What is ACCA?
ACCA stands for the Association of Chartered Certified Accountants. The ACCA produce a number of accounting qualifications and one of them is the Foundation in Accountancy (FIA) course. This course is intended if you wish to pursue a career in accounting or finance but do not have the necessary qualifications to join at ACCA level.
The FIA course is structured over three different course levels;
(2) Intermediate, and
You can join the course at any level depending on past qualifications or experience. Once the FIA course is completed, you will then be eligible for entry onto the CIMA, ACCA or ICAEW financial courses. They provide courses all across the UK with ACCA courses in London, Manchester and Birmingham starting at regular intervals throughout the year.
The types of accountancy training the ACCA offer will greatly improve your career prospects and earning potential if you are successful. Many graduates secure roles as accountants, accounting technicians and financial managers. There are also other UK financial course options available, and it is worth taking independent career advice before you make a final decision.
Recording Financial Transactions (FA1) Module
Recording Financial Transactions is the FA1 module of the FIA course and aims to introduce you to the basics of preparing and recording financial documents. This will include documentation from original documents and the processing of ledger transactions right up to the trial balance stage.
The module also includes banking procedures, maintaining cash records and identifying and correcting errors within accounts. On completion of the course, you are expected to have a thorough understanding of the sorts of business transactions and documentations and be able to:
• explain the duality of transactions
• the double entry system
• banking systems
• banking transactions
• ledger accounts
• sales transactions
• credit transactions
• reconciliation, and
• preparing the trial balance
FIA Exam - Recording Financial Transactions
The exam for the Recording Financial Transactions (FA1) module is taken over a two hour period. There are 50 questions on the paper, with each question worth two points. The pass rate for this module stands at 50 per cent. The questions you will be asked will cover a wide range of subjects from the module so it is wise to study all areas in detail and acquire FIA study material in preparation. The exam will include both written and computerised work.
Examples of questions can be found on the ACCA website and include the following (source: ACCA):
1. Outline the tools and techniques used to process accounting transactions and period end routines and consider how errors are identified and dealt with.
2. Outline the purpose and content of the books of prime entry including their format.
3. Prepare a petty cash voucher including the sales and tax elements of an expense when presented with an inclusive amount.
4. Define and distinguish between the elements of the financial statements.
There are full examples of other past papers also available on the ACCA website which covers all the questions and topic areas in more detail. Past examination papers can also be purchased online. Make sure that the suppliers of these are ACCA approved before you part with any money. Hard work and dedication as well as a thorough understanding of the course material are essential if you are to succeed with the FIA course.