ACCA Financial Accounting (FA): study notes HPS notes for the current syllabus, area by area, with worked examples and quizzes.

1. 01A. The context and purpose of financial reportingWhy financial statements exist, who prepares them and who relies on them. You will compare sole traders, partnerships and companies, learn the five elements and the accounting equation, see how the IFRS Foundation and the IASB set the rules, and understand what directors are responsible for when accounts are prepared.6 lessons · 2h 55m+

   • The scope and purpose of financial statements35 min
   • Stakeholders' needs30 min
   • The main elements of financial reports35 min
   • The regulatory framework30 min
   • Duties and responsibilities of those charged with governance30 min
   • Module 1 quiz15 min
2. 02B. Accounting principles, concepts and qualitative characteristicsThe ideas that sit underneath every entry you will make. You will learn the key accounting concepts, from going concern and accruals to prudence and substance over form, and the Conceptual Framework's fundamental and enhancing qualitative characteristics that make financial information useful.2 lessons · 55 min+

   • The qualitative characteristics of useful financial information40 min
   • Module 2 quiz15 min
3. 03C. Double-entry bookkeeping and accounting systemsThe engine room of financial accounting. You will follow a transaction from its business document to the books of prime entry and the general ledger, learn the rules of debit and credit, write up and balance T-accounts, post day book totals and control accounts, and prepare journal entries from a narrative.3 lessons · 1h 35m+

   • Double-entry principles and accounting recordsFree preview40 min
   • General ledger accounts and journal entries40 min
   • Module 3 quiz15 min
4. 04D. Recording transactions and events (1)The everyday transactions of a business, recorded properly. You will account for sales and purchases with returns, sales tax and discounts, keep the cash book and a petty cash imprest, value inventories under IAS 2 using FIFO and AVCO, and record the purchase, revaluation, depreciation and disposal of tangible non-current assets.6 lessons · 3h 30m+

   • Sales and purchases40 min
   • Cash35 min
   • Inventories40 min
   • Tangible non-current assets45 min
   • DepreciationFree preview
5. 05D. Recording transactions and events (2)The second half of area D: intangible assets and amortisation, the year-end adjustments for accruals, prepayments, accrued income and deferred income, receivables and the allowance for irrecoverable debts, provisions and contingencies under IAS 37, and the shares, loan notes, dividends and reserves of a limited liability company. Each lesson works through the double entry and its effect on profit and the statement of financial position, with a worked example and quick check.6 lessons · 3h 35m+

   • Intangible non-current assets and amortisation35 min
   • Accruals, prepayments, accrued income and deferred income40 min
   • Receivables and payables40 min
   • Provisions and contingencies40 min
   • Capital structure and finance costs
6. 06E. ReconciliationsHow to prove that the bank and payables balances in the ledger are right. You correct the cash book and reconcile it to the bank statement, then reconcile supplier accounts to suppliers' statements, correcting your own errors and explaining the rest, so that the figures in the statement of financial position can be relied on.3 lessons · 1h 30m+

   • Bank reconciliations40 min
   • Payables account reconciliations35 min
   • Module 6 quiz15 min
7. 07F. Preparing a trial balanceThe trial balance: what it proves and what it cannot, and the opening trial balance for a new period. You then correct errors with journals and open and clear a suspense account, working out the effect of every correction on profit and the statement of financial position.4 lessons · 2h 10m+

   • The trial balance35 min
   • Correction of errors40 min
   • Suspense accounts40 min
   • Module 7 quiz15 min
8. 08G. Preparing financial statementsFrom the trial balance to a full set of company accounts. You will prepare the statement of financial position, the statement of profit or loss and other comprehensive income and the statement of changes in equity in the IFRS 18 formats, draft the main disclosure notes, apply IAS 10 to events after the year end, build a statement of cash flows by the indirect method, and rebuild missing figures from incomplete records.7 lessons · 4h 40m+

   • The statement of financial position50 min
   • The statement of profit or loss and other comprehensive income50 min
   • Disclosure notes35 min
   • Events after the reporting period30 min
   • The statement of cash flows
9. 09H. Preparing basic consolidated financial statementsHow a parent reports the group it controls. You will identify subsidiaries and associates, calculate goodwill and the non-controlling interest, prepare a consolidated statement of financial position and statement of profit or loss for a parent with one subsidiary, and apply the equity method to an associate.3 lessons · 1h 50m+

   • Subsidiaries60 min
   • Associates35 min
   • Module 9 quiz15 min
10. 10I. Interpretation of financial statementsTurning financial statements into decisions. You will learn why users analyse accounts and where ratio analysis falls short, calculate the profitability, liquidity, efficiency and gearing ratios, and write clear, balanced comments that explain what the ratios mean for a lender, investor or supplier.4 lessons · 2h 10m+

    • The purpose of analysing financial statements30 min
    • Ratios45 min
    • Analysing financial statements40 min
    • Module 10 quiz15 min

• AThe context and purpose of financial reporting
• BAccounting principles, concepts and qualitative characteristics
• CThe use of double-entry bookkeeping and accounting systems
• DRecording transactions and events
• EReconciliations
• FPreparing a trial balance
• GPreparing financial statements
• HPreparing basic consolidated financial statements
• IInterpretation of financial statements

Questions