ACCA Fundamentals - Applied Knowledge

• The scope and purpose of financial statements for external reporting
• Users' and stakeholders' needs
• The main elements of financial reports
• The regulatory framework (legislation and regulation, reasons and limitations, relevance of accounting standards)
• Duties and responsibilities of those charged with governance

• The qualitative characteristics of financial information

• Double-entry book-keeping principles including the maintenance of accounting records and sources of accounting information
• Ledger accounts, books of prime entry, and journals

• Sales and purchases
• Cash
• Inventory
• Tangible non-current assets
• Depreciation
• Intangible non-current assets and amortisation
• Accruals and prepayments
• Receivables and payables
• Provisions and contingencies
• Capital structure and finance costs

• Trial balance
• Correction of errors
• Control of accounts and reconciliations
• Bank reconciliations
• Suspense accounts

• Statements for financial position
• Statements of profit or loss and other comprehensive income
• Disclosure notes
• Events after the reporting period
• Statement of cash flows
• Incomplete records

• Subsidiaries
• Associates

• Importance and purpose of analysis of financial statements
• Ratios
• Analysis of financial statements

• Accounting for management
• Sources of data
• Cost classification
• Presenting information

• Sampling methods
• Forecasting techniques
• Summarising and analysing data
• Spreadsheets

• Accounting for materials, labour, and overheads
• Absorption and marginal costing
• Cost accounting methods
• Alternative cost accounting principles

• Nature and purpose of budgeting
• Budget preparation
• Flexible budgets
• Capital budgeting and discounted cash flow
• Budgetary control and reporting
• Behavioural aspects of budgeting

• Standard costing system
• Variance calculations and analysis
• Reconciliation of budget and actual profit

• Performance management - overview
• Performance management - application
• Cost reductions and value enhancement
• Monitoring performance and reporting

• The purpose and types of business organisations
• Stakeholders in business organisations
• Political and legal factors affecting business
• Macroeconomic factors
• Micro economic factors
• Social and demographic factors
• Technological factors
• Environmental factors
• Competitive factors

• The formal and informal business organisation
• Business organisational structure and design
• Organisational culture in business
• Committees in business organisations
• Governance and social responsibility in business

• The relationship between accounting and other business functions
• Accounting and finance functions within business organisations
• Principles of law and regulation governing accounting and auditing
• The sources and purpose of internal and external financial information provided by business
• Financial systems, procedures, and related IT applications
• Internal controls, authorisation, security of data, and compliance within business
• Fraud and fraudulent behaviour and their prevention in business, including money laundering
• The impact of financial technology (fintech) on accounting systems

• Leadership, management, and supervision
• Recruitment and selection of employees
• Individual and group behaviour in business organisations
• Team formation, development, and management
• Motivating individuals and groups
• Learning and training at work
• Review and appraisal of individual performance

• Personal effectiveness techniques
• Consequences of ineffectiveness at work
• Competence frameworks and personal development
• Sources of conflicts and techniques for conflict resolution and referral
• Communicating in business

• Fundamental principles of ethical behaviour
• The role of regulatory and professional bodies in promoting ethical and professional standards in the accountancy profession
• Corporate codes of ethics
• Ethical conflicts and dilemmas

During this course, you will complete a number of progress tests and mock exams in preparation for your exam. You will need to sit an exam at the end of this module in order to achieve a pass.

Exams are not included in the cost of this course. You will need to book and pay for your exams directly with ACCA.

Course duration varies depending on when you enrol and start the course.

This course is offered on a distance learning basis, meaning you will have access to your required study materials. You will also have unlimited support from your personal tutor via email. Studying via distance learning means you can fit your studies around your commitments and progress at your own pace.

On successful completion of your exams and the Ethics and Professional Skills module, you will receive an ACCA Diploma in Accounting and Business (RQF Level 4) qualification. This will count towards your overall ACCA membership and qualification.

The skills developed during this course will enable you to apply for the following roles:

• Assistant accountant
• Senior bookkeeper
• Accounts assistant
• Audit trainee
• Credit controller
• Finance assistant
• Finance officer
• Payroll supervisor
• Tax assistant

Take a read of our ‘How to Become an Accountant‘ career guide.