FA1 Recording Financial Transactions is part of INTRODUCTORY CERTIFICATE IN FINANCIAL AND MANAGEMENT ACCOUNTING
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APPROACH TO EXAMINING THE FA1 SYLLABUS
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.
When you complete FA1 paper you should be able to explain and understand the following:
• Types of business transactions and documentations
• Duality of transactions and the double entry system
• Banking system and transactions
• Ledger accounts
• Cash and bank
• Sales and Credit transactions
• Purchases and Credit transactions
• Preparing the trial balance.
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