Financial Accounting (FA)

Description

Overview

FA –Financial Accounting is the third paper of the Knowledge level in ACCA qualification. This paper aims to develop knowledge and understanding of the underlying principles and concepts relating to financial accounting and technical proficiency in the use of double-entry bookkeeping, including the preparation of basic financial statements.

What You Will Learn

By studying FA, you should be able to:

A Explain the context and purpose of financial reporting
Define the accounting principles, concepts and qualitative characteristics of useful financial information
Demonstrate the use of double-entry bookkeeping and accounting systems
Record transactions and events
Perform reconciliations
Prepare a trial balance
Prepare financial statements
Prepare basic consolidated financial statements
Interpret financial statements

Why FFA is Important

Builds the core financial accounting knowledge essential for higher-level studies in ACCA and beyond.
Ensures students understand the framework and concepts behind financial statements, making it easier to progress toward advanced accounting papers.
Enhances your ability to analyse and communicate financial results, a crucial skill for employers in every industry.

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: The paper will consist of 2 sections:

		Total marks
Section A:	35 objective questions of 2 marks each	70
Section B:	3 multi-task questions of 10 marks each	30
		100

Question Style: A balanced mix of theoretical concepts and practical numerical problems to test both knowledge and application skills.

Career Relevance

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

Accounts Clerk
Bookkeeping Assistant
Finance Trainee

Course Curriculum

by Abdul Azeem

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Why choose this course

A course by

Abdul Azeem

Frequently Asked Question

FA1 and MA1 - what types of question appear in the exam?

The exam consists of 50 2-mark multiple choice questions for both FA1 and MA1.

FA1 - are any financial reporting standards or the conceptual framework examinable under the FA1 syllabus?

No, there is no specific knowledge of financial reporting standards or the Conceptual Framework required for FA1.

FA2 and MA2 - what types of question appear in the exam?

The exams consists of 50 2-mark questions for FA2 and MA2, however unlike FA1 and MA1 it contains different types of objective test question. These different types of question are number entry, multiple response and multiple response matching, which are used in addition to multiple choice questions.

FA2 - are any financial reporting standards examinable under the FA2 syllabus?

Yes. The full list of financial reporting standards which are examinable under the FA2 syllabus can be found in the examinable documents list. The study guide offers more detailed guidance on the depth and level at which the examinable documents will be examined. The study guide should be read in conjunction with the examinable documents list.

FA2 - is the conceptual framework examinable under the FA2 syllabus?

The definitions of the elements of financial statements and the qualitative characteristics of financial information, listed in the conceptual framework, are examinable in FA2. Please see the study guide for further details.

Do I have to enter at the FA1/MA1 level or can I go straight to FA2/MA2 or FBT/FFA/FMA?

No previous qualifications are required for entry at the Intermediate Certificate level (MA2/FA2) or the Diploma (FBT/FMA/FFA), however it is suggested that students who do not have any prior accountancy knowledge start at the Introductory Certificate (FA1/MA1). This ensures that you can be confident that you have the knowledge base in order to successfully proceed through the Foundation Level suite of qualifications.

FFA - why are the accounting requirements for partnerships not part of the syllabus?

The FFA/FA syllabus is designed to be suitable for candidates without any existing knowledge of the subject. Consequently the syllabus coverage is wide.

Including detailed accounting requirements for partnerships would mean that it may not be possible to examine other areas of the syllabus in sufficient detail. The basic concept of what a partnership is and how it compares to sole traders and limited liability companies is part of the syllabus - just not the detailed accounting.

The impact of this on all other ACCA exams is minimal. Once candidates have understood the basic accounting principles for a business, these are easily transferrable to any business structure.

Are there practice questions for the foundations level exams?

Yes there is a specimen paper which gives an example of the exam including the longer type questions where applicable. In addition there is an additional set of specimen longer type questions for candidates to get additional practice on these questions. Interactive practice tests are available for all Foundations level exams available via on-demand assessment. Each exam has a set of three practice tests that prospective candidates can purchase singly or as a complete set. These tests replicate a live exam experience and contain the types of questions that candidates might be given at a real exam.

Not only do these tests provide a valuable experience of how to experience or navigate through such exams, they also score candidates’ performance in each main section of the syllabus, using a traffic light system to present this interactively. In addition, the questions that the candidate has got correct, partially correct and incorrect are identified for each main syllabus section. Finally feedback on each question in the paper is given so that candidates can see where they have gone wrong and which can be used as a valuable revision tool. Access to the practice tests and information on how to purchase them is on the ACCA website.

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