Complete ACCA FA Study Guide – Syllabus, Paper Pattern, Academic Plan, Mock Exams, Tips, And More
Are you ready to gear up for the ACCA Financial Accounting exam? Then, you’ve landed in the right place. This ACCA FA study guide by Synthesis Learning breaks down the syllabus, paper patterns, study methods, and exam tips to ensure you’re fully prepared. We cover everything from understanding the principles of ACCA financial accounting to mastering double-entry techniques and preparing for mock exams. Read on to decode the subject and pave the way for your success in the ACCA FA exam!
DECODING THE SUBJECT
ACCA Financial Accounting (FA) aims to develop knowledge and understanding of the underlying principles and concepts relating to financial accounting and technical proficiency in using double-entry accounting techniques, including preparing basic financial statements.
Table Of Contents
ACCA FA SYLLABUS
ACCA FA PAPER PATTERN
ACCA FA EXAM STYLE
ACCA FA PASSING TRENDS
SOURCES OF CONTENT
STUDYING METHODOLOGY
HOW TO PLAN ACCA FA MOCK EXAMS
THINGS TO REMEMBER WHILE WRITING THE EXAM
EXAMINER’S EXPECTATIONS
ACCA FA SYLLABUS
The Syllabus can be broken down into the following categories:
A. The context and purpose of financial reporting
- Introduction to financial reporting
- The regulatory framework
B. The qualitative characteristics of financial information
- Introduction to financial reporting
C. The use of double-entry and accounting systems
- Double entry bookkeeping
- Recording basic transactions and balancing the ledgers
D. Recording transactions and events
- Inventory
- Returns, discounts and sales tax
- 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
E. Preparing a trial balance
- Control account reconciliations
- Bank reconciliations
- The trial balance, errors and suspense accounts
F. Preparing basic financial statements
- Professional ethics in accounting and business
- Statement of cash flows
- Incomplete records
G. Preparing simple consolidated financial statements
- Consolidated statement of financial position
- Consolidated statement of profit or loss and associates
H. Interpretation of financial statements
- Interpretation of financial statements
Hack: Financial Accounting (FA) is a practical scoring paper, and with conceptual clarity and adequate practice, one can easily achieve a high score. You can begin your preparations with:
- Part A: The Context and Purpose of Financial Reporting.
- Part B: The Qualitative Characteristics of Financial Information.
- Part C: The use of double-entry and accounting systems; these topics cover general aspects that an accountant is expected to know.
- Part D: Recording transactions and events. This part covers several topics and can, therefore, be time-consuming.
- Part E: Preparing a trial balance.
- Part F: Preparing basic financial statements to learn how to prepare basic financial statements.
- Part H: Interpretation of financial statements: you will learn how to calculate different ratios and analyze the financial statements using these ratios. You would have covered a more significant chunk of your syllabus at this stage. Now, you should take up the last and most important topic, which gets tested adequately in this paper and the higher-level papers.
- Part G: Preparing simple consolidated financial statements, learning the basic principles of preparing consolidated financial statements. Spend enough time covering this part well since it sets a solid foundation for topics in higher-level papers.
ACCA FA PAPER PATTERN
The 100-mark ACCA FA exam paper has been designed to ensure that all the different areas of the syllabus are covered adequately. This is an online, objective-style paper where you must choose the correct answer from the given options. You are not expected to deliver answers to any response questions, i.e., long-form questions are not tested here.
| ACCA Financial Accounting (100 Marks) | ||
|---|---|---|
| Section A (70 marks) | Section B (30 marks) | |
| 35 Objective Test Questions (OTQ’s) * 2 marks each | 2 Multi-Task Questions (MTQ’s) * 15 marks each | |
Please note that there is no negative marking for any wrong answer
You are allotted 2 hours to answer this paper online. When you submit your paper, the result will be available immediately.
ACCA FA EXAM STYLE
This is an on-demand-based examination. This means the exam runs throughout the year, and you can choose to appear for it when you are ready. These exams are conducted at authorized and approved CBE centers (Computer Based Exam Centers), and you can choose the nearest CBE Center.
You are expected to select a date and time at your convenience and physically appear at the CBE center for the examination. In exceptional circumstances, these exams can also be taken remotely from home.
ACCA FA PASSING TRENDS
You are expected to score 50/100 to pass this examination. This is easily manageable with a clear understanding of the concepts, good practice of the questions, and a positive attitude. The subject matter is purely theoretical, and the passing rates of this paper are very promising, averaging 75% across the globe.
SOURCES OF CONTENT
You need to refer to these two content sources for your preparations primarily –
- The Study Text – for conceptual understanding
- The Practice/Exam Kit – for practice questions
You should consider only two ACCA-approved content providers: Kaplan Publishing and BPP Learning Media. Apart from this, you can also refer to the technical articles published by ACCA on different topics. You can use this link to refer to the articles.
Download our FREE Revision notes for ACCA FA here
STUDYING METHODOLOGY
- Commence preparations with the Study Text and understand all the concepts in great detail. Thereafter, attempt all questions from the Practice Kit to gain more clarity and a deeper understanding of how to approach each part of the syllabus. The Practice Kit has enough practice questions chapter-wise, and hence, it is always advisable to do both in parallel.
- At the end of your syllabus, remember to take the Multitask Questions in the Practice Kit (typically tested in Section B of the paper). These questions cover various topics across the syllabus; hence, practicing them well will prove to be a very valuable exercise.
HOW TO PLAN ACCA FA MOCK EXAMS
Attempting enough mock exams is a must! Going without solving mocks is like a soldier without a weapon. So, here are some tips to help you plan for ACCA FA mock exams like a pro.
- Practice at least three mock exams before you take the final exam. These mock exams will give you a first-hand experience of the exam’s online environment, the style of questions, and how well you can attempt them in the given time.
- Purchase Practice Mocks (designed by ACCA). Once purchased, you will be able to access them via myACCA. You can purchase a single test or a set of three tests.
- You can log in to the ACCA ‘Practice Platform’ to solve mocks using the following link.
Hack: Invest all your time revising what you have studied so far and focus on memorizing all the essential concepts. Skim through the study text and practice kit. Do not try to study any new idea or solve any new question.
THINGS TO REMEMBER WHILE WRITING THE EXAM
After months of all the effort and hard work you would’ve put into the preparation for this exam, it is equally important to ace your exam. Here are some things to remember-
- Time Management: It is important to complete the paper on time. Remember, time management is a key to success! Here is how you can allocate your time-
| PAPER | FA | TOTAL |
|---|---|---|
| Section A | 35 OTQ’s * 2 mins | 70 minutes |
| Section B | 2 MTQ’s * 20 mins each | 40 minutes |
| Final check | 10 minutes | |
| TOTAL | 120 minutes |
- Do not stress or panic during the exam; stay calm and write all you know. If you freak out, you may mess with other straightforward, manageable, and scoring questions.
- Do not leave any questions unattempted.
For your OTQs, there is always a 25% probability of getting the answer right. Place your bet and mark the option you believe is the closest to the answer. - Be prepared to find different and new styles of questions. With patience and by linking to the concepts of your syllabus, you should be able to tackle them well.
- It is better to start with Section A and then Section B. FOLLOW THE ORDER!!! Do not spend too much time finding answers to questions you are not able to answer.
EXAMINER’S EXPECTATIONS
The ACCA publishes an Examiner’s Report for every attempt, which gives insight into the marking process, the common mistakes that students make during the exams, and other useful techniques for doing well in your examination. You must review the Examiner’s Reports to understand what the examiner expects from you. It will help you know how students have failed to tackle different questions and how they could have performed better. It’s like learning from someone else’s mistakes. You can follow this link to refer to a few of the examiner’s reports published by the ACCA.
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Conclusion
Preparing for the ACCA Financial Accounting exam is a journey that requires dedication and the right resources. Synthesis Learning’s comprehensive guide, flexible learning modes, and expert support give you everything you need to succeed. Follow our study tips, utilize the syllabus breakdown, and practice diligently to achieve your goals. Remember, with the right preparation and mindset, passing the ACCA FA exam is well within your reach.
