ACCA FA Paper – Financial Accounting is concerned with the preparation of financial accounts. The topics examined cover everything from basic double entry through to the preparation of statements of cash flows, and basic consolidated accounts.
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Accounting plays a primary role as an information system concerned with summarizing, analyzing and reporting of financial transactions relating to a business. However, the crucial step is to create and present information in a constructive manner. This course is intended for people devoid of accounting knowledge as it offers an understanding of how financial statements are prepared for numerous kinds of organizations.
Financial Accounting demonstrates the fundamentals of the regulatory framework concerning accounts preparation and to the qualitative characteristics of helpful information. The syllabus develops an understanding of the principles of accounts and preparation of financial statements. This course focuses on recording, processing, and reporting business transactions and events. It involves the use of trial balance to spot and correct errors and the preparation of financial statements for incorporated and unincorporated units. The course further emphasizes on basic interpretation of financial statements and the formation of simple consolidated accounts.
Financial accounting F3 is the foundation of F7 (financial reporting) and P2 (corporate reporting), as it concentrates on record-keeping and preparation of financial statements.
Key areas of Paper:
The context and purpose of financial reporting : It involves scope and purpose of financial statements for external reporting, fulfilling stakeholders’ needs. Learn the main elements of financial reports and regulatory framework.
The qualitative characteristics of financial information : Study the fundamental principles and theories of financial accounting, accounting methods and the preparation of basic financial statements.
The use of double-entry and accounting systems : You will exhibit practical expertise by employing double-entry techniques, ledger accounts, books of prime entry, and journals.
Recording transactions and events : There are various accounts that involve recording numerous transactions and events as they occur including sales and purchases, cash, inventory, tangible assets, depreciation, intangible assets and amortization, accruals and prepayments, receivables and payables , provisions, contingencies, capital structure and finance costs.
Preparing a trial balance : It offers in-depth understanding of trial balance, correction of errors, control accounts, bank reconciliations and suspense accounts
Preparing basic financial statements : Learn to prepare Statements of financial position, profit or loss and other comprehensive income statements, disclosure notes, events after the reporting period, statements of cash flows.
Preparing simple consolidated financial statements : Identify how to prepare subsidiaries and associates financial statements.
Interpretation of financial statements : Explore the techniques to prepare and analyze basic financial statements for sole traders, partnerships, corporate companies and ratio calculations.
Self-study programs with chapter wise video lectures, study material and practice bank.
Live teaching sessions with recorded facility
Easy access to e-study material including comprehensive study notes, revision notes, summary notes.
Extensive practice bank based on real exam environment
Mock test with marking and review facility from subjects experts
24/7 tutor support
On successful completion of the course, students will:
Gain comprehensive understanding of accounting records and learn to record transactions.
Exemplify the role of accounting information system and its limitations.
Develop an ability to implement accounting concepts, principles and practices.
Be able to set up a set of financial statements for profit and non-profit entities.
Become familiar with the basic tools for analyzing financial statements.