Exam Digest for the F Papers – Issue 3

eemeiyi —  November 17, 2016 — Leave a comment

exams-digest

F7 Financial Reportingf7

A new exam structure was introduced in September 2016 which will continue going forward. The exam comprised three sections and all questions were compulsory. Section A contained 15 2-mark individual objective test questions, (30 marks) Section B contained three objective test cases, with each case containing five 2-mark objective test questions (30 marks) and Section C consisted of two constructed response questions for 20 marks each (40 marks) which were expert marked. Sections A and B covered a broad range of the syllabus; Section C tested knowledge of financial statement preparation and interpretation of consolidated financial statements.

It is essential that candidates prepare for the F7 examination by working through the examples provided in published past papers and the material provided by approved content providers. This material and past examiner’s reports combine to give examples of all types of past questions and, where possible, a commentary on common errors and issues that have caused difficulty for candidates. The exam questions cover the whole syllabus and therefore candidates are required to have a broad knowledge of financial reporting rather than just revising what are deemed to be the main syllabus areas.

Read the full Examiner’s report here.

More resources

F8 Audit and Assurancef8

There were two sections to the examination and all the questions were compulsory. The format of the F8 exam changed with effect from September 2016. Section A consisted of three OT cases each comprising of five OTs for a total of 30 marks, which covered a broad range of syllabus topics. Section B had one constructed response question worth 30 marks and two constructed response questions worth 20 marks each; testing the candidates’ understanding and application of audit and assurance in more depth. In order to pass this examination, candidates should ensure they devote adequate time to obtain the required level of knowledge and application. Candidates who do not spend sufficient time practising questions are unlikely to be successful as the written questions in particular aim to test candidate’s application skills.

Read the full Examiner’s report here.

More resources

F9 Financial Managementf9

The examination consisted of three sections. Section A contained 15 objective testing questions of 2 marks each, for a total of 30 marks, Section B contained three scenarios consisting of 15 objective testing questions of 2 marks each, for a total of 30 marks and Section C contained two questions of 20 marks each, for a total of 40 marks.

Candidates need to be more precise in presenting answers, in particular to numerical questions, in Section C. All workings should be shown in this section and should be presented with the same neatness of presentation as the main schedule of figures. Furthermore, the requirement should be read carefully. For example, a requirement to ‘evaluate whether’ a company should pursue a particular course of action should bring about a candidate’s response which concludes with a decision or recommendation based upon the overall effect of the action, which will need to consider the net financial effect.

In response to requirements in Section C requiring a discussion or explanation, candidates should address the question asked and not the one they’d have liked to have been asked (or was asked in an earlier diet). For example, a requirement to ‘critically discuss’ an issue should include an appreciation of the different aspects of the elements involved, which may include both the advantageous and disadvantageous aspects.

Read the full Examiner’s report here.

More resources

Every exam is a step on the ladder of your life. Do well so that you have something rock solid to hold it all together. Good luck.

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