Here is my new dilemma: Recently I checked through one of the F1 pilot papers for ACCA, and it scared me so much. So, I have started to think that I should really study a basic bookkeeping before I would progress further. With a zero bookkeeping/accountancy experience and knowledge, I believe it would be a bad idea to go straight into the world of ACCA. What do you think about it? The first step I am going to take is B190 at OU, and once I finish it I have no idea which way to go. I do not plan to work for myself or to set up a business. I would rather work for a company and earn a decent living, while working with numbers and finance. I would greatly appreciate your feedback. Thank you. Judita
excellent choice on the ACCA and you are completely right in your appraisal of the link between bookkeeping and accountancy.
ACCA paper F3 which used to be the old paper 1.1 sets the basic standard of financial skills which is subsequently built on by papers F7 (Corporate Reporting) and P2 (Advanced Corporate reporting).
To pass paper F3 as you have quite rightly identified you need to know bookkeeping inside out and upside down as the questions in the exams even at this level take it as a given that you are able to quickly evaluate the double entry in order to build trial balances and from those create your balance sheets and P&L accounts.
The time available in ACCA exams is always very, very tight to ensure that you have as little thinking time as possible so bookkeeping has to be second nature rather than something that you need to think through.
The OU introduction to bookkeeping would be a good introduction to this area but it is not enough and you should follow that up with the AAT foundation revision companion for units 1-4 and then work your way through Business Accounts for bookkeeping and Financial Accounting courses by David Cox (Osbourne books) and also either BPP or KAPLAN study text and exam kit for the paper.
Ok, that's paper F3 sorted out.
You can do papers F1, F2 and F3 in any order and you may find it best to do F3 first.
Paper F1 in more to do with Management theorists and is pretty much a waffly type paper where you will be expected to churn out several good quality essays in the exams offering constructive criticism of the various management theorists approaches or suggesting theories applicable to given situations.
You will need to have developed opinions on management theorists such as Charles Handy and Emmanuel Kant in a compare and contrast sort of manner. I always find the Kaplan study texts better than the BPP but that's all down to personal learning style and everyone is different... For most of the papers I have both.
What you learn at paper F1 will be especially useful when you get to papers P1 and P3 but what you learn here is to some extent used in all subsequent papers so it's a really important one... Actually, they're all important even when it seems that you are studying things that you would never use in a million years!
The OU do do a course that covers this material but not to the level of the ACCA. The course used to be B680... Hang on, let me go and check... Ok, I'm back. Did you miss me? The OU course has become K01 and has now dropped theoretical side required for paper F1 and is instead just two modules, B291 (Financial Accounting) and B292 (Management Accounting).
You can study for paper F1 from the Kaplan and BPP study texts, listen to the BPP audio CD for paper F1, Do the I-Learn course on your computer (basically a course on a disc) and then do the past papers which are freely available from the ACCA or do the Kaplan / BPP exam kits that each have full syllabus coverage questions.
If you want these cheap your asking the question at the right time. The last set of results come out on Monday so the study texts and exam kits will be hitting Ebay this week.
Believe me, over the next five to seven years you won't believe how much reading you have to get through. On the bright side you don't have to study ACCA with a training provider. On the downside you should budget around £200 ( and a large chunk of your life!) per paper including the exam fee.
To find the right text for you it's good to go and sit in somewhere like Foyles bookshop with the BPP and Kaplan study texts for that paper and decide which one works. From paper to paper this may alternate between the two.
A study plan for each paper would be to buy the BPP I-Learn CD and do the course fully, then read the study text cover to cover, then do the exam kit / past exam papers using the study text for reference.
I also use index cards a lot when studying but this works for some and not others. Personally the BPP Audio CD's don't work at all for me.
One final piece of advice, there are two streams, UK and International. I'm on the UK stream but the International would be a better place for you to start as the UK is being wound down (Oh how that has been true these past few years on so many levels!!!!).
I wish you the very best in your studies and really hope that you enjoy them. You will find some papers better for you than others (I absolutely loved corporate law but many accountants have serious difficulties with that one).
I hope that I've managed to answer your actual question in the above essay! For the direct question I would say the B190 is a good introduction but in itself not enough to pass F3 and it does not contain any material applicable to F1.
Don't book your first exam too early. Give yourself a year to study for your first papers and if you take two in a sitting do either F1/F2 or F1/F3. Don't attempt F2 and F3 (Management and financial accountancy) in the same sitting as you'll like as not end up failing them both.
I'm not around too much at the moment but hope that we get to talk soon,
All the best and welcome to the forum,
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Thank you very much for your detailed feedback. It helped me a great deal; I even printed it out:)
Well, I have been thinking to study AAT, but unfortunately I got discouraged, because I learned that although I could study for the AAT exams from overseas, I would have to travel to the UK to take the exams.
You also mentioned that I should work through Business Accounts for bookkeeping by David Cox. I usually order my books from Waterstone's because they are willing to take international orders. The website lists several books written by this author; I will check them out.
There is one more thing I would like to ask: Should I complete ICFE or the Cambridge ESOL exam would be sufficient for my future studies in accountancy? My vocabulary is not strong enough to write long business-essays yet, I am afraid. I would appreciate any insight on brushing up my English language skills to the appropriate level.
Finally, I am very glad I found this forum and I hope to talk soon.
I have been studying Cambridge ESOL before I started AAT Intermediate.... your English already is on the ESOL Skills for life Level 2 (this is the highest level). I don't know about ICFE ....
I would advise you to go for IETLS (academic English for Universities entrance)...
