the basics of preparing financial statements now.