In what way does the ACCA fundamental exam help you?

ACCA consists of a total of 14 written examinations in English, as well as practical business experience. Each section has four exams, which generally take two to three years to complete; however, the maximum period allowed to complete ACCA is ten years.

Applied knowledge, applied skills, and strategic professional exams are the three types of ACCA exams. The previous fundamental tests were separated into two groups: applied knowledge and applied skills. 

Let’s examine the elements that make up these categories.

The following papers make up the Applied Knowledge exams:

• Business Accountant (AB);
• Management Accountant (MA); 
• Financial Accountant (FA)

The following papers make up the Applied Skills exams:

• Corporate and Business Law (LW);
• Performance Management (PM); 
• Taxation (TX);
• Financial Reporting (FR); 
• Audit and Assurance (AA); 
• Financial Management (FM)

Accountant in Business(AB):

This component, formerly known as the ACCA F1 paper, familiarizes students with the corporate world and helps them comprehend how accounting functions within a global business framework. 

The exam assesses students’ understanding of accounting systems, basic business regulations, leadership and communication, internal control principles, governance, and environmental issues.

• Exam Duration: 2 hours 
• Exam type: PBE (paper-based exam) or CBE (computer-based exam) (CBE)

Management Accounting (MA):

This module of the applied knowledge tests introduces students to business management and management accounting fundamentals include costing procedures, budget management, variance analysis, and cost control.

• Exam duration:2 hours 
• Exam type: PBE or CBE

Financial Accounting (FA):

This curriculum focuses on financial statement preparation, assisting students in preparing single entity and consolidated financial statements.

Cash flow statements, financial position statements, and financial performance statements will all be discussed.

• Exam duration: 2 hours 
• Exam type: PBE or CBE 

Corporate and Business Law (LW):

Students learn about the operation of legal systems, particularly in the context of business-related laws, in this topic. 

Students will gain skills to recognize instances in which professional legal counsel is required and know the general legal framework.

• Exam duration: 2 hours 
• Exam type: PBE and CBE (only for F4 English and Global)

Performance Management (PM): 

This component expands on the knowledge gained in the Management Accounting (MA) applied knowledge module, assisting students in developing abilities for improved business management.

• Exam duration: 2 hours
• Exam type: PBE Format 

Taxation: 

This module teaches students about the fundamentals of taxation as well as the technical aspects of the subject. Value-added tax, corporate tax, income tax, and inheritance tax are all covered.

• Exam duration: 3 hours 
• Exam type: PBE 

FR (Financial Reporting): 

Students learn more about the skills and knowledge in the Financial Accounting module of the applied knowledge examinations in this module. 

This paper guides students by preparing consolidated financial statements and assessing their ability to use those financial statements to evaluate business performance.

• Exam duration: 3 hours in length
• Exam type: PBE 

Audit and Assurance (AA): 

This module focuses on the goal, procedure, and outcomes of auditing. The paper looks at audit objectives, ethical difficulties that firms may face during an audit, and the entire audit process and audit results. 

During this session, students will put their newfound knowledge to use, such as identifying audit risks and comprehending the consequences of audit findings.

• Exam duration: 3 hours 
• Exam type: PBE 

Financial Management (FM):

The financial features, such as discounted cash flow and inventory control, are examined in this study. It teaches students how to evaluate a company scenario and how financial decisions affect the efficiency of corporate operations.

• Exam duration: 3 hours 
• Exam type: PBE 

ACCA exams are held every year; you can check the official ACCA website to understand more about the intakes or contact us!