Financial Accounting (FA/FFA) essentials on one page

What is FA/FFA about?
Financial Accounting introduces the fundamentals of preparing financial accounts, the regulatory framework around financial statements and the qualitive characteristics of useful financial information. It covers the recording of transactions through to the preparation of the financial statements.

FA/FFA: an overview

Financial Accounting aims to develop knowledge and understanding of the basic principles and concepts of financial accounting. It also provides the technical skills for using double-entry accounting techniques.

This knowledge is the platform to then develop further in more complex accounting issues covered in the skills and strategic papers, FR and SBR.

Illustration demonstrating the use of double-entry and accounting systems to prepare a trial balance.

Steps to success

  • If possible, study with an approved learning partner or with ACCA-X
  • Use ACCA Study Hub or Approved Learning Content
  • Study the whole syllabus
  • Practice exam standard questions, to time, including the specimen exam and practice tests
  • Ensure you are competent working in the computer-based exam environment
  • Attempt at least two full exams under exam conditions, debrief your answers, then focus your study on weaker areas
  • Book your CBE exam in advance at one of the on demand CBE centres.

Key resources

Our On-demand CBE hub has lots of useful resources, including:

  • Articles and podcasts
  • ACCA-X
  • Specimen exams and debrief videos
  • Practice tests
  • Information on booking exams

Additional resources

Tackling the exam

Section A (70 marks)

  • 35 objective test (OT) questions, each worth two marks

Tips for answering OT questions

  • Read the question carefully
  • Think before answering, don’t rush!
  • Ensure you do your workings even though you do not need to show  them
  • If not sure, eliminate other answers to help find the correct answer
  • Answer all questions even if unsure of the answer.

Section B (30 marks)

  • There will be two multi-task questions (MTQ) in this section each worth 15 marks. Each MTQ will be specific to a syllabus area.

Tips for answering multi-task questions

  • Read and ensure you understand the scenario
  • Read the questions carefully
  • Think before answering, don’t rush!
  • Ensure you do your workings even though you do not need to show them
  • Answer all questions even if unsure of the answer.

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