HOW TO PASS FINANCIAL REPORTING (FR) IN TWO WEEKS?

Summary

In this video, Tashrata Gupta shares her strategy for preparing for the ACCA Financial Reporting (FR) exam in just two weeks. She emphasizes the importance of effective time management, utilizing free resources like Open Tuition, and practicing with revision kits. Tashrata advises focusing on key concepts and practicing MCQs and long questions, especially group accounts and single entity formats. She stresses the value of mock exams to test time management skills and provides useful tips for students to boost confidence and achieve success in their FR exam preparations.

Takeaways

• 😀 Focus on mastering Sections A and B to secure the 60 marks from MCQs, which are key to passing the FR exam.
• 😀 The FR exam can be prepared in a short time (around two weeks) with proper strategy and time management.
• 😀 Use free resources like Open Tuition or crash courses to quickly cover the syllabus, rather than enrolling in premium courses.
• 😀 When revising, focus on understanding the basics of key topics, such as IFRS 16 and IFRS 9, rather than trying to achieve perfection.
• 😀 After completing your syllabus, immediately start practicing using the revision kit to test your knowledge and improve your skills.
• 😀 Aim to complete around 70-80% of your revision kit, especially for MCQs, as this will prepare you well for the exam.
• 😀 Practice 10 MCQs at a stretch, checking the answers and gradually aiming for a 60-65% correct rate to boost confidence.
• 😀 Don't just rely on past papers – practice with your revision kit and aim to finish 100% of it for best results.
• 😀 Don't underestimate your competition; other students may be doing more, so stay focused and avoid underestimating the exam.
• 😀 Take mock exams to practice time management and familiarize yourself with how long questions take, especially for Section C.
• 😀 Reviewing Section C answers is crucial to understanding the step-by-step marking and identifying areas for improvement in your long questions.

Q & A

What is the focus of this video?

The video is focused on helping students prepare for the Financial Reporting (FR) exam in March 2023, offering tips and strategies to maximize preparation time.

What is the overall difficulty level of the FR exam according to the tutor?

The tutor describes the FR exam as one of the easiest subjects in the ACCA journey, especially if the exam technique is good, particularly for sections A and B.

What is the suggested strategy for preparing for FR in two weeks?

The tutor suggests completing the syllabus quickly using free resources like OpenTuition and focusing on understanding the basic concepts. Afterward, students should practice using the revision kit and aim to complete 70-80% of it.

Why does the tutor emphasize the importance of practicing MCQs from the revision kit?

The tutor stresses that practicing MCQs from the revision kit is essential because it helps to reinforce knowledge and gauge how well students can handle the questions. A target score of 60-65% in MCQs is recommended for confidence.

How many questions should be practiced at a time, according to the tutor?

The tutor advises practicing 10 questions at a stretch from the revision kit to assess knowledge and progress.

What should students do if they have already covered part of the syllabus?

If students have already covered part of the syllabus, they should aim to complete 100% of the revision kit. However, if starting late, completing 70-80% of the kit is sufficient.

What is the importance of mock exams in the preparation process?

Mock exams are crucial for time management practice and to assess how well students can handle the exam under timed conditions. The tutor highlights their personal experience with a mock exam and advises students to take them seriously.

How can students prepare for section C of the FR exam, which involves long questions?

Students should practice the format of group accounts and single entity questions to ensure they can manage long questions efficiently during the actual exam. The tutor emphasizes practicing to avoid struggling during the exam.

How can students check their progress when practicing the revision kit?

Students should check their answers after completing 10 questions at a time, and assess their accuracy. Achieving a score of 60-65% on repeated attempts will indicate adequate progress.

What does the tutor suggest students do after completing their mock exams?

After completing mock exams, students should have their answers checked, particularly for section C, where step marking is essential. Feedback on mistakes will help improve their performance in the actual exam.