What is ACCA and FIA?
The Association of Chartered Certified Accountants or ACCA has over 150,00 members. This accountancy body is one of the largest in the world. If you gain your accounting qualifications, you will generally have better career prospects and earn more than those who do not have the prestigious letters ‘ACCA’ after their names.
The Foundation in Accounting (FIA) course and Accountant in Business (FAB) module has been produced by the ACCA for those who do not have the necessary qualifications to start their accountancy training at ACCA level.
The FIA course is split into three levels –
(2) Intermediate, and
You can start the course at whichever level is deemed most appropriate in terms of your current ability.
There are ACCA courses in London and other major cities all across the country that run on a regular basis. These courses are designed for those who wish to pursue a serious career in accounting or finance in roles such as accounting technician or finance manager.
FIA ACCA F1, Accountant in Business (FAB) Module
The Accountant in Business module (FAB) of the course is designed to introduce you to the workings of a business environment. Also, will show you the influence that environment has on how the company will be structured with regards to the accounts departments and how they work.
It will allow you to see how a business is made up of different people and how each person's role within the business connects to another, making for an effective working environment. The FIA course will cover different types of businesses and how each can have legal, social and technological compartments.
The Accountant in Business (FAB) module will look into the structure and the function of a business and in particular how financial aspects of that business are vital to its successful operation. You do not need any business experience to complete this section of the course.
Once this module has been studied in depth, you will be expected to be able to comprehend the types and purposes of business and how those businesses can interact with their stakeholders and their external surroundings. They should understand the business organisational structure and its role in corporate governance and how accounting and audit works.
You should also be able to demonstrate this by way of communication, producing financial information and reports and be able to conduct effective financial control and compliance for that business. Once the module has been thoroughly studied and understood, you may consider sitting the exam.
FIA Accountant in Business (FAB) Exam and Questions
The exam for the ACCA F1 Accountant in Business (FAB) module will involve both computer and paper based questions. You will have two hours to complete the FIA exam. All questions are compulsory and worth two marks each. There are 50 questions in total.
To prepare for the exam, it is advised that you take a look at past papers and practice papers of the exam itself. This will familiarise you with the layout so you will know what to expect. Past papers can be purchased online from approved ACCA providers and some free copies of past papers can be found on the ACCA website.
The following questions should give a general idea of the types of questions asked (Source: ACCA website):
1. Explain how the law protects the employee and the implications of employment legislation for the manager and the organisation.
2. Outline how business organisations differ.
3. Explain the medium and long term effects of social and demographic trends on business outcomes and economy.
4. Define corporate governance and social responsibility and explain their importance in contemporary organisations.
5. Explain the main functions of the internal auditor and the external auditors and how they differ.