Plain-English definitions of the terms for ACCA study. Simplified for learning; ACCA’s materials are authoritative.
| Term | Definition |
|---|---|
| ACCA | Association of Chartered Certified Accountants. |
| Applied Knowledge | The foundation level of the ACCA exams. |
| Applied Skills | The core technical level. |
| Strategic Professional | The advanced level (Essentials + Options). |
| Exemption | Skipping an exam based on prior qualifications. |
| PER | Practical Experience Requirement — 36 months of work. |
| Ethics module | The required Ethics and Professional Skills module. |
| IFRS | International Financial Reporting Standards. |
| Accrual accounting | Recognising items when earned/incurred, not when paid. |
| Financial reporting | Preparing financial statements for stakeholders. |
| Audit and assurance | Independent examination giving confidence in information. |
| Management accounting | Information used internally for decisions. |
| Performance management | Using information to plan and control performance. |
| Taxation | Rules for calculating and paying tax. |
| Financial management | Managing an organisation’s funding and investment. |
| Corporate and business law | The legal framework around business. |
| SBL | Strategic Business Leader exam. |
| SBR | Strategic Business Reporting exam. |
| Consolidation | Combining group company accounts. |
| Working capital | Current assets minus current liabilities. |