ACCA Level 1 Subjects Detail Information
ACCA Level 1 Subjects : The Fundamentals level is divided into two modules – Knowledge and Skills.
The Knowledge module (F1-F3) introduces students to the core areas of financial and management accounting. This provides the platform from which the other technical accountancy areas will be studied in greater detail in the Skills module. The Skills module (F4-F9) contains six subjects which comprehensively cover the main technical areas that any accountant – regardless of their future career aspirations – are expected to have mastered.
These comprise law, performance management, taxation, financial reporting, auditing, and financial management.
ACCA Level 1 Subjects Detail Information: Knowledge Module
Paper F1 Accountant in Business (AB).The aim of F1 is to develop knowledge and understanding of the business environment and the influence this has on how organisations and accountants operate, and of the role of the accountant and other key business functions in contributing to an efficient, effective and ethical organisation, and to build knowledge and understanding of the basic principles of effective management. F1 is the basis for the professional level papers P1 Professional Accountant and P3 Business Analysis. Content: Business organization structure, governance, and management; Key environmental influences and constraints on business and accounting; History and role of accounting in business; Specific functions of accounting and internal financial control; Leading and managing individuals and teams; Recruiting and developing effective employees.
Paper F2 Management Accounting (MA) To develop knowledge and understanding of how to prepare and process basic cost and quantitative information to support management in planning and decision-making in a variety of business contexts. F2 is the foundation for F5 Performance Management, F9 Financial Management, and P5 Advanced Performance Management. Content: The nature and purpose of cost and management accounting; Cost classification, behaviour, and purpose; Business mathematics and computer spreadsheets; Cost accounting techniques; Budgeting and standard costing; Short-term decision-making technique.
Paper F3 Financial Accounting (FA) To develop knowledge and understanding of the underlying principles, concepts and regulations relating to financial accounting and technical proficiency in the use of double-entry accounting techniques, including the preparation of basic financial statements.
F3 is essential to papers F7 Financial Reporting and P2 Corporate Reporting. Content: The context and purpose of financial reporting; The qualitative characteristics of financial information and the fundamental bases of accounting; The use of double-entry and accounting systems; Recording transactions and events; Preparing a trial balance; Preparing basic financial statements.
ACCA Level 1 Subjects Detail Information: Skills Module
Paper F4 Corporate and Business Law (CL) 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. The law paper is essential before the completion of F7 Financial Reporting and F8 Audit and Assurance. Content: Essential elements of legal systems; The law of obligations; Employment law; The formation and constitution of business organisations; Capital and the financing of companies; Company management and administration; Legal implications relating to companies in difficulty or in crisis; Governance and ethical issues relating to business.
Paper F5 Performance Management (PM) 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. Content: Specialist cost and management accounting techniques; Decision-making techniques; Budgeting; Standard costing and variances analysis; Performance measurement and control.
Paper F6 Taxation Czech (TX) To develop knowledge and skills relating to the tax system as applicable to individuals, single companies, and groups of companies. Content: The Czech tax system; Individual Income Tax Liabilities; Corporate Income Tax Liabilities; Social Security contributions; Value Added Tax (VAT); The obligations of the taxpayer and/or their agents.
Paper F7 Financial Reporting (FR) To develop knowledge and skills in 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 those financial statements. Content: A conceptual framework for financial reporting; A regulatory framework for financial reporting; Financial statements; Business combinations; Analyzing and interpreting financial statements.
Paper F8 Audit and Assurance (AA) To develop knowledge and skills in the process of carrying out the assurance engagement and its application in the context of the professional regulatory framework. Content: Audit framework and regulation; Internal audit; Planning and risk assessment; Internal control; Audit evidence; Review; Reporting. Paper F9 Financial Management (FM) To develop knowledge and skills expected of a financial manager – relating to issues affecting investment, financing, and dividend policy decisions. Content: Financial management function; Financial management environment; Working capital management; Investment appraisal; Business finance; Cost of capital; Business valuations; Risk management.
Above you can see all the details information about the syllabus for the exam. As this is provided by ACCA so we can start preparation for you exam by referring this syllabus.