My Skill Lab
AccountingBeginner

ACCA Financial Accounting (FA) Prep

Pass ACCA FA/F3 with worked questions and exam technique.

Taught by Manisha Bhattarai · ACCA, Finance Manager

What you'll learn

  • Describe the FA syllabus, the exam format and how the 100 marks split between Sections A and B
  • Record transactions using double entry, post to ledgers and extract a trial balance that balances
  • Make period-end adjustments for inventory, accruals, prepayments, depreciation and irrecoverable debts
  • Reconcile bank and control accounts and correct errors through a suspense account
  • Prepare a statement of profit or loss and a statement of financial position for a single entity from a trial balance
  • Prepare a simple consolidated statement of financial position and interpret statements with core ratios

About this course

ACCA Financial Accounting (FA), formerly F3, is the paper where double entry becomes financial statements, and it is shared by the ACCA Qualification and the FIA Diploma in Accounting and Business. This beginner course is for students in South Asia, Africa, the UK and anywhere else ACCA is studied who want a clear syllabus map, worked examples and exam technique for the on-demand computer-based exam. You will practise double entry, ledgers and the trial balance, adjust for inventory, accruals, prepayments, depreciation and irrecoverable debts, correct errors through a suspense account, prepare a statement of profit or loss and statement of financial position for a single entity, build the simple consolidated statements that Section B tests, and interpret statements with core ratios. No prior accounting knowledge is required, only patience with debits and credits. Independent study material — not affiliated with or endorsed by ACCA.

Course content

7 lessons
  1. 1The FA Syllabus and How the Exam WorksThe eight syllabus areas, the two-hour computer-based exam format and a study plan that fits around work.Preview
  2. 2Double Entry, Ledgers and the Trial BalanceThe accounting equation, the rules of debit and credit, books of prime entry and extracting a trial balance.
  3. 3Inventory, Accruals, Prepayments and Irrecoverable DebtsThe period-end adjustments that turn a trial balance into accruals-based profit, with the journals for each.
  4. 4Non-Current Assets: Depreciation, Disposals and RevaluationsIAS 16 cost, depreciation methods, part-year charges, the disposal account, revaluations and IAS 38 intangibles.
  5. 5Bank Reconciliations, Control Accounts and Correcting ErrorsReconcile the cash book, agree control accounts to the ledgers and clear a suspense account with journals.
  6. 6Preparing Financial Statements for a Single EntityFrom adjusted trial balance to the statement of profit or loss, statement of financial position and cash flows.
  7. 7Consolidation Basics, Ratios and Exam TechniqueGoodwill, non-controlling interest and intra-group items, the core ratios, and how to score in both sections.