ACCA FA study plan
ACCA FA · Give each week a clear focus.
8 weeks · About 7 hours per week
Double-entry and accounting systems & Recording transactions and events
Apply the dual-entry rule to record 30 transactions across asset, liability, equity, income and expense accounts, balancing every entry
Classify 20 items as capital or revenue expenditure and justify each classification in one line
Post entries from books of prime entry into ledger accounts and extract a trial balance that balances
Reconcile the receivables and payables control accounts to list totals for two worked examples
Your checkpoint
A completed ledger set covering 30 transactions with a balancing trial balance, plus a 10-question self-test scored at 80% or better
Recording transactions and events & Preparing a trial balance
Record 25 period-end adjustments covering accruals, prepayments, depreciation, irrecoverable debts and closing inventory
Prepare an extended trial balance from a 40-line trial balance and carry every figure to the correct statement column
Journal-correct six types of error and identify which ones do not disturb the trial balance agreement
Reconcile a cash book to a bank statement and post the resulting adjustments
Your checkpoint
A fully adjusted extended trial balance derived from a 40-line trial balance, with a written error-correction log explaining each journal
Preparing basic financial statements
Prepare a statement of profit or loss, a statement of financial position and a statement of changes in equity from a single trial balance
Compute cost of sales, gross profit, depreciation charge and closing inventory from given data
Present assets and liabilities under the current / non-current classification convention
Draft a property, plant and equipment movement schedule showing additions, disposals and charges
Your checkpoint
A complete set of financial statements produced under a 90-minute timed condition and self-marked against a checklist of at least 15 presentation points
Preparing simple consolidated financial statements
Determine whether control exists for five given investee scenarios and identify which entities are consolidated
Calculate goodwill at acquisition and group retained earnings for a parent with one partly-owned subsidiary
Eliminate intra-group balances and unrealised profit on inventory in a worked consolidation
Prepare a consolidated statement of profit or loss adjusting for intra-group trading and amortisation of fair value adjustments
Your checkpoint
A consolidated statement of financial position for a parent and an 80%-owned subsidiary, scored at 60% or above against a model answer
The context and purpose of financial reporting & Qualitative characteristics of financial information
Describe the role of the conceptual framework, the standard-setting body and the regulatory framework in financial reporting
Match six user groups to their information needs and the decisions each makes
Apply relevance, faithful representation, comparability, verifiability, timeliness and understandability to 15 short scenarios
Explain the elements of financial statements, recognition criteria, going concern and accruals assumptions using one example each
Your checkpoint
A written answer pack of 25 multiple-choice and short-form questions on the regulatory and qualitative framework, scored at 80% or above
Interpretation of financial statements
Compute profitability, liquidity, efficiency, gearing and investor ratios from two years of given figures
Interpret the direction and cause of each ratio movement in a short written commentary
State the limitations of ratio analysis and explain why comparability can break down between entities
Your checkpoint
A two-year ratio schedule with 12 ratios calculated and a 300-word commentary explaining the four most significant movements
Recording transactions and events & Preparing basic financial statements & Preparing simple consolidated financial statements
Re-attempt the three lowest-scoring question types from weeks 1 to 6 without notes and log the result
Complete 40 mixed-format practice questions spanning recording transactions, financial statement preparation and consolidation
Rewrite from memory the step-by-step routine for producing a consolidated statement of financial position
Your checkpoint
A personal weak-area log listing every topic scored below 70%, with each item re-tested and marked as cleared or still open
The context and purpose of financial reporting & Qualitative characteristics of financial information & Double-entry and accounting systems & Recording transactions and events & Preparing a trial balance & Preparing basic financial statements & Preparing simple consolidated financial statements & Interpretation of financial statements
Sit two full-length timed mock exams under exam conditions and mark them against the published marking scheme
Review every incorrect answer and trace it back to the underlying rule or standard
Drill the five weakest topics identified in week 7 until each scores 80% or above
Your checkpoint
Two completed mock exams with scores recorded and a final one-page revision sheet covering the rules that were missed
Milestones
Week 2: Extract a trial balance and an extended trial balance from raw transaction data with no unexplained difference and no unposted adjustment
Week 4: Produce a consolidated statement of financial position including goodwill, non-controlling interest and group retained earnings, scoring 60% or higher against a model answer
Week 6: Calculate 12 ratios correctly from two years of financial data and explain the main movements in writing
Week 8: Score 65% or above on both full-length timed mocks, with no single domain below 50%