ACCA FA
Exam information

What it is, what's tested, and how it's scored.

ACCA FA exam details

The Association of Chartered Certified Accountants (ACCA) certifies a globally recognized accounting qualification that encompasses both public practice and private management accounting. As an internationally accredited institution, the ACCA provides a wide range of qualifications and diploma programs in partnership with leading universities, making it an attractive option for individuals seeking a flexible career path.

Achievable currently offers a course focusing on preparation for the ACCA Financial Accounting (FA) exam, one of the three ACCA Applied Knowledge tests that help qualify candidates for entry-level accounting positions, apprenticeships, and internships. The FA module aims to teach candidates the underlying principles and concepts of financial accounting, accounting techniques, and the preparation of financial statements. Successful completion of all three Applied Knowledge tests, plus the Foundations in Professionalism ethics module, awards candidates the ACCA's Diploma in Accounting and Business, a common stepping stone toward full ACCA certification.

We will be adding the remaining Applied Knowledge exam courses and other modules covering ACCA exams over time.

The ACCA FA exam is hosted by ACCA and costs $117.80 registration fee + exam fee (approximately $100) to register. Participants have 2 hours to answer Two sections: 35 multiple-choice and 2 longer questions (37 total). The passing score is 50% (scored out of 100).

Time

2 hours

Format

Two sections: 35 multiple-choice and 2 longer questions (37 total)

Exam fee

$117.80 registration fee + exam fee (approximately $100)

Passing score

50% (scored out of 100)

Details

ACCA

ACCA FA scoring

The exam is divided into two sections, Section A and Section B. Each of the 35 objective test questions in Section A is worth 2 points, and each of the two multi-task questions in Section B is worth 15 points, for a total of 100 points across the test.

Obtaining the full ACCA license

Earning the ACCA qualification is a comprehensive process that can involve up to 13 challenging exams, organized into three main levels: Applied Knowledge, Applied Skills, and Strategic Professional:

Applied Knowledge exams (3):

Business and Technology (BT)

Management Accounting (MA)

Financial Accounting (FA)

Applied Skills exams (6):

Corporate and Business Law (LW)

Performance Management (PM)

Taxation (TX)

Financial Reporting (FR)

Audit and Assurance (AA)

Financial Management (FM)

Strategic Professional exams (4):

Strategic Business Reporting (SBR)

Strategic Business Leader (SBL)

Choose two of the four Options exams:

Advanced Financial Management (AFM)

Advanced Performance Management (APM)

Advanced Taxation (ATX)

Advanced Audit and Assurance (AAA)

Plus an Ethics and Professional Skills Module.

These exams cover nearly every key area of accounting, ensuring professionals with the ACCA title are fully prepared to take on any case and client.

ACCA FA Exam requirements

Minimum requirements for the ACCA include:

Obtain minimum qualifying grades in mathematics, accounting, and English at the secondary education level

Complete the required ACCA levels and examinations (students with relevant accounting or finance degrees may receive exemptions for up to 9 of the 13 papers)

Gain three years of relevant work experience in accounting, finance, or business valuation

Successfully complete the ethics and professional skills module

Certain exams can be skipped with the right qualifications, such as advanced coursework, though students will still need to pay a fee to be exempt from requirements. For example, those with a Certified Public Accountant (CPA) license in the U.S. may be able to skip the Applied Knowledge and Applied Skills exams and advance straight to the Strategic Professional level.

ACCA FA exam summary

The context and purpose of financial reporting

Focuses on financial statements for external reporting, stakeholders’ needs, regulatory frameworks, duties, responsibilities, and governance.

Accounting principles, concepts, and qualitative characteristics

Covers qualitative and quantitative characteristics of financial information for analysis.

The use of double-entry bookkeeping and accounting systems

Assesses knowledge on double-entry bookkeeping, maintenance of accounting records, general ledger accounts, and journal entries.

Recording transactions and events

Tests understanding of sales and purchases, cash flow, inventories, tangible non-current assets, intangible non-current assets, depreciation, accruals, amortization, and other financial measurements.

Reconciliations

Covers bank and payables account reconciliations.

Preparing trial balances and financial statements

Assesses knowledge of internal reporting, correction of errors, statement of profit or loss, disclosure notes, cash flows, and basic consolidated statements.

Interpretation of financial statements

Highlights the importance and purposes of analyzing financial statements for internal and external purposes.

Achievable ACCA FA content outline

The context and purpose of financial reporting

Explains the role of financial reporting, corporate governance, stakeholder needs, the elements of financial statements, types of business entities, and the regulatory framework that governs reporting.

Accounting principles, concepts, and qualitative characteristics

Introduces the overall framework of accounting principles and the qualitative characteristics that ensure financial information is useful for decision-making.

Accounting principles and concepts

Focuses specifically on core accounting concepts such as accruals, going concern, consistency, prudence, and their application in preparing financial statements.

Qualitative characteristics of financial statements

Examines the qualities that make financial information effective, including relevance, faithful representation, comparability, verifiability, timeliness, and understandability.

Double-entry bookkeeping and accounting systems

Covers the double-entry system, source documents, books of prime entry, the accounting equation, ledger accounts, and the structure of accounting systems.

Recording transactions and events

Develops skills in recording transactions involving inventory, receivables, payables, tax, non-current assets, depreciation, accruals, provisions, equity, and finance costs.

Reconciliations

Explains how to prepare and interpret bank reconciliation statements and payables account reconciliations.

Preparing trial balance

Covers preparation of the trial balance, identification and correction of errors, suspense accounts, and how errors affect financial statements.

Preparing financial statements

Teaches preparation of statements of profit or loss, financial position, and cash flows, including disclosures, income tax, incomplete records, and events after the reporting period.

Preparing basic consolidated financial statements

Introduces group accounting concepts, including the acquisition method, consolidation procedures, intra-group adjustments, associates, and consolidated financial statements.