FA1 Recording Financial Transactions

The syllabus introduces the candidate to the fundamentals of preparing and recording financial documentation from originating documents and processing ledger transactions up to the trial balance stage. It also covers relevant banking procedures associated with bookkeeping, maintaining and reconciling cash and petty cash records and preparing the journal and relevant control accounts and identifying and correcting errors.

Main topic areas

• Types of business transactions and documentation
• Duality of transactions and the double entry system
• Banking system and transactions
• Payroll
• Ledger accounts
• Cash and Bank
• Sales and Credit transactions
• Purchases and Credit transactions
• Reconciliation
• Preparing the trial balance.

Examination structure

• The examination comprises of 50 two mark compulsory questions.
• It is assessed by 2 hour paper based or computer based examination.
• The pass mark is 50%