Course: FA1 Recording Financial Transactions
Recording Financial Transactions is a paper of ACCA foundation diploma which is designed to introduce students to the process of recording business transactions.
Every business wants to know the amount of profit or loss they have made over a certain period of time. Though sounds like an easy task it can become quiet difficult in a large business industry where there are immense number of transactions.
FA1 gives students the core ideas behind the record keeping of transactions in an organization and also about documenting those transactions in a secure manner so that there are reduced chances of fraud or theft in any organization.
On successful completion of this paper, candidates should be able to:
A. Types of business transactions and documentation
B. Duality of transactions and the double entry system
C. Banking system and transactions
E. Ledger accounts
F. Cash and bank
G. Sales and credit transactions
H. Purchases and credit transactions
J. Preparing the trial balance