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ACCA Fundamental |
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The Association of Chartered Certified Accountant (ACCA)
East London College has chosen to offer the ACCA (Association of Chartered Certified Accountant) programme as it is the largest
and fastest growing international accountancy body, with over 300,000 students and members spread throughout
160 countries world-wide. ACCA (Association of Chartered Certified Accountant) is becoming a truly global
qualification and recently received accreditation from the United Nations.
ACCA (Association of Chartered Certified Accountant) equips students with an in-depth knowledge of both
accounting and management to enable them to work in any area of accounting and finance.
The ACCA Qualification develops accounting knowledge and skills as well as professional values.
This means you can build a successful career as a finance professional in any sector.
The ACCA exams are divided into two levels; Fundamentals and Professional.
The Fundamentals level is divided into two modules Knowledge and Skills.
The ACCA Fundamentals Knowledge module introduces you to the main areas of financial and management accounting.
You will study the other technical accountancy areas after you study this. There are six subjects in the Skills
module which cover the main technical areas that accountants are expected to know.
The ACCA Professional level divided into two modules; Essentials and Options. Both of the modules at
Professional level have been set at the same ability level as a Masters degree.
This level builds on the technical knowledge you will already have. It will also explore more advanced
professional skills, techniques and values. These are required at a senior level by accountants working
in an advisory or consultancy role.
Achieving ACCA (Association of Chartered Certified Accountant) Qualifications
In order to become an associate of ACCA (Association of Chartered Certified Accountant),
and passing all the ACCA (ACCA Fundamentals and ACCA Professional) exams, you must demonstrate practical
experience by providing evidence of three years of supervised relevant work experience in any type of
organisation and in any country which can take place before, during or after studying for the
ACCA (Association of Chartered Certified Accountant) exams. There is no time limit for this to take place.
ACCA students often choose to fulfil this requirement once they have passed their examinations and many do
this upon return to their home country.
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ACCA Fundamentals
Modules:
- F1 Foundations of Accounting in Business
- F2 Management Accounting
- F3 Foundations of Financial Accounting
- F4 Corporate and Business Law
- F5 Performance Management
- F6 Taxation
- F7 Financial Reporting
- F8 Audit and Assurance
- F9 Financial Management
(F1) Foundations of Accounting in Business
Unit aim: 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.
On successful completion of this paper, candidates should be able to:
- Understand the purpose and types of businesses and how they interact with key stakeholders and the external environment
- Understand business organisation structure, functions and the role of corporate governance
- Recognise the function of accountancy and audit in communicating, reporting and assuring financial information and its effective financial control and compliance
- Recognise the principles of authority and leadership and how teams and individuals are recruited, managed, motivated and developed
- Understand the importance of personal effectiveness as the basis for effective team and organisational behaviour
- Recognise that all aspects of business and finance should be conducted in a manner which companies with and is in the spirit of accepted professional ethics and professional values.
(F2) Management Accounting
Unit aim: to develop knowledge and understanding of providing basic management information in an organisation to support management in planning and decision-making.
On successful completion of this paper, candidate should be able to:
- Explain the nature, source and purpose of management information
- Explain and apply cost accounting techniques
- Prepare budgets for planning and control
- Compare actual costs with standard costs and analyse any variances
- Analyse, interpret and monitor business performance
(F3) Foundations of Financial Accounting
Unit aim: to develop knowledge and understanding of the underlying principles and concepts relating to financial accounting and technical proficiency in the use of double-entry accounting techniques including the preparation of basic financial statements
On successful completion of this paper, candidates should be able to:
- Explain the context and purpose of financial reporting
- Define the qualitative characteristics of financial information
- Demonstrate the use of double-entry and accounting systems
- Record transactions and events
- Prepare a trial balance
- Prepare basic financial statements for incorporated entities
- Prepare simple consolidated financial statements
- Interpretation of financial statements
(F4) Corporate and Business Law
Unit aim: to develop knowledge and skills in the understanding of the general legal framework, and of specific legal areas relating to business, recognising the need to seek further specialist legal advice where necessary.
On successful completion of this paper candidates should be able to:
- Identify the essential elements of the legal system, including the main sources of law
- Recognise and apply the appropriate legal rules relating to the law of obligations
- Explain and apply the law relating to employment relationships
- Distinguish between alternative forms and constitutions of business organisations
- Recognise and compare types of capital and the financing of companies
- Describe and explain how companies are managed, administered and regulated
- Recognise the legal implications relating to companies in difficulty or in crisis
- Demonstrate an understanding of governance and ethical issues relating to business
(F5) Performance Management
Unit aim: to develop knowledge and skills in the application of management accounting techniques to quantitative and qualitative information for planning, decision-making, performance evaluation, and control.
On successful completion of this paper, candidates should be able to:
- Explain and apply cost accounting techniques
- Select and appropriately apply decision-making techniques to facilitate business decisions and promote efficient and effective use of scarce business resources, appreciating the risks and uncertainty inherent in business and controlling those risks
- Identify and apply appropriate budgeting techniques and methods for planning and control
- Use standard costing systems to measure and control business performance and to identify remedial action
- Assess the performance of a business from both a financial and non-financial viewpoint, appreciating the problems of controlling divisionalised businesses and the importance of allowing for external aspects
(F6) Taxation
Unit aim: to develop knowledge and skills relating to the tax system as applicable to individuals, single companies, and groups of companies.
On successful completion of this paper candidates should be able to:
- Explain the operation and scope of tax system
- Explain and compute the income tax liabilities of individuals
- Explain and compute the corporation tax liabilities of individual companies and groups of companies
- Explain and compute the chargeable gains arising on companies and individuals
- Explain and compute the inheritance tax liabilities of individuals
- Explain and compute the effect of national insurance contributions on employees, employers and the self employed
- Explain and compute the effects of value added tax on incorporated and unincorporated businesses
- Identify and explain the obligations of tax payers and/or their agents and the implications of non-compliance
(F7) Financial Reporting
Unit aim: to develop knowledge and skills in the understanding and applying accounting standards and the theoretical framework in the preparation of financial statements of entities, including groups and how to analyse and interpret these financial statements.
On successful completion of this paper, candidates should be able to:
- Discuss and apply a conceptual framework for financial reporting
- Discuss a regulatory framework for financial reporting
- Prepare and present financial statements which conform with the International accounting standards
- Analyse and interpret financial statements
(F8) Audit and Assurance
Unit aim: to develop knowledge and understanding of the process of carrying out the assurance engagements and its application in the context of the professional regulatory framework.
On successful completion of this paper, candidates should be able to:
- Explain the nature, purpose and scope of assurance engagements including the role of the external audit and its regulatory and ethical framework
- Explain the nature of internal audit and describe its role as part of overall performance management and its relationships with the external audit
- Demonstrate how the auditor obtains an understanding of the entity and its environment, assess the risk of material misstatements and plans an audit of financial statements
- Describe and evaluate information systems and internal controls to identify and communicate control risks and their potential consequences, making appropriate recommendations
- Identify and describe the work and evidence required to meet the objectives of audit engagements and the applications of the international Standards of Auditing
- Evaluate findings and modify the audit plan as necessary
- Explain how conclusions from audit work are reflected in different types of audit report, explain the elements of each type of report
(F9) Financial Management
Unit aim: to develop the knowledge and skills expected of a finance manager, in relation to investment, financing, and dividend policy decisions
On successful completion of this paper candidates should be able to :
- Discuss the role and purpose of the financial management function
- Assess and discuss the impact of the economic environment on financial management
- Discuss and apply working capital management techniques
- Carry out effective investment appraisal
- Identify and evaluate alternative sources of business finance
- Explain and calculate the cost of capital and the factors which affect it
- Discuss and apply principles of business and asset valuations
- Explain and apply risk management techniques in business.
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The minimum entry requirement is two A Levels and three GCSEs or their equivalent. These need to be in five separate subjects including English and maths.
If you do not meet the minimum entry requirements to start the ACCA Qualification, then you will need to apply for Foundations in Accountancy and take some or all of these awards before continuing with the ACCA Qualification.
If you have a relevant degree from a university accredited by ACCA, then you may not need to take all of the ACCA Qualification exams. Nine exams at the Fundamentals level of the ACCA Qualification are eligible for exemption.
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