FIA All Courses

Description

Overview

FA1 – Recording Financial Transactions is the first paper of the Foundation in Accountancy (FIA) qualification. This course introduces you to the fundamental principles of bookkeeping and accounting systems, giving them the essential knowledge and skills to record business transactions accurately.

This paper aims to develop knowledge and understanding of the main types of business transactions and documentation and how these are recorded in an accounting system up to the trial balance stage.

What You Will Learn

By studying FA1, you should be able to:

1. Describe types of business transactions and documentation
2. Explain the duality of transactions and double-entry bookkeeping
3. Summarise the banking system and transactions
4. Process payroll transactions
5. Prepare general ledger accounts
6. Record cash and bank transactions
7. Record sales and credit transactions
8. Record purchases and credit transactions
9. Perform reconciliations

Prepare the trial balance

Why FA1 is Important

• Builds a strong foundation for higher-level FIA and ACCA subjects.
• Equips you with the technical skills to manage real-world business transactions.
• Ideal for you starting their journey in accounting and finance with little or no prior knowledge.

Exam Structure

• Duration: 2-hour computer-based exam (CBE).
• Flexibility: You can schedule your exam on-demand every month at your convenience.
• Format of paper: 50 compulsory multiple-choice questions (MCQs), each carrying 2 marks.
• Question Style: A balanced mix of theoretical concepts and practical numerical problems to test both knowledge and application skills.

Career Relevance

Completing FA1 prepares you for entry-level positions such as:

• Accounts Clerk
• Bookkeeping Assistant
• Finance Trainee

Quick Links:

• Syllabus PDF
• FA1 Specimen exams
• FA1 Technical Articles

FA1 Examiner’s Reports