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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 broad syllabus headings are;
The context and purpose of financial reporting
Qualitative characteristics of financial information
The use of double entry and accounting systems
Recording transactions and events
Preparing a trial balance
Preparing basic financial statements
Preparing simple consolidated financial statements
Interpretation of financial statements
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:
Number of marks
Section A – Thirty-five 2-mark questions
Section B – Two 15-mark questions