The exam format for Financial Accounting (FA/FFA) is a computer-based exam (CBE).

The exam comprises of two sections: Section A containing 35 objective test questions for two marks each and Section B containing two multi-task questions for 15 marks each. As stated in the syllabus and study guide the multi-task questions will test consolidations and accounts preparation. If you are well prepared and understand the key areas of the syllabus you will be able to tackle all these questions with confidence.

As with any exam, however, it is important that you understand how the style of question works and any particular techniques which you need to use in answering them. Due to the nature of the topics examinable in the FA/FFA exam's multi-task questions it is likely that these will involve producing financial statements (for example a statement of profit or loss, a statement of financial position or statement of cash flows) either in full or extracts. You should bear in mind the following points when attempting this style of question.

Own figure rule – will not apply in the CBE

The ‘own figure rule’ is a concept found in other ACCA exams whereby candidates who make a mistake in an earlier part of a working and then use that figure again later on will only be penalised once. In other words, the incorrect figure is treated as being correct if it is used again later on – it is the candidate’s ‘own figure’.

In the FA/FFA exam, the CBE multi-task questions are automatically marked and therefore the own figure rule is not available. Instead, the questions are designed so that each response is independent of the others – ie it is not reliant on your answer to an earlier part of the question. This means that the own figure rule is not necessary for the FA/FFA exam.

Completing proformas

For candidates sitting the FA/FFA exam, proformas will be provided as necessary. You should be aware of a number of conventions involved when completing these.

• In general, you would not be expected to enter negative figures even if you might consider the figure to be ‘negative’ (e.g. expenses). You should assume that all figures need to be entered as absolute numbers (i.e. positive numbers), unless told otherwise.
• The basis on which numerical information is expressed will be made clear. Make sure that you have noted the terms in which the information is expressed. For example, you might be presented with a question where the answer column is headed up with $'000. This means for example that $200,000 would simply be entered as 200. If the answer was expressed in $ (rather than $'000), $200,000 would be entered as 200000. (Notice that the full figure is entered but a comma is not required.)
• Often only extracts from financial statements will be required. Where there is not a space to enter a figure or selection from various answer options, then you do not need to provide an answer. For example, there may be a line for ‘gross profit’, but no option to enter a figure – this is likely to avoid any issues with the ‘own figure rule’ mentioned earlier so that it does not matter what figure you previously calculated for revenue or cost of sales.

A sample exam and additional multi-task questions for the FA/FFA exam are available on the ACCA website. It is strongly recommended that you should work through these questions as part of your preparation for your exam.