The Association of Chartered Accountants is the fastest-growing global professional accounting body to offer the Chartered Accountant Qualification to students interested in making a career in accounting, tax consultation, treasury management, etc. ACCA exams are suitable for students who aspire to pursue a professional career in accounts and finance. By building a solid foundation in accounts and finance, you can clear the examinations with ease and confidence.
To qualify for an ACCA examination, the candidate must undergo assessment in 13 papers subdivided into three critical levels of Applied knowledge, Applied skills, and strategic professional.
The ACCA Level 1 examination is the first paper that consists of F1, F2, and F3. It is the beginning of the study. Thus, the difficulty level is low but requires intense learning from textbooks to pass the examinations with flying colors.
The syllabus for the ACCA examinations is very detailed and covers advanced accounting elements for paper 1. F1-F3 papers are from the fundamental level. However, these are knowledge-based testing of theoretical understanding.
The starting point for an ACCA candidate aims to provide the students with basic accounting knowledge in business. In the journey of becoming a certified ACCA qualified accountant, this can be the foundation pillar for a lucrative career in the business industry. Here we have curated a brief overview of the fundamental level of examination, which includes the following three papers.
F1- Accounting in business: The purpose of this paper is to acquaint the students with teachings that can help them manage a business effectively by understanding the latest trends in the business environment. It emphasizes making the candidate understand the role of an accountant and strategies based on which you can effectively contribute to the development of an organization. Topics covered in this paper are:
- The management, structure, and governance of an organization
- Role of accountant in successfully running a business
- The selective functions of internal financial control and accounting
- External environmental factor-like influences and constraints on business and accounting
F2 – Management Accounting: The crucial knowledge of preparing and processing the primary quantitative information can effectively support the strategic decision-making procedures at the management level. The following topics are covered in this paper are:
- Essential decision-making techniques
- An in-depth understanding of business mathematics and spreadsheets
- Effective cost-accounting techniques
- Budgeting and standard costing
- Nature and purpose of business management and cost accounting
F3 – Financial Accounting: This paper targets teaching the candidates the concepts and core principles governing financial accounting activities. The paper can equip you with developed technical abilities to expertise in double-entry accounting, which is considered the foundation for preparing and interpreting basic financial statements. Here are the topics primarily covered in this paper:
- Purpose and background of financial report
- Fundamentals of accounting
- Making of business financial statement
- Application of double-entry financial accounting
- Interpreting the qualitative financial information
A well-built course can help you learn and understand the critical topic required to pass the level 1 ACCA examination. Business schools in Singapore offer professional courses, recognized as the best tuition providers with successfully teaching the students and supporting ACCA candidates through the examinations in successfully qualifying the recognized examination. The course can equip you with relevant industry experience with the expert guidance of qualified professionals. Apply now to know more about the course!