ACCA Financial Accounting (FA) Exam Preparation Course

The syllabus for Paper FFA/FA, Financial Accounting, 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. During the course special Course Notes will be used extensively produced by IAB international academy of business. Students should use their study text for additional reference purposes.

IAB’s course notes include explanatory text punctuated by classroom activities. Most of these activities create the illustrations that are presented by the author in a traditional textbook. It is important to complete the activities because in most cases they form a link in the flow of explanatory text. If you leave them blank it will be difficult to review the text at a later date.

Course objectives and Learning Outcomes:

Course objective is to develop knowledge and understanding of the underlying principles and concepts relating to financial accounting and technical proficiency in the use of double-entry accounting techniques including the preparation of basic financial statements.

Participants’ learning outcomes:

On successful completion of this paper candidates should be able to:

– Explain the context and purpose of financial reporting

– Define the qualitative characteristics of financial information

– Demonstrate the use of double-entry and accounting systems

– Record transactions and events

– Prepare a trial balance (including identifying and correcting errors)

– Prepare basic financial statements for incorporated and unincorporated entities

– Prepare simple consolidated financial statements

– Interpretation of financial statements

Learning approach:

The course will be covered within two main sections: study part and revision part. By the end of each part mock exams will be conducted as part of assessment of the student’s progress. During the class the main concept of the theory will be explained and practice tests relating to the covered chapters will be solved.

Readings

Study books by ACCA Approved Content Providers (Kaplan Publishing and BPP Learning Media), Classroom Notes, Examiner’s articles, examiner’s approach interview, and technical articles.

Required Practice

• E-learning Platform Quizzes
• Mock exams from the Question Bank