FTMSOnline: ACCA Paper 1.1 - Preparing Financial Statements

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ACCA Paper 1.1 Preparing Financial Statements [ Introduction Seminar ]

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About FTMS Online  1st effective and successful e-learning platform for ACCA courses in the world.  over 44,000 registered students from over 165 countries around the world.  offers:  downloadable interesting audio  fantastic exam-focused study materials  customised mock examinations  list of useful multiple choice questions

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About the Lecturer for Paper 1.1  Miss Fanny Choi BA, ACCA,CPA, ASCPA  A very versatile and experienced lecturer, Fanny specialises in financial and management accounting subjects.  Prior to joining FTMS as a full-time lecturer, Fanny has over 10 years of working experience in the financial industry in Hong Kong and Greater China.  Her well-rounded academic and professional background has made Fanny a suitably qualified lecturer.

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About the Examiner of Paper 1.1 Neil Stein

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About the Objective of Paper 1.1  to ensure that candidates can progress to Paper 2.5 Financial Reporting by demonstrating two main skills:  the ability to prepare simple financial statements and the underlying accounting records; and  an understanding of the principles on which accounting is based, including the ability to criticise existing practice.

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Position of Paper 1.1 Paper 2.5 Financial Reporting Paper 3.6 Advance Corporate Reporting Paper 2.6 Audit and Internal Review Paper 3.1 Audit and Assurance Services Paper 1.1 Preparing Financial Statements

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Core Areas of Paper 1.1  Double entry skills – journal entries, asset accounting, control accounts and adjustment for accounting errors.  Preparation of entity financial statements for sole, traders, partnerships, and companies, including financial statements for publication.  Preparation of simple consolidated balance sheet  Interpretation of accounting information.  Accounting concepts and principles.  Relevant accounting standards.

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Examination Types for Paper 1.1  Paper-based examination (PBE)  Computer-based examination (CBE)  Time duration for both PBE and CBE are 3 hours

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About the PBE of Paper 1.1  Constructed into two sections: Section A: 25 compulsory multiple choice questions (2 marks each) Section B: 5 compulsory short questions (8 – 12 marks each) 50 marks 50 marks 100 marks

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About Section A of PBE  25 MCQs covering the entire syllabus, subject to the fact that topics covered in Section B will be examined less extensively in the MCQs.  Each MCQ consists of a question to which four possible answers are given.  MCQs will be of two main types:  requiring calculation  not requiring calculation  No penalty for making an incorrect answer.

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About Section B of PBE  60% to 70% computational questions and 30% to 40% non-computational.

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About the CBE of Paper 1.1  No short essay questions but all will be objective test.  Question types of CBE:  classic multiple choice  Multiple response 1 – select more than one response from the options provided  Multiple response 2 – indicate a response to a number of related question parts by choosing one option each from a number of drop-down menus.  Number entry – key in numerical responses to a question

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FTMS Online Seminars for Paper 1.1  6 examination-focused seminars  Well-written course materials and related Q&As  Final revision seminar  Mock Exam  Hot topics in October / November

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Analysis of June 2006 PBE  Section A: Covered the entire syllabus  Section B: Q1 Partnership accounts Q2 Prepare revised profit covering adjustment for inventory and receivables Q3 Prepare cash flow statement Q4 Explain and calculate working capital cycle Q5 Advice on the validity on accounting proposals relating equity transactions

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End of Introductory Seminar

Summary: test

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