The first part of the Knowledge module, the syllabus ACCA F1 – Foundations of Accounting in Business – is devoted to general introduction into the role of the accountant in business, both local and international. F1 syllabus provides knowledge in interrelations of accountants and organizations with a deep view at how effective can be such cooperation.
Each online source, providing the ACCA qualification, publishes corresponding syllabuses. They contain profound details on aims and content of the ACCA course, including other complementing qualifications, like FIA (Foundations in Accountancy) and sub-qualifications (FAB, FMA, FFA).
For receiving the Diploma in Accounting and Business an ACCA student is required to pass 4 examinations – ACCA F1 exam, F2/FMA and F3/FFA in the Knowledge module and the FiP (Foundations in Professionalism) module.
First ACCA syllabus F1 begins with entering the FIA suit of qualifications. Each student can enter it at the Introductory, Intermediate or Advanced levels appropriate to his/her expertise in the field.
The ACCA paper F1 – Foundations of Accounting in Business – suits also for those students, who have no business experience. The content of this syllabus is designed to provide ACCA students with following capabilities:
- understanding of main business principles, the cooperation between organizations and stakeholders, the influence of external and internal environmental factors;
- understanding of the corporate structure and organizational functions;
- recognizing the communication function of audit and accounting in other main aspects of corporate functioning;
- personnel issues: leadership and team building;
- recognizing of the importance of personal values in team work and overall efficiency;
- correspondence of corporate activities and mode of operating with professional values and ethics.
These capabilities are numbered accordingly through A to F, with each letter corresponding to particular parts of ACCA paper F1. These syllabus parts contain detailed information on what students should know for their examinations.
F1/FAB is examined through a two-hour paper or computer-based examination. The examination contains 50 questions. In the future ACCA F1 is going to introduce longer style questions.