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ACCA - Financial Accounting (FA)

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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:

                                                                                                                          Number of marks

Section A – Thirty-five 2-mark questions                                                                    70

Section B – Three 15-mark questions                                                                          30

                                                                                                                                         ––––

Total time allowed:                                                                                                     2 hours

Total marks:                                                                                                               100 marks