Financial Accounting
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ACCA FA Highlights
Learn the underlying principles and concepts of financial accounting, accounting techniques and the preparation of basic financial statements. You’ll demonstrate technical proficiency in the use of double-entry techniques, including the preparation and interpretation of basic financial statements for sole traders, partnerships, companies and simple groups of companies.
Exam Duration
2 hours
50/100
Online
On Demand
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ACCA FA Syllabus
A. The context and purpose of financial reporting
1. The scope and purpose of financial
statements for external reporting
2. Users’ and stakeholders’ needs
3. The main elements of financial reports
4. The regulatory framework (legislation and regulation, reasons and limitations, relevance of accounting standards)
5. Duties and responsibilities of those
charged with governance.
B. The qualitative characteristics of financial information
1. The qualitative characteristics of
financial information
C. The use of double-entry and accounting systems
1. Double-entry book-keeping principles including the maintenance of accounting records and sources of accounting information
2. Ledger accounts, books of prime entry, and journals
D. Recording transactions and events
1. Sales and purchases
2. Cash
3. Inventory
4. Tangible non-current assets
5. Depreciation
6. Intangible non-current assets and
amortisation
7. Accruals and prepayments
8. Receivables and payables
9. Provisions and contingencies
10. Capital structure and finance costs
E. Preparing a trial balance
1. Trial balance
2. Correction of errors
3. Control accounts and reconciliations
4. Bank reconciliations
5. Suspense accounts
F. Preparing basic financial statements
1. Statements of financial position
2. Statements of profit or loss and other comprehensive income
3. Disclosure notes
4. Events after the reporting period
5. Statements of cash flows
6. Incomplete records
G. Preparing simple consolidated financial statements
1. Subsidiaries
2. Associates
H. Interpretation of financial statements
1. Importance and purpose of analysis of financial statements
2. Ratios
3. Analysis of financial statements
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Frequently Asked Questions (FAQ)
FA in ACCA refers to Financial Accounting, which is one of the knowledge-level papers of ACCA. It covers topics such as the preparation of financial statements, accounting for assets, liabilities, and equity, and the interpretation and analysis of financial statements. The FA exam aims to equip candidates with the skills necessary to apply financial accounting standards and principles in the preparation and presentation of financial statements for various entities.
FA in ACCA refers to Financial Accounting, which is one of the knowledge-level papers of ACCA. It covers topics such as the preparation of financial statements, accounting for assets, liabilities, and equity, and the interpretation and analysis of financial statements. The FA exam aims to equip candidates with the skills necessary to apply financial accounting standards and principles in the preparation and presentation of financial statements for various entities.
The difficulty level of ACCA FA (Financial Accounting) can vary for individuals depending on their prior knowledge and experience in accounting. It covers a wide range of topics and requires a strong understanding of accounting principles and standards. With proper preparation, practice, and understanding of the syllabus, it is possible to excel in the exam. However, dedication, consistent studying, and practice are essential to overcome the challenges posed by the subject.
The difficulty level of ACCA FA (Financial Accounting) can vary for individuals depending on their prior knowledge and experience in accounting. It covers a wide range of topics and requires a strong understanding of accounting principles and standards. With proper preparation, practice, and understanding of the syllabus, it is possible to excel in the exam. However, dedication, consistent studying, and practice are essential to overcome the challenges posed by the subject.
The difficulty level of ACCA FA (Financial Accounting) can vary for individuals depending on their prior knowledge and experience in accounting. It covers a wide range of topics and requires a strong understanding of accounting principles and standards. With proper preparation, practice, and understanding of the syllabus, it is possible to excel in the exam. However, dedication, consistent studying, and practice are essential to overcome the challenges posed by the subject.
FA stands for financial accounting, which is a component of Knowledge level in the ACCA professional qualification. FFA, on the other hand, refers to Foundation in Financial Accounting & is appeared by students who enter the ACCA qualfiication using the Foundation Route.. It is important to note that both subjects share the same syllabus and are equivalent.
To pass ACCA FA, candidate needs to score minimum 50%.
ACCA FA exam has a duration of 2 hours. It is a Computer based exam (CBE) which consists of multiple choice questions.
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