Exam Practice Pack
Click to practice section based questions
- Introduction to financial reporting
- Qualitative characteristics of financial information
- Double entry book keeping
- Recording basic transactions and balancing the ledger
- Returns, discounts and sales tax
- Inventory
- Non-current assets: acquisition and depreciation
- Non-current assets: disposal and revaluation
- Intangible assets
- Accruals and prepayments
- Receivables
- Payables, provisions and contingent liabilities
- Capital structure and finance costs
- Trial balance, errors and suspense accounts
- Preparing basic financial statements
- Incomplete records
- Statement of cash flows
- Introduction to financial reporting
- Preparing consolidated financial statements
- 7 Questions
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Introduction to Financial Accounting (FA)
Purpose of the syllabus
The syllabus for Financial Accounting (FA)/FFA introduces the candidate to the fundamentals of the regulatory framework relating to accounts preparation and to the qualitative characteristics of useful information. Syllabus is focused to develop knowledge and understanding of the underlying principles and concepts relating to financial accounting and technical proficiency in the use of double-entry accounting techniques including the preparation of basic financial statements.
The syllabus
The broad syllabus headings are;
A | The context and purpose of financial reporting |
B | Qualitative characteristics of financial information |
C | The use of double entry and accounting systems |
D | Recording transactions and events |
E | Preparing a trial balance |
F | Preparing basic financial statements |
G | Preparing simple consolidated financial statements |
H | Interpretation of financial statements |
The Exam
Knowledge level exams are all computer-based exams. The Financial Accounting is assessed by a two-hour exam. The pass mark is 50%. All questions in the exam are compulsory. The exam format will comprise of two sections. Questions will assess all parts of the syllabus. The examination will consist of:
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 | Number of marks |
Section A – Thirty-five 2-mark questions | 70 |
Section B – Two 15-mark questions | 30 |
Time allowed | 2 hours |
Total marks | 100 marks |