The Association of Chartered Certified Accountants or ACCA requires you to finish 14 papers from four modules in order to accomplish their program. You will need to pass all of these papers unless you are qualified for an exemption. These four modules consist of: F1, F2, F3, F4, F5, F6, F7, F8, F9, P1, P2, P3, P4, P5, P6 and P7. You have the preference to choose which paper you will take first but with accordance to the modules.
An Overview Of ACCA F1.
ACCA F1 is the first paper that you need to take. It belongs to the first module together with F2 and F3. This paper is also known as Accountant in Business paper. All of the students of ACCA are advised to take this exam. Usually, F1 can be taken during December and June only. The testing period lasts for two hours.
Fundamental and Professional series are the two divisions of ACCA papers. Apparently, ACCA F1 is included in the Fundamental part of the syllabus. Although the Fundamental series is remarkably easier than the Professional series, ACCA encourages you to still take the exam seriously because it will guide you in terms of the syllabus's breadth.
ACCA F1 has an average passing rate of approximately 70%. This computation is based from the pass rates from December 2007 until December 2012. However, if you fail to pass the first exam, you need not to take all the paper again. All you have to do is pay for a particular course and prepare for the next exam.
Benefits of Taking F1.
The main purpose of ACCA F1 is to give an introduction about the key principles of effective management, the context of accounting in business and the development of an organization and the people it comprises of. It will also help you develop your understanding on how organizations and accountants are affected by the environment they are in. F1 also gives an emphasis on your role as a future accountant and how you can act ethically and efficiently.
The Examination Method.
To create a successful career with ACCA, you have to clear the ACCA F1 paper. The two-hour examination that you will have to undergo is done in two ways: computer-based test and paper-based test. These two schemes are, by context and purpose, just the same but they differ in approach. Also, computer-based exams are available once a year while the paper-based exam occurs twice a year.
ACCA F1 consists of 100% compulsory test items. But you do not have to worry if you are not fully confident with all of your answers. Wrong answers will not yield negative marking on your standing. Moreover, the passing mark for this paper is 50%.
Grounds for Exemption.
It is possible for you to not take ACCA F1 and the rest of the papers under the Knowledge module. Exemptions can be granted to you if you are able to pass the AAT (Association of Accounting Technicians), FIA (Foundations in Accountancy) or CAT (Certified Accounting Technician) qualifications.
Author Resource:
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