ACCA - Financial Accounting (FA)
Study Videos
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Introduction to financial reporting
The regulatory framework
Double entry bookkeeping
Recording basic transactions and balancing the ledgers
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
Control account reconciliations
Bank reconciliations
The trial balance, errors and suspense accounts
Preparing basic financial statements
Incomplete records
Statement of cash flows
Interpretation of financial statements
Consolidated Financial Statement
Introduction to financial reporting
The regulatory framework
Double entry bookkeeping
Recording basic transactions and balancing the ledgers
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Returns, discounts and sales tax
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Inventory
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Non-current assets: acquisition and depreciation
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Non-current assets: disposal and revaluation
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Intangible assets
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Accruals and prepayments
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Receivables
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Payables, provisions and contingent liabilities
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Capital structure and finance costs
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Control account reconciliations
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Bank reconciliations
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The trial balance, errors and suspense accounts
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Preparing basic financial statements
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Incomplete records
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Statement of cash flows
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Interpretation of financial statements
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Consolidated Financial Statement
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Exam Practice Pack
Click to practice section based questions
Define the qualitative characteristics of financial information
- Qualitative characteristics of financial information
Demonstrate the use of double-entry and accounting systems
- Double entry book keeping
Record transactions and events
- 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
Preparing basic financial statements for incorporated and unincorporated entities
- Trial balance, errors and suspense accounts
Preparing basic financial statements for incorporated and unincorporated entities
- Preparing basic financial statements
- Incomplete records
- Statement of cash flows
Preparing simple consolidated financial statements
- Introduction to financial reporting
Interpretation of financial statements
- Preparing consolidated financial statements
Multi Task Questions
- 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 |
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