Just take it easy, dont ponder much about how should you go about studying various papers, What matters is that you start studying. Therefore I reccomnend you to get your head down now, and apply the same tactics as for 1.2
Financial Accounting and Reporting papers are interesting, and require you to apply knowledge and understanding, they might be thuroughly computational, and might involve theoratical elements also. ACCA normally practices examining scenario based questions, requiring you to right reports. What ever, its a starter paper, and therefore efforts put into study will reap a good result.