Financial Accounting

Exam aims

Learn the underlying principles and concepts of financial accounting, accounting techniques and the preparation of basic financial statements. 

You'll demonstrate technical proficiency in the use of double-entry techniques, including the preparation and interpretation of basic financial statements for sole traders, partnerships, companies and simple groups of companies.

You'll understand how to:

  • record, process and report business transactions
  • use the trial balance and identify and correct errors
  • draft financial statements
  • apply the qualitative characteristics of useful information.

What will I learn?

  • context and purpose of financial reporting
  • qualitative characteristics of financial information
  • use of double-entry and accounting systems
  • how to record transactions and events
  • how to prepare a trial balance (including identifying and correcting errors)
  • how to prepare basic financial statements for incorporated and unincorporated entities
  • how to prepare simple consolidated financial statements
  • interpretation of financial statements.

What will I achieve?

On completing the Applied Knowledge exams and the Foundations in Professionalism module, you will achieve the Diploma in Accounting and Business.

What jobs could I do on completion?

  • trainee bookkeeper
  • administrator
  • trainee accountant.

What should I do next?

Move on to the Applied Skills exams. The Applied Skills and the Strategic Professional exams will lead you to ACCA membership and enable you to become a forward-thinking accountant who shapes the future of the profession.