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Introduction to the ACCA Programme
Introducing ACCA
 The Association of Chartered Certified Accountants (“ACCA”) is one of the world's
leading accountancy organisations and a globally recognised symbol of accountancy
expertise.
 As an industry body, ACCA has about 147,000 members and 424,000 students in over
170 countries. The qualification follows education standards set by the International
Federation of Accountants (IFAC) and focuses strongly on professional values, ethics,
and governance.
 With over 100 years of experience, ACCA has built and developed strong relationships
with a vast network of employers, governmental bodies and professional institutes
across the world.
 The qualification provides a leading range of services to it members. ACCA offers
privileged access to world-renowned technical and thought-leadership materials as well
as comprehensive resources designed to underpin continuous professional
development.
 Foundations in Accountancy provides entry routes to school leavers onto the
professional programme, as well as a suite of entry level certificates and diplomas.

Introduction to the ACCA Programme
Benefits of ACCA Membership
 ACCA is highly regarded in the fields of banking, management and consulting, and
provides a major advantage in competing for senior roles.
 ACCA membership opens doors to a successful career in accountancy practice or
finance, and increases your earning potential.
 ACCA’s world-class reputation makes the qualification highly recognised all over
the globe, allowing its members international mobility in their career.
 ACCA members are internationally recognised in public practice, industry,
commerce and the public sector.
 ACCA membership also allows you to obtain status as a Registered Auditor in many
countries after meeting experience requirements

Awards & Qualifications
ACCA provides suites of awards and
qualifications for its students

Foundation in Accountancy (FIA)
 Introductory Certificate in Financial and Management Accounting –awarded on
the completion of exams
 FA1 (Recording Financial Transactions) and MA1 (Management Information); and
 Foundations in Professionalism (online ethics module).
 Intermediate Certificate in Financial and Management Accounting – awarded on
the completion of exams
 FA2 (Maintaining Financial Records) and MA2 (Managing Costs and Finances); and
 Foundations in Professionalism.
 Diploma in Accounting and Business – awarded on the completion of exams
 FAB (Accountant in Business), FMA (Management Accounting) and FFA (Financial Accounting); and
 Foundations in Professionalism.
 Certified Accounting Technician (CAT) Qualification: In order to obtain the CAT
Qualification, students will need to complete the following:
 FA1, MA1, FA2, MA2, FAB, FFA and FMA; + two of the three options papers; (Foundations in Financial
Management /Foundations in Audit / Foundations in Tax) + a practical experience of 12 months; +
Foundations in Professionalism.

ACCA Professional Qualification & Awards
 Diploma in Accounting and Business: awarded on the completion of exams
 F1 (Accountant in Business), F2 (Management Accounting) and F3 (Financial Accounting); and .
Foundations in Professionalism (online ethics module).
 Advance Diploma in Accounting & Business: awarded on the completion of exams
 F1, F2, F3 & F4 (Corporate & Business Law), F5 (Performance Management), F6 (Taxation), F7
(Financial Reporting), F8 (Auditing & Assurance), and F9 (Financial Management) and Professional
Ethics Module.
 BSc (Hons) Degree in Applied Accounting: awarded after the completion of
 Advanced Diploma and submission of a business-related Research and Analysis Project (Note:
Students are to opt in before attempting paper F7 (Financial Reporting) and must complete within 5
years of starting the ACCA qualification)
 ACCA Membership: awarded after completion of
 Advanced Diploma, P1 (Governance Risk & Ethics), P2 (Corporate Reporting), P3 ( Business Analysis);
+ two of four options papers: P4 (Advanced Financial Management), P5 (Advanced Performance
Management), P6 (Advanced Taxation), P7 (Advance Audit & assurance) + Ethics Module + 3 years’
relevant practical experience.
 Global MBA: available for ACCA Members with a minimum of three years'
professional/managerial work experience.

Routes to Full Membership of ACCA

RECORDING FINANCIAL TRANSACTIONS (FA1)
MAIN CAPABILITIES
 On successful completion of this paper, candidates should be able to explain and
understand the following:
 A. Types of business transactions and documentation
 B. Duality of transactions and the double entry system
 C. Banking system and transactions
 D. Payroll
 E. Ledger accounts
 F. Cash and Bank
 G. Sales and Credit transactions
 H. Purchases and Credit transactions
 I. Reconciliation
 J. Preparing the trial balance

Management Information (MA1)
MAIN CAPABILITIES
 On successful completion of this paper, candidates should be able to:
 A Explain the nature and purpose of cost and management accounting
 B Identify source documents in a costing systems and correctly code data
 C Classify costs by nature, behaviour and purpose
 D Record costs for material, labour and expenses
 E Use spreadsheets in Microsoft excel

FA1 Recording Financial Transactions
Chapter 1
Business Transactions and Documentation

Topic List
Types of Business Transactions
What is a business
A Business is Separate from its Owner(s)
Documenting Business Transactions
Invoices and Credit Notes
Discounts, Rebates, and Allowances
Sales Tax
Storage of Information
Data Protection

1 Types of Business Transactions
 Wherever property changes hands there has been a business transaction.
 Property here means an object hold by a business for sale ie inventory (or stock).
 The main types of business transactions:
 Sales
 Purchases
 A sale takes palace at one of two points in time
 Cash Sales: goods or services are given in exchange for immediate payment
 Credit Sale: goods or services are supplied for later payment
 A purchase also takes place at one of two points in time
 Purchase for Cash
 Purchase on Credit
 A cash transaction is where the buyer pays cash to seller when goods are
transferred.
 A credit transaction is a sale or purchase which occurs earlier than cash is received
or paid.
 Payment of wages, borrowing of money and offering of discounts are other types
of business transactions

2 What is a business
 The purpose of business is to make profit for its owners
 Profit is the excess of income over expenditure. When expenditure exceeds
income, the business is running at a loss.
 A business invests money in resources (e.g. buys buildings, it pays employees) in
order to make even more money for its owners.
 Business vary in nature, size and complexity. However the objective of earning
profit is common to all of them.
 There are also non-profit making organisations (such as charities) but these are
outside the scope of your syllabus.

Quick Quiz
 What is business’s prime objective?
 Define profit

3. A business is seperate from its owner
 For accounting purpose it is important to keep business assets and liabilities
separate from the personal assets and liabilities of the proprietor(s)
 Assets are what business owns and liabilities are what it owes
 An entity is any organisation is which people join together to achieve a common
goal
 A business MUST ALWAYS BE TREATED AS A SEPARATE ENTITY from its owners
when preparing accounts.
The dual effects of financial transactions
 Every financial transaction has a dual effect; a ‘debit’ and ‘credit’.
 In order for the accounting equation to balance, debit and credit entries in the
accounts must equal each other.

4. Documenting Business Transactions
 Business transactions can be evidenced by internal and external documentation
External Documentation
 Every business transaction is recorded on a document
 Letter of inquiry
 Visit
 Quotation
 Acceptance (Sales Order)
 Acknowledgement
 Delivery Note
 Invoice
 Credit Note
 Receipt

Quick Quiz
 A friend of yours who has to knowledge of
accounting matters has asked you to explain the
difference between a cash transaction and a credit
transaction. What would you say?
 Sate the documentation you would expect to change
in hands in following circumstances
You buy a CD from a shop, paying a cash
You have double glazing installed

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