ACCA – Financial Accounting (FA)


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The Financial Accounting (FA) subject introduces you 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. It concentrates in depth on recording, processing, and reporting business transactions and events. Additionally, the syllabus 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 you 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.



Syllabus structure


    • The context and purpose of financial reporting

    • The qualitative characteristics of financial information

    • The use of double-entry and accounting systems

    • Recording transactions and events

    • Preparing a trial balance

    • Preparing basic financial statements

    • Preparing simple consolidated financial statements

    • Interpretation of financial statements



Main Capabilities


On successful completion of this subject, you 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




Format: computer based

Availability: on demand

Pass: A score of 50%

Length: 2 hours


Questions: The exam consists of two sections: Section A will contain 35 two-mark objective test questions. Section B will contain 2 fifteen-mark multi-task questions. These will test consolidations and accounts preparation. The consolidation question could include a small amount of interpretation and the accounts preparation question could be set in the context of a sole trader or a limited company.


Please Note: Official Exam is not provided; it should be purchased separately.



Registration and Access


Once you complete an online purchase you will receive confirmation of account activation. Please allow 48 hours to get access to all the modules and for your eLearning account to be set up.


If you wish to receive an invoice instead of paying online, please contact us at [email protected] Access to the course is valid for 365 days.





Upon the successful completion of the subject Financial Accounting (FA), you can advance to the next subject of the ACCA Applied Knowledge Level or If you have already completed other subjects, can proceed to the next Level.



Who is this course for?


    • The ACCA qualification is ideal for people who want a career in finance and business.

    • The ACCA qualification is ideal for people who want a career in finance and business.





The Financial Accounting (FA) exam is part of the Applied Knowledge Level of the ACCA qualification. If you are AAT qualified or graduated with a degree accredited by ACCA you are exempt from this subject.