FIA Maintaining Financial Records (FA2): ACCA Study Exam, Questions, Past Papers & Syllabus
What is ACCA, FIA?
The Association of Certified Accountants (ACCA) is currently one of the world's largest accountancy bodies with more than half of the UK's current working accountants holding accountancy qualifications from this provider.
The Foundation in Accountancy course (FIA) is a new type of course that has been produced by the ACCA for those students who do not have the relevant qualifications to join at ACCA level. Completion of this course will allow you to enrol in ACCA, CIMA or ICAEW courses where you can then further your accountancy training.
FIA Course Structure
The FIA course structure is designed so that you can develop your skills by completing three different levels of certification: introductory, intermediate and advance.
The FA2 module, Maintaining Financial Records, is an intermediate level module. This qualification can be studied for online or at any ACCA approved facility. There are many courses running across the UK - including ACCA courses in London, Manchester and Birmingham. Successful completion of these accountancy training courses will be particularly beneficial to those following a career in accounting and finance and in different roles such as accountant, finance manager or accounting technician.
FIA Maintaining Financial Records
The FA2 Maintaining Financial Records module is designed to introduce you to (and allow you to gain) an understanding of the concepts needed for maintaining financial records both computerised and on paper. If you pass this module, you should be able to:
• explain the basic principles and concepts of accounting
• demonstrate the basic principles of bookkeeping
• prepare account journals and ledgers
• show how to control accounts and cashbooks, and
• explain accounting for partnerships
The syllabus will cover in depth the double entry system, recording, processing and reporting on any business transactions or events. The module will then move on to covering the use of the extended trial balance, how to spot and correct errors and will also look into the preparation of accounts for lone workers and partnerships.
This FA2 Maintaining Financial Records module is passed on completion of a two hour exam that will involve at least partial use of a computerised system. The exam consists of 50 compulsory questions that have a value of two marks each. Questions that may be asked are spread over a wide subject area covered in the module and a thorough understanding of all areas of the module is required for success. Pass rates currently stand at 50%.
FIA Sample Questions
The following types of questions are examples of some which may occur during your FA2 exam. These are from the approved ACCA website, where a full example of a past exam papers can be viewed:
1. Explain the principles of accounting.
2. Explain the importance of maintaining financial records that a business should maintain and the main uses of each.
3. Record sales and purchase transactions in ledger accounts.
4. Explain and illustrate the dual aspect convention.
Past papers can also be purchased online. Make sure they are from ACCA themselves or an approved provider before parting with any money. Further detailed course information can also be found on the ACCA website.