Financial Accounting Basics
What financial accounting basics means
Double entry, financial statements and fundamentals in ACCA style.
Worked example
One question from this skill's own question bank, shown with its full working.
The accounting equation is:
- Assets = Liabilities - Equity
- Assets = Liabilities + Equity
- Equity = Assets + Liabilities
- Liabilities = Assets + Equity
Working: Assets are financed by liabilities and equity.
Curriculum and exam alignment
Curriculum notes are a general guide to where this work normally sits. Always check the syllabus your school or examination body is currently using.
Related skills
Other ACCA Exam Practice skills in ACCA, at the same point in the course.
Other ACCA topics
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Exams that assess financial accounting basics
University work on this skill feeds directly into these exam papers. Each page lists the ACCA topics that appear on it.
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Practise financial accounting basics
5 questions with a worked answer after every attempt, and a SmartScore that tracks how close you are to mastery.