Course description
This ACCA FA F3 Financial Accounting module is designed to provide learners with an understanding of the fundamentals of accounts preparation and the regulatory frameworks involved. During this course, you'll learn how to draft financial statements, as well as recording, processing, and reporting business transactions, and how to use the trial balance. To achieve the full ACCA membership qualification you will need to complete this course, as well as 12 other modules. Alternatively, you can complete this module, plus the ACCA BT F1 Business and Technology and ACCA MA F2 Management Accounting modules to achieve the ACCA Fundamentals - Applied Knowledge qualification. If you're looking to simply develop your knowledge of financial accounting, you can also study this course on its own. Read our guide to the ACCA course and modules.
Course Content
Section A The context and purpose of financial reporting
- The scope and purpose of financial statements for external reporting
- Users' and stakeholders' needs
- The main elements of financial reports
- The regulatory framework (legislation and regulation, reasons and limitations, relevance of accounting standards)
- Duties and responsibilities of those charged with governance
Section B The qualitative characteristics of financial information
- The qualitative characteristics of financial information
Section C The use of double-entry and accounting systems
- Double-entry book-keeping principles including the maintenance of accounting records and sources of accounting information
- Ledger accounts, books of prime entry, and journals
Section D Recording transactions and events
- Sales and purchases
- Cash
- Inventory
- Tangible non-current assets
- Depreciation
- Intangible non-current assets and amortisation
- Accruals and prepayments
- Receivables and payables
- Provisions and contingencies
- Capital structure and finance costs
Section E` Preparing a trial balance
- Trial balance
- Correction of errors
- Control of accounts and reconciliations
- Bank reconciliations
- Suspense accounts
Section F Preparing basic financial statements
- Statements for financial position
- Statements of profit or loss and other comprehensive income
- Disclosure notes
- Events after the reporting period
- Statement of cash flows
- Incomplete records
Section G Preparing simple consolidated financial statements
- Subsidiaries
- Associates
Section H Interpretation of financial statements
- Importance and purpose of analysis of financial statements
- Ratios
- Analysis of financial statements
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