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This syllabus and study guide are designed to help Approach to examining the syllabus
with teaching and learning and is intended to
provide detailed information on what could be This section briefly explains the structure of the
assessed in any examination session. examination and how it is assessed.
This syllabuss aim is broken down into several ACCA's Approved Content Programme is the
main capabilities which divide the syllabus and programme through which ACCA approves
study guide into discrete sections. learning materials from high quality content
providers designed to support study towards ACCAs
Relational diagram of main capabilities qualifications.
This diagram illustrates the flows and links between ACCA has three Approved Content Providers, Becker
the main capabilities (sections) of the syllabus and Professional Education,
should be used as an aid to planning teaching and BPP Learning Media and Kaplan Publishing. BPP
learning in a structured way. Learning Media and Kaplan Publishing produce
learning materials to support this exam.
Syllabus rationale For information about ACCA's
Approved Content Providers, please go to
This is a narrative explaining how the syllabus is ACCA's Content Provider Directory.
structured and how the main capabilities or sections
of the syllabus are linked. The rationale also The Directory also lists materials by other
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ACCA 2017-2018 All rights reserved.
publishers, these materials have not been quality The structure of examinations varies within and
assured by ACCA but may be helpful if used in between modules and levels.
conjunction with approved learning materials or for The Foundations examinations contain 100%
variant exams where no approved content is compulsory questions to encourage candidates to
available. You will also find details of Additional study across the breadth of each syllabus.
Reading suggested by the examining teams and this All Foundations examinations are assessed by two-
may be a useful supplement to approved learning hour paper based and computer based
materials. examinations.
The pass mark for all FIA examination papers is
ACCA's Content Provider Directory can be found 50%.
here
H http://www.accaglobal.com/uk/en/student/acca- GUIDE TO EXAMINATION ASSESSMENT
qual-student-journey/study-revision/learning-
providers/alp-content.html ACCA reserves the right to examine anything
contained within any study guide within any
Relevant articles are also published in Student examination session. This includes knowledge,
Accountant and available on the ACCA website techniques, principles, theories, and concepts as
specified.
LEVEL OF ASSESSMENTS INTELLECTUAL
DEMAND For specified financial accounting, audit and tax
papers, except where indicated otherwise, ACCA
ACCA qualifications are designed to progressively will publish examinable documents once a year to
broaden and deepen the knowledge and skills indicate exactly what regulations and legislation
demonstrated by the student at a range of levels could potentially be assessed within identified
through each qualification. examination sessions.
Throughout, the study guides assess both For this examination regulation issued or legislation
knowledge and skills. Therefore a clear distinction is passed on or before 31st August annually, will be
drawn, within each subject area, between assessing assessed from September 1st of the following year to
knowledge and skills and in assessing their August 31st of the year after. Please refer to the
application within an accounting or business examinable documents for the paper (where
context. The assessment of knowledge is denoted by relevant) for further information.
a superscriptK and the assessment of skills is
denoted by the superscriptS.
Regulation issued or legislation passed in
accordance with the above dates may be
VALUE OF ASSESSMENTS GUIDED LEARNING
examinable even if the effective date is in the future.
HOURS AND EDUCATION RECOGNITION The term issued or passed relates to when
regulation or legislation has been formally approved.
As a member of the International Federation of
Accountants, ACCA seeks to enhance the education The term effective relates to when regulation or
recognition of its qualification on both national and legislation must be applied to entity transactions
international education frameworks, and with and business practices.
educational authorities and partners globally. In
doing so, ACCA aims to ensure that its qualifications The study guide offers more detailed guidance on
are recognized and valued by governments, the depth and level at which the examinable
regulatory authorities and employers across all documents will be examined. The study guide
sectors. To this end, ACCA qualifications are should therefore be read in conjunction with the
currently recognized on the education frameworks in examinable documents list.
several countries. Please refer to your national
education framework regulator for further
information about recognition.
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ACCA 2017-2018 All rights reserved.
Qualification structure
The qualification structure requires candidates who wish to be awarded the Intermediate Certificate in Financial
and Management Accounting to pass both the FA2 and MA2 examinations and successfully complete the
Foundations in Professionalism module.
Intermediate
FA2 +
MA2
+ FiP* =
Certificate in
Financial and
Management
Accounting
* Foundations in Professionalism
Syllabus structure
The Foundations in Accountancy suite of qualifications is designed so that a student can progress through three
discrete levels; Introductory, Intermediate and Advanced, However, entry is possible at any point. Students are
recommended to enter Foundations in Accountancy at the level which is most appropriate to their needs and
abilities and to take examinations in order, but this is not a requirement.
FIA FFA
FA2
FA1
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Syllabus syllabus also covers the preparation of final
accounts for sole traders and for partnerships.
To develop knowledge and understanding of the On successful completion of this paper, candidates
underlying principles and concepts relating to should be able to:
Maintaining Financial Records and technical
proficiency in the use of double-entry accounting A. Explain generally accepted accounting
techniques including the preparation of basic principles and concepts
financial statements.
B. Outline the principles and process of basic
RATIONALE bookkeeping
The syllabus for Paper FA2, Maintaining Financial C. Preparing journals and ledger accounts
Records, introduces the context and purpose of
maintaining financial records with reference to D. Record transactions and events
accounts preparation. The syllabus then
concentrates in depth on the double-entry system E. Prepare a trial balance (including identifying
and on recording, processing, and reporting and correcting errors)
business transactions and events, including the
specific accounting for non-current assets. The F. Reconcile the control accounts and cashbook
syllabus then covers the use of the extended trial
balance and how to identify and correct errors, G. Extending the trial balance, year end
including the reconciliation of the control accounts, adjustments and final accounts
and the posting of period end adjustments. The
H. Account for partnerships.
Generally accepted
accounting principles Principles and process of basic
and concepts (A) bookkeeping (B)
Recording
Preparing journals and ledger accounts (C) transactions
and events (D)
Accounting for
partnerships (H)
Extending the trial balance, year end adjustments and final accounts(G)
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DETAILED SYLLABUS
2. Bank reconciliation
A Generally accepted accounting principles and
concepts G Extending the trial balance
1. The key accounting principles and 1. Preparation of the extended trial balance
characteristics
2. Preparation of the final accounts
2. Maintaining financial records
H Partnerships
3. The regulatory framework
1. Partnership agreement
B The principles and process of bookkeeping
2. Partnership accounting records
1. The elements of financial statements
3. Partnership financial statements and change in
2. Books of prime entry and the flow of partnership
accounting information in the production of
financial statements
1. Preparation of journals from the books of prime THE SYLLABUS IS ASSESSED BY A TWO HOUR
entry PAPER-BASED OR COMPUTER-BASED
EXAMINATION.
2. Preparation of ledger accounts
The syllabus is assessed by a two hour paper-based
D Recording transactions and events or computer-based examination. Questions will
assess all parts of the syllabus and will include
1. Sales and purchases both computational and non-computational
elements. The examination will consist of 50 two
mark questions
2. Cash
3. Inventory
1. Trial balance
2. Correction of errors
F Reconciliations
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Study Guide 2. Books of prime entry and the flow of
accounting information in the production of
A GENERALLY ACCEPTED ACCOUNTING financial statements
PRINCIPLES AND CONCEPTS
a) Explain the purpose and use of books of prime
1. The key accounting principles and entry and ledger accounts.[K]
characteristics
b) Identify reasons for closing off accounts and
a) Explain the principles of accounting.[K] producing a trial balance.[K]
(i) Going concern
(ii) Accruals c) Explain the process of preparing a set of final
(iii) Consistency accounts from a trial balance.[K]
(iv) Double entry
(v) Business entity C THE PREPARATION OF JOURNALS AND
(vi) Materiality LEDGER ACCOUNTS
(vii)Historical cost
1. Preparation of journals from the books of prime
b) Explain the qualitative accounting entry
characteristics relating to.[K]
(i) Relevance a) Explain and illustrate the dual aspect
(ii) Faithful representation convention. [S]
(iii) Comparability
(iv) Verifiability b) Prepare journals to record transactions in an
(v) Timeliness appropriate format.[S]
(vi) Understandability
2. Preparation of ledger accounts
2. Maintaining financial records
a) Explain the purpose and use of ledger
a) Explain the importance of maintaining financial accounts.[K]
records for internal and external use.[K]
b) Post journals and other entries into the
b) Describe the type of accounting records that a appropriate ledger account.[S]
business should maintain and the main uses of
each.[K] c) Balance the ledger accounts carrying down and
bringing down balances as appropriate. [S]
3. The regulatory framework
D RECORDING TRANSACTIONS AND EVENTS
a) Describe the main requirements of accounting
standards in relation to syllabus area D.[K] 1. Sales and purchases
B THE PRINCIPLES AND PROCESS OF BASIC a) Record sale and purchases transactions in
BOOKKEEPING ledger accounts. [S]
1. The elements of financial statements b) Record sales and purchase returns. [S]
a) Explain the meaning of the accounting c) Account for trade and settlement discounts. [S]
equation.[K]
d) Identify sources of information on sales tax and
b) Describe the meaning of assets, liabilities and explain the relationship between the entity and
capital in an accounting context.[K] the relevant government agency. [K]
e) Explain the general principles of the operation
c) Describe the components of final accounts for of a sales tax including: [K]
a sole trader.[K]
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(i) requirements for registration
(ii) main information to be included on e) Recognise which costs should be included
business documentation, when valuing inventories. [K]
(iii) types of taxable supplies and their
classification for sales tax f) Explain the use of continuous and period end
(iv)accounting and payment of sales tax inventory records. [K]
(v) penalties for late returns or late payment of
sales tax. g) Calculate the value of closing inventory using
FIFO (first in, first out) and AVCO (average
f) Explain the different methods of accounting for cost) - both periodic weighted average and
and reporting of sales tax. [K] continuous weighted average. [S]
g) Identify and obtain sales tax data from the h) Identify the impact of inventory valuation
accounting system. [S] methods on profit, assets and capital,
including: [S]
h) Calculate sales tax on inputs and outputs. [S] (i) periodic weighted average
(ii) continuous weighted average
i) Record the consequent accounting entries and (iii) FIFO
calculate the sales tax due to/from the
business. [S] i) Report inventory in the final accounts. [S]
j) Compute the main components of a sales tax 4. Tangible non-current assets and depreciation
return. [S]
a) Define non-current assets. [K]
k) Communicate effectively with the relevant tax
authority about sales tax matters including b) Recognise the difference between current and
potential adjustments, errors or omissions. [S] non-current assets. [K]
l) Calculate the cash flow impact on the business c) Explain the difference between capital and
of the payment of sales tax and the potential revenue items. [K]
impact on the business of any changes in
legislation for sales tax. [S] d) Classify expenditure as capital or revenue
expenditure. [S]
2. Cash and bank
e) Explain the impact of misclassification of
a) Record cash and bank transactions in ledger capital expenditure as revenue expenditure and
accounts. [S] vice versa on the statement of profit or loss and
the statement of financial position. [K]
b) Report cash and bank balances in the final
accounts. [S]
f) Prepare journal and ledger entries to record the
3. Inventory acquisition and disposal of non-current assets
(including part exchange).[S]
a) Recognise the need for adjustments for
inventory when preparing financial statements. g) Calculate and record profits or losses on
[K]
disposal of non-current assets in the statement
of profit or loss including part exchange
b) Record opening and closing inventory. [S] transactions and scrapping of assets. [S]
c) Identify and apply the alternative methods of h) Explain the purpose of depreciation. [K]
valuing inventory. [K]
d) Explain and apply the IASB requirements for i) Calculate the charge for depreciation using
valuing inventories. [S] straight line and reducing balance methods. [S]
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6. Receivables, payables and provisions
j) Identify the circumstances where different
methods of calculating depreciation would be a) Explain and identify examples of receivables
appropriate.[K] and payables. [K]
k) Illustrate how depreciation expense and b) Prepare the bookkeeping entries to write off an
accumulated depreciation are recorded in irrecoverable debt. [S]
ledger accounts.[S]
c) Record an irrecoverable debt recovered. [S]
l) Explain the purpose and function of an asset
register.[K] d) Identify the impact of irrecoverable debts on
the statement of profit or loss and on the
m) Prepare the non-current asset register statement of financial position. [S]
accounting for all or part of the following: [S]
(i) Acquisition including authorisation e) Calculate the movement in the allowance for
(ii) Part exchange and cash non-current asset receivables and the closing balance
purchases
(iii) Depreciation f) Prepare the bookkeeping entries to create and
adjust an allowance for receivables. [S]
n) Identify and resolve any discrepancies relating
to the accounting records for non-current g) Illustrate how to include movements in the
assets. [S] allowance for receivables in the statement of
profit or loss and how the closing balance of
o) Report non-current assets and depreciation in the allowance should be reported in the
the final accounts.[S] statement of financial position. [S]
d) Prepare the journal entries and ledger entries 7. Capital and finance costs
for the creation of an accrual or prepayment. [S]
a) Distinguish between capital injected by the
e) Identify the impact on profit, net assets and business owner(s) and third parties for an
capital of accruals and prepayments. [K] unincorporated business. [K]
f) Report accruals and prepayments in the final b) Explain the accounting equation including the
accounts. [S] impact of changes in capital. [K]
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d) Prepare a reconciliation between the list of
E PREPARING A TRIAL BALANCE AND ERRORS balances and the corrected ledger control
accounts. [S]
1. Trial balance
e) Identify the control account balance to be
a) Explain the purpose of the trial balance. [K] reported in the final accounts. [K]
e) Prepare the initial trial balance.[S] b) Identify errors and omissions in the bank ledger
account and bank statement.[K]
2. Correction of errors
c) Identify timing differences. [K]
a) Explain the purpose of, and reasons for,
creating a suspense account. d) Make the correcting entries in the bank ledger
account. [S]
b) Identify different types of bookkeeping error
including those that result in suspense e) Prepare the reconciliation between the bank
accounts. [K] statement balance and the corrected bank
ledger account.[S]
c) Identify and explain the action required to
correct errors including clearing any suspense f) Identify the bank balance to be reported in the
accounts.[K] final accounts. [K]
d) Prepare correcting journal entries. [S] G THE TRIAL BALANCE AND THE EXTENDED
TRIAL BALANCE
e) Record correcting entries in the ledgers. [S]
1. Preparation of the trial balance/extended trial
f) Demonstrate how the final accounts are balance
affected by the correction of errors. [S]
a) Explain the process of extending the trial
F RECONCILIATIONS balance.[K]
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in the profit or loss sharing ratio, after all
d) Extend and complete the extended trial balance other appropriations have been made)
including calculating the final reported profit or
loss. [S] 2. Partnership accounting records
e) Prepare the opening trial balance for the next a) Explain the difference between partners capital
accounting period.[S] and current accounts. [K]
2. Preparation of the final accounts including b) Prepare the partners capital and current
incomplete records accounts.[S]
a) Explain the process of preparing a set of final 3. Partnership financial statements and change in
accounts from a trial balance. [K] partnership
b) Explain the format and purpose of the a) Prepare the final accounts for a partnership. [S]
statement of profit or loss and statement of
financial position for a sole trader. [K] b) Explain and account for the admission of a new
partner including the treatment of any goodwill
c) Prepare the final accounts for a sole trader arising. [S]
from: [S]
(i) The extended trial balance or Note: Candidates will not be expected to
(ii) Directly from ledger accounts or calculate the value of goodwill
(iii) Trial balance
H PARTNERSHIPS
1. Partnership agreement
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SUMMARY OF CHANGES TO
FA2
ACCA periodically reviews its qualification syllabuses so that they fully meet the needs of stakeholders such as
employers, students, regulatory and advisory bodies and learning providers.
There have not been any additions, deletions or amendments to the 2016/17 study guide for 2017/18.
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ACCA 2017-2018 All rights reserved.