ACCA Tuition: FA1 Recording Financial Transactions

Duration: 12 weeks/ 40 hours

This course is designed to prepare you for the ACCA exam called Recording Financial Transactions (FA1), and to help you understand how the skills and knowledge you acquire will translate to the workplace to enhance your prospects of securing employment and/or promotion.

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Description

SAVE 10%!!! Bundle this course with Management Accounting (MA1) to achieve: Introductory Certificate in Financial and Management Accounting

AIM
To develop knowledge and understanding of the main types of business transactions and documentation and how these are recorded in an accounting system up to the trial balance stage.

RATIONALE
The syllabus for Paper FA1, Recording Financial Transactions, introduces the candidate to the fundamentals of preparing and recording financial documentation from originating documents and processing ledger transactions up to the trial balance stage. It also covers relevant banking procedures associated with bookkeeping, maintaining and reconciling cash and petty cash records and preparing the journal and relevant control accounts and identifying and correcting errors.

DETAILED SYLLABUS

A Types of business transactions and documentation
1. Types of business transaction
2. Types of business documentation
3. Process of recording business transactions within the accounting system

B Duality of transactions and the double entry system
1. Books of prime entry
2. Double entry system
3. The journal
4. Elements of financial statements

C. Banking system and transactions
1. The banking process
2. Documentation

D. Payroll
1. Processing payroll transactions into the accounting system

E. Ledger accounts
1. Prepare ledger accounts

F. Cash and bank
1. Maintaining a cashbook
2. Maintaining a petty cashbook

G. Sales and credit transactions
1. Recording sales
2. Customer account balances and control accounts

H. Purchases and credit transactions
1. Recording purchases
2. Supplier balances and reconciliations

I. Reconciliation
1. Purpose of control accounts and reconciliation
2. Reconcile the cashbook
3. Reconcile the receivables control account
4. Reconcile the payables control account
J. Preparing the trial balance
1. Prepare the trial balance
2. Correcting errors

APPROACH TO EXAMINING THE SYLLABUS
The syllabus is assessed by a two hour paper-based or computer-based examination. Questions will assess all parts of the syllabus and will include both computational and non-computational elements. The examination will consist of 50 two mark questions.

 

Prerequisites

None, open access.  If you are starting out in accounting and finance or already working in finance but have no formal qualifications, you can start your journey with ACCA at our foundations level.

Related Courses

To achieve : Introductory Certificate in Financial and Management Accounting, also take these courses:

Other information

Visit our ACCA Tuition Centre for more information

 

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