Put These Notes into Practice
Reading the notes is a great start. Now practice with unlimited AI-generated questions and get instant feedback. 100,000+ students are already improving their grades.
Financial Accounting (FA)
9 sections available · 35 chapters available
Free Financial Accounting (FA) study notes for ACCA students. Each chapter breaks down a key concept with examples and practice prompts you can turn into AI drills in the thinka app.
A. The context and purpose of financial reporting
The scope and purpose of financial statements for external reporting
Stakeholders' needs
The main elements of financial reports
The regulatory framework
Duties and responsibilities of those charged with governance
B. Accounting principles, concepts and qualitative characteristics
Key principles and concepts of accounting
Qualitative characteristics of useful financial information
C. The use of double-entry bookkeeping and accounting systems
Double-entry bookkeeping principles including the maintenance of accounting records
General ledger accounts and journal entries
D. Recording transactions and events
Sales and purchases
Cash
Inventories
Tangible non-current assets
Depreciation
Intangible non-current assets and amortisation
Accrued expenses (accruals), prepaid expenses (prepayments), accrued income, and deferred income
Receivables and payables
Provisions and contingencies
Capital structure and finance costs
E. Reconciliations
Bank reconciliations
Payables account reconciliations
F. Preparing a trial balance
Trial balance
Correction of errors
Suspense accounts
G. Preparing financial statements
Statement of financial position
Statement of profit or loss and other comprehensive income
Disclosure notes
Events after the reporting period
Statement of cash flows (excluding partnerships)
Incomplete records
H. Preparing basic consolidated financial statements
Subsidiaries
Associates
I. Interpretation of financial statements
Importance and purpose of analysis of financial statements
Ratios
Analysis of financial statements
Done reading? Test yourself with AI practice questions
Practice This Topic Now