Paper 1 Recording Financial Transactions

by ACCA Tips
Filed under: CAT 

WARNING: The examiners deliberately try to avoid question spotting. Use the tips as areas to have a good look at, but remember that no-one knows what’s in the exam except the examiner. Your safest bet is to achieve good syllabus coverage in your revision, as the examiner aims to do in the exam.

Because the exam is entirely multiple choice it is easier for the examiner to cover the whole syllabus of 1 in any one sitting. The following topics are however key topics and we would expect them to appear somewhere on the paper.

BPP Tips:

  • Understanding and accounting for various business transactions, eg sales, purchases, expenses, trade and settlement discounts
  • Transaction documentation: invoices, credit notes, statements etc
  • Basic VAT
  • Cash handling (eg petty cash, recording in the cash book)
  • Posting to the general ledger (debits and credits)
  • Bank reconciliations
  • Sales/purchase ledger reconciliations
  • Capital v revenue expenditure

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