FA1– Recording Financial Transactions

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COURSE DESCRIPTION

This syllabus and study guide are designed to help with learning basic accounting and financial transactions. The syllabus is assessed by a two hour paper-based or computer-based examination. Questions will assess all parts of the syllabus and will include both computational and non-computational elements. The examination will consist of 50 two mark questions.

The Aim of FIA FA1 exam is to introduce knowledge and understanding of the business and its environment and the influence this has on how organisations are structured and on the role of the accounting and other key business functions in contributing to the efficient, effective and ethical management and development of an organisation and its people and systems.

The syllabus for FA1, introduces the candidate to the fundamentals of preparing and recording financial documentation form originating documents and processing ledger transactions up to the trail balance stage. It also covers relevant banking procedures associated with book keeping, maintaining and reconciling cash and petty cash records and preparing the journal and relevant control accounts and identifying and correcting error.

CERTIFICATION

You won’t get a certificate for completing this course but if you want an award simply register with ACCA as a student and take the related exams.Related ACCA computer-based exams:’Recording Financial Transactions’ (FA1). Use this Introduction to Bookkeeping course to prepare for the exam.’Management Information’ (MA1). Study Introduction to Management Accounting.You need to pass the FA1 and MA1 exams and complete an online and interactive module on the ‘Foundations in Professionalism’ to be awarded the ACCA Introductory Certificate in Financial and Management Accounting.

LEARNING OUTCOMES

Consist of 24 Lectures and 48 hrs learning of fundamental accounting.
Class Test and progressive test for assessing candidates improvement.
Learning of introductory accounting and recording transaction.
Suitable for new student from different educational background.
Developing exam awareness and focusing on helping to pass the exam.
Conducting Mock test for final preparation toward computer based exam.

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Course Features

Lectures 25
Quizzes 2
Duration 3 Months
Skill level Introductory
Language English
Students 2476
Assessments Self

Section 1: Types of business transactions and documentation 3
- Lecture1.1
  
  Types of business transaction 15 min
- Lecture1.2
  
  Types of business documentation 30 min
- Lecture1.3
  
  Process of recording business transactions within the accounting system 30 min
Section 2: Duality of transactions and the double entry system 4
- Lecture2.1
  
  Books of prime entry 10 min
- Lecture2.2
  
  Double entry system 30 min
- Lecture2.3
  
  The journal 30 min
- Lecture2.4
  
  Elements of the financial statements 30 min
Section 3: Bank system and transactions 2
- Lecture3.1
  
  The banking process 30 min
- Lecture3.2
  
  Documentation
Section 4: Payroll 1
- Lecture4.1
  
  Process payroll transactions within the accounting system 30 min
Section 5: Ledger Accounts 1
- Lecture5.1
  
  Prepare ledger accounts 30 min
Section 6: Cash and Bank 2
- Lecture6.1
  
  Maintaining a cash book 30 min
- Lecture6.2
  
  Maintaining a petty cash book 30 min
Section 7: Sales and credit transactions 2
- Lecture7.1
  
  Recording Sales 30 min
- Lecture7.2
  
  Customer account balances and control accounts
Section 8: Purchases and Credit transactions 2
- Lecture8.1
  
  Recording purchases 30 min
- Lecture8.2
  
  Supplier balances and reconciliations 30 min
Section 9: Reconciliation 4
- Lecture9.1
  
  Purpose of control accounts and reconciliation 30 min
- Lecture9.2
  
  Reconcile the cash book 30 min
- Lecture9.3
  
  Reconcile the receivables control account 30 min
- Lecture9.4
  
  Reconcile the payable control account 30 min
Section 10: Preparing the trial balance 2
- Lecture10.1
  
  Prepare the trial balance 30 min
- Lecture10.2
  
  Correcting errors
Exam Preparation 4
- Quiz11.1
  
  Mock Exam 1 0 question
- Quiz11.2
  
  Mock Exam 2 0 question
- Lecture11.1
  
  exam technique sharing
- Lecture11.2
  
  solve class and revision

Swapnil Arafat Nabi

Swapnil Arafat Nabi (ACCA Affiliate) Ex ACCA Lecturer, East End Computing and Business College (UK) Ex ACCA Lecturer, FTMS College (Malaysia) Mr. Arafat is a dedicated, resourceful and goal-driven ACCA lecturer with experience of lecturing from the UK and Malaysia. He is currently a dedicated lecturer at our LCBS faculty for the strategic level papers of SBR (Strategic Business Reporting) and AAA (Advanced Audit and Assurance). He has conducted the AAA revision classes at ACCA Bangladesh for the December 2019 session. The revision session spanned for 7 consecutive days making it the longest revision session held at ACCA Bangladesh for any paper! The students were highly delighted to learn new strategies and exam techniques taught by Mr. Arafat. Due to his full time engagement with LCBS he also oversees other papers related to the financial accounting pillar. His teaching journey started back in the UK when he was a student at Kaplan Financial, one of the top ACCA colleges in the UK. He taught ACCA at the East End Computing and Business College in London for 2 consecutive years as an ACCA Lecturer. Mr. Arafat graduated ACCA from FTMS College in Malaysia where he also served as a lecturer of ACCA, the Anglia Ruskin University final year bachelors program and the Diploma program at FTMS College. He taught AAA, P1, P3 at the strategic level, F6 at the skills level and Management Accounting, Taxation and Audit at the CAT level. Besides that he also taught taxation for the final year Anglia Ruskin University bachelors program run at FTMS College. His highly skilful method of communication and course delivery, and friendly approach towards students have been a major subject of appreciation by students of all nationalities. He has taught students of over 25 countries who were from various parts of the world such as Russia, Kirghizstan, Morocco, the UK, Hong Kong, Malaysia, the Arab and the African countries, and even from the Caribbean. Mr. Arafat feels profoundly lucky to have been able to experience teaching students from many parts of the world. We are proud to have him as a member of our faculty and we believe our students will immensely benefit from his teaching experiences.