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FAIS Exam Topics Covered

The FAIS exam topics covered include: 1. Forms of organization, types of business activities, and the relationship between management, board, and shareholders. 2. Users of accounting information and financial statements, financial statements, and the process of accounting. 3. The objectives of financial reporting, accounting equation, principles basis for accounting, accrual basis of accounting, and role of auditors and audit committee.

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166 views1 page

FAIS Exam Topics Covered

The FAIS exam topics covered include: 1. Forms of organization, types of business activities, and the relationship between management, board, and shareholders. 2. Users of accounting information and financial statements, financial statements, and the process of accounting. 3. The objectives of financial reporting, accounting equation, principles basis for accounting, accrual basis of accounting, and role of auditors and audit committee.

Uploaded by

daniyal
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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FAIS Exam topics covered

1. Forms of Organization
2. Types of Business Activities
3. The relationship between the Management, Board and
Shareholders
4. Users of Accounting Information and Financial Statements
5. Financial Statements
6. Process of Accounting
7. Objectives of Financial reporting
8. Ratios (not discussed but go through book)
9. The Accounting Equation (A = L + C)
10. Principles basis for accounting (Going Concern, Matching
Concept, Prudence Concept etc.)
11. Accrual Basis of Accounting
12. Role of Auditors and Audit Committee
13. Ethical issues regarding accounting
14. Characteristics of Useful Accounting Information
15. Contents of Annual Report (Practically done in class)
16. Source documents in recording transactions
17. The Accounting Cycle, Operating Cycle, and Financial
Period
18. Control Environment and establishing internal controls to
mitigate risks
19. Why fraud occurs?
20. Types of risks affecting business
21. Operating Assets (Fixed Assets)
22. Adjustments required for Incorrect Balance Sheet and
Income Statement (Practice Q #20)
23. Types of non-cash expenses (Depreciation)
24. CAPITAL and REVENUE expenditures
25. Treatment of Interest (Financing LT Asset) in Capital
Work-In-Process and Debit/Credit entries (Contingencies
and Commitments item on Balance Sheet)

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