The Applied Knowledge exams include compulsory papers of essential accounting techniques, which are mandatory for every student to qualify to pass ACCA. They successfully instil in students a solid grounding about the world of both accounting and finance, offering a broad understanding to help you become a professional. In this article, we will take a deep dive to better understand the concept of ACCA papers, within the realms of applied knowledge.
There Applied Knowledge exams are divided into three sections. Each of these papers is designed to provide students with the essential building blocks required to embark upon a successful career in the field of Finance and Accountancy. Let look in further.
Accountant in Business
Also referred to as Business and Technology (FBT), this paper reflects the role played by technology in the modern accounting profession. It introduces students to the business world, examining the structure and functions of different types of business entity. You get to analyse the purpose of their existence and examine the execution of behaviour at all levels within an organisation by implementing accepted professional values and ethics.
When exploring the external influences that can affect the business environment, a student learns to take into consideration the rights and responsibilities that are assigned to the key stakeholders. It allows students to inculcate management, leadership and people skills, which can in turn bloom into efficient team behaviour, personal effectiveness and motivation.
Students will learn about the basic elements of accountancy management which are the building blocks of making decisions. It covers the origin, nature and purpose of information management, along with the statistical techniques used for data analysis. The syllabus also includes the aspects of cost accounting techniques that is an essential factor for running a successful business.
Students will practice the steps pertaining to standard costing, budgeting and variance analysis. These are considered vital tools for controlling and planning business events. Overall you are sure to get enlightened about monitoring and measuring the performance of all divisions of an organisation.
Through this, the candidate gets a deeper insight into the fundamentals of the regulatory framework in terms of finance, as well as their qualitative features. Students will gain hands-on training in drafting financial statements and implementing their principles during an audit. It lays a deep focus on arranging, processing, and documenting business events and transactions.
You will learn to handle trial balance and determine errors, moving on to manage entities. Candidates will become proficient in conducting basic interpretations of financial statements. This spans from individual finance statements to that of group incorporated entities, with the ultimate purpose of representing them as simple and consolidated formats.
To start to begin preparing for ACCA’s Applied Knowledge exams you must be qualified the University-entrance level tests. Do you want to complete these three exams? Then apply to the ACCA professional course in Accounting and Business and be eligible to face the actual scenario. For more information reach out to us now!