Applied Skills exams

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ACCA Applied Skills Level

Unleash your potential and build on your foundational knowledge with the ACCA Applied Skills Level, crafted to elevate your practical skills and understanding of core areas in accounting.


The ACCA Applied Skills Level is a crucial phase in your ACCA journey, designed to develop strong, practical skills in financial management, taxation, audit, and assurance. It comprises six diverse exams, each focused on a specific area of accounting and finance.

Exams and Syllabus Overview

LW – Corporate and Business Law

Exam Overview: This exam tests your knowledge of the general legal framework and specific legal areas relating to business.

Key Syllabus Points:

  • Essential elements of the legal system
  • Obligations under the law of contract
  • Employment law
  • Formation and constitution of business organizations
  • Capital and the financing of companies

Objective: Develop a knowledge of the general legal framework and understand how this is applied to particular commercial issues.

PM – Performance Management

Exam Overview: PM focuses on developing your decision-making and management skills, particularly in the areas of costing and performance evaluation.

Key Syllabus Points:

  • Cost accounting techniques
  • Decision-making techniques
  • Budgeting and control
  • Performance measurement and control

Objective: Equip you with the tools to evaluate business performance and make sound business decisions.

TX – Taxation

Exam Overview: TX provides a comprehensive understanding of the taxation system and its application to individuals, companies, and groups.

Key Syllabus Points:

  1. The UK tax system and its administration
  2. Income tax and NIC liabilities
  3. Chargeable gains for individuals
  4. Inheritance tax
  5. Corporation tax liabilities

Objective: Develop knowledge and skills relating to the tax system as applicable to individuals, single companies, and groups of companies.

FR – Financial Reporting

Exam Overview: FR focuses on the preparation of financial statements, ensuring you have the skills to apply relevant accounting standards.

Key Syllabus Points:

  • Conceptual framework for financial reporting
  • Presentation of financial statements
  • Business combinations
  • Analyzing and interpreting financial statements

Objective: Develop the knowledge and skills expected of a financial manager in relation to financial reporting.

AA – Audit and Assurance

Exam Overview: AA provides insight into the audit and assurance process, covering key concepts and principles.

Key Syllabus Points:

  • Audit framework and regulation
  • Planning and risk assessment
  • Internal control
  • Audit evidence
  • Review and reporting

Objective: Understand the process of carrying out assurance engagements and the unpinning principles.

FM – Financial Management

Exam Overview: FM equips you with the skills necessary for working in financial management roles, including investment, financing, and working capital decision-making.

Key Syllabus Points:

  • Financial management function
  • Working capital management
  • Investment appraisal
  • Business finance
  • Business valuations

Objective: Develop the knowledge and skills expected of a financial manager in relation to investment, financing, and working capital management.