Is There Any Entrance Exam for Online ACCA in Pakistan?

Those who do not qualify the minimum eligibility criterion for ACCA in Pakistan don’t have to worry because the foundation course in ACCA helps you get started with the preparation for the further levels. 

This works as an entrance test for Pakistani students. Also, if you ace the foundation qualification for ACCA in Pakistan, you can get some exemptions in the forthcoming papers. Let’s see how to get into the foundation program and why it is necessary.

Is There Any Entrance Exam for Online ACCA in Pakistan?

So, let’s dig right in!

What is a Foundation Diploma in ACCA?

A Foundation Diploma in ACCA is an entrance qualification for students without previous finance or accountancy backgrounds. This qualification prepares them for the forthcoming ACCA papers to attempt them without difficulty. Also, students can get some exemptions in the ACCA Applied Knowledge level after completing Foundation Diploma. 

Structure of Foundation Diploma

The structure of the Foundation Diploma in ACCA includes seven basic versions of papers that students will face in the advanced levels. You must complete all seven papers and then hop on to foundations in professionalism module mandated by ACCA global. You can take the Foundation Diploma test directly from any ACCA-recognized institute offering ACCA online classes in Pakistan. 

However, you have to complete the papers in sequence since the information in the subjects is interlinked. And completing preliminary papers will help you pass the test in a sequence. So, the series goes by this: 

FA1 – Recording Financial Transactions

Recording financial transactions are essential financial management or financial accounting level in the ACCA. In this subject, students are compelled to learn about the basic financial statements like preparing ledger accounts, cash flow statements, income statements, and balance sheets. 

MA1 – Management Information

Management information course is based on the strategic management and cost accounting paper where students need to have the expertise to make strategies to achieve the objectives. Completing FA1 and MA1 together will allow you to prepare beforehand for the upcoming papers. 

FA2 – Maintaining Financial Records

After completing FA1, you will have a basic knowledge of managing financial records that you can imply in this paper. This paper unlocks the advanced level of preparing financial statements to record the financial affairs of an organization.

MA2 – Managing Costs and Finance

Managing costs and financial information will help you understand how internal and external accounting works. You can manage financial and cost accounting information by learning techniques from this paper. This paper is an advanced level of MA1, and you can quickly gauge the methods once you complete the MA1. 

FAB – Accountant in Business

After completing FA1, FA2, MA1, and MA2, you will have significant knowledge to understand the depth of accountant in the business courses. Becoming ACCA qualified does not only confine you to jobs, but you can start your business by learning accounting and finance expertise required to start a business through this paper. 

FMA – Management Accounting

Management of cost accounting is similar. In this paper, you learn to account for managing and recording internal accounting, such as preparing cost of goods sold, job cost order, calculating labor wage per hour, manufacturing overheads, variable cost, total costs, fixed cost, contribution margin, and all. 

FFA – Financial Accounting

Learning financial accounting techniques is significant to prepare and record financial transactions for stakeholders. These statements are necessary especially for investors to gauge your company’s goodwill and liquidity rate.

Location: Pakistan

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