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.
Financial Accounting (FA)

- . Main capabilities
On successful completion of this exam, candidates should be able to:
A Explain the context and purpose of financial reporting
B Define the qualitative characteristics of financial information
C Demonstrate the use of double-entry and accounting systems
D Record transactions and events
E Prepare a trial balance (including identifying and correcting errors)
F Prepare basic financial statements for incorporated and unincorporated entities.
G Prepare simple consolidated financial statements
H Interpretation of financial statements
- 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. The syllabus then covers drafting financial
statements and the principles of accounts preparation. The syllabus then concentrates in
depth on recording, processing, and reporting business transactions and events. The
syllabus then covers the use of the trial balance and how to identify and correct errors, and
then the preparation of financial statements for incorporated and unincorporated entities.
The syllabus then moves in two directions, firstly requiring candidates to be able to conduct
a basic interpretation of financial statements; and secondly requiring the preparation of
simple consolidated financial statements from the individual financial statements of group
incorporated entities
What is the target audience?
- Intellectual levels
ACCA qualifications are designed to progressively broaden and deepen the knowledge and skills demonstrated by the student at a range of levels on their way through each qualification. Throughout, the study guides assess both knowledge and skills. Therefore, a clear distinction is drawn, within each subject area, between assessing knowledge and skills and in assessing their application within an accounting or business context. The assessment of knowledge is denoted by a superscript K and the assessment of skills is denoted by the superscript S.
- Learning hours and education recognition
As a member of the International Federation of Accountants, ACCA seeks to enhance the education recognition of its qualification on both national and international education frameworks, and with educational authorities and partners globally. In doing so, ACCA aims to ensure that its qualifications are recognised and valued by governments and regulatory authorities and employers across all sectors. To this end, ACCA qualifications are currently recognised on the educational frameworks in several countries. Please refer to your national education framework regulator for further information about recognition.
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