About FA2
The Maintaining Financial Records FA2 introduces the recording transaction process in the general ledger. It educates students on identifying the accounts affected by a transaction, finding the type of account (equity, asset, liability, income, or expense), and making the correct journal entries.
The FA2 paper prepares aspirants to do basic accounting functions contribute to the overall financial management within an organization and educate them on the purpose of maintaining financial records concerning account preparation. The FA2 forms the foundation for those who want to study and grow in accounting and finance.
Exam Structure
- A two-hour paper-based or computer-based exam assesses the FA2. The questions assess all topics in the syllabus and cover computation and non-computational elements. The FA2 exam aims to boost knowledge and understanding of the underlying values and concepts related to maintaining financial records and technical proficiency in using double-entry accounting techniques in the preparation of fundamental financial statements.
SO, Why Choose
Mustafa Mirchawala
Mustafa Mirchawala is a well-known ACCA and FIA tutor. His expertise and dedication to the field are well known. Mustafa has been at the forefront of teaching students in the Maintaining Financial Records FA2 paper. Having taught for more than 20 years, he is a well-known figure in the field with a focus on UK taxation, accounting, corporate reporting, and financial reporting.
Qualifications and Achievements
Demo Lectures
Watch the demo lecture which provides insight into teach fin approach for ACCA, showcasing their teaching methodology, faculty expertise, and available resources for students.
Stay ahead in the Exams with Our specialized LMS
TFL-LMS
Our Specialised LMS provides student with the course in well structured manner which ensure effective and efficient study. Customized Testing system in our LMS helps a student to have actual exam experience while attempting homeworks and Mock Exams.
To discover further key features of our LMS, including Access to recorded lectures library, specialized testing system, access to course attachments and comprehensive progress reports, watch our tutorial video.
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COURSE OUTLINE
Generally accepted accounting principles and concepts
- The key accounting principles and characteristics
- Maintaining financial records
- The regulatory framework
The principles and process of bookkeeping
- The elements of financial statements
- Books of prime entry and the flow of accounting information in the production of financial statements
The preparation of journals and ledger accounts
- Preparation of journals from the books of prime entry
- Preparation of ledger accounts
Recording transactions and events
- Sales and purchases
- Cash
- Inventory
- Tangible non-current assets and depreciation
- Accruals and prepayments
- Receivables, payables, and provisions
- Capital and finance costs
Preparing a trial balance and correcting errors
- Trial balance
- Correction of errors
Reconciliation
Control account reconciliations
Frequently Asked Questions
What is FA2 in accounting?
Your FIA journey moves one step higher with the ACCA FA2 exam, which digs deeper into financial accounting concepts, focused on the planning, execution, and reporting of increasingly complicated company transactions.
What is the FA2 exam?
The FA2 Maintaining Financial Records specimen exam outlines the format, style, and potential question types for the paper and how it will be evaluated.
What does the FA2 stand for in ACCA?
The Foundations in Professionalism online module and seven exams make the new ACCA Foundation Diploma: FA1: Financial Transaction Recording. Management Information, MA1. FA2: Upholding Financial Documentation. Managing Finance and Expenses, or MA2.
How many ACCA papers are exempt after FIA?
Graduates of ACCA FIA who choose to pursue the ACCA qualification are exempt from the three papers in the Applied Knowledge Module and can begin at the Applied Skills level right away (6 papers).
What level of FIA is ACCA?
Starting at the GCSE level (Level 2), or its equivalent, FIA advances to Level 4, which is the equivalent of the first year of a bachelor’s degree.
