Why Recording Financial Transactions (FA1) is introduced?
To gain knowledge and understanding of the major types of business transactions and reporting, as well as how they are recorded in an accounting system through the trial balance stage.
Syllabus of FA1 Recording Financial Transactions
It also covers relevant banking procedures such as bookkeeping, the maintenance and reconciliation of cash and small cash records, the preparation of the journal and relevant control accounts, and the identification and correction of errors.
Main Capabilities
Candidates must be able to do the following in order to pass the exam:
- Types of business transactions and documentation
- Banking system and transactions
- Transaction duality and the double entry system
- Payroll
- Cash and bank
- Ledger accounts
- Sales and credit transactions
- Preparing the trial balance
- Purchases and credit transactions
- Reconciliation
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