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SOCPA Fellowship Exam: Financial Accounting

The SOCPA Fellowship takes six passed subjects, and Financial Accounting needs 60 out of 100. We've handpicked 341 questions covering most topics on the latest syllabus, to help you push for a top score before test day!

Try 10 free questions and see your levelTake a full mock exam

Next test: 20 December 2026 · Registration opens 5 November 2026

  • 60 questions in 180 min, like the real test
  • 341 questions covering the main scoring topics, with explanations
  • 60 pass mark, with targeted practice on your weak spots

See the gap to your target score Practise the units costing you the most marks A full mock exam like the real one

Every option explained so you understand why

If your exam were today, would you pass?

Try 10 free questions without signing up. Get your score and find your weak areas as soon as you finish.

On 1 January 2025, Al-Ufuq Company had assets of SAR 800,000 and liabilities of SAR 300,000. During the year the owners contributed SAR 50,000 of capital and withdrew SAR 20,000 as distributions. On 31 December 2025, assets were SAR 1,000,000 and liabilities SAR 380,000. What is the profit for the year?

  1. A SAR 120,000
  2. B SAR 70,000
  3. C SAR 150,000
  4. D SAR 90,000

All 10 free questions with answers and an explanation for every option

What you get

  • 341questions in the bankPractise with the answer shown right away, or sit a full timed mock
  • 7unitsSplit by the exam syllabus
  • 91flashcardsTo lock in terms and definitions
  • 124quick review pointsEach unit in a few key lines

Unit map

  1. 01Conceptual Framework and the accounting cycle6 questions
  2. 02Cash, financial instruments and receivables8 questions
  3. 03Inventories and non-current assets10 questions
  4. 04Leases, liabilities and equity8 questions
  5. 05Revenue, zakat and income taxes7 questions
  6. 06Policies, events and special measurement topics13 questions
  7. 07Consolidation, business combinations and investments8 questions

Exam facts

SOCPA Fellowship Exam: Financial Accounting — Number of questions: 60 questions. Exam time: 5 hours on the same day: 180 minutes of multiple choice in the morning and 120 minutes of essay questions in the afternoon. Pass mark: 60 out of 100, including at least 5 of the 25 marks for the essay questions. Calculator: Provided by SOCPA in the exam hall. Exam fee: SAR 300 per subject, plus the exam fee: SAR 1,000 the first time and SAR 500 in later sittings. Next test: 20 December 2026. Source: Saudi Organization for Chartered and Professional Accountants (SOCPA) (Last verified: 2026-10-31). Question bank: full mock exams of 60 questions in 180 minutes, like the real test with a result for every unit, plus 341 explained questions across 7 units, every option explained, a review of your mistakes, and two ways to practise: see the answer right away, or sit a full timed mock. Free questions: a 10-question diagnostic test covering the main units, no sign-up; at the end we compare your score with the pass mark and show your weakest units.

Exam language
Arabic or English
Number of questions
60 questions Source
Exam time
5 hours on the same day: 180 minutes of multiple choice in the morning and 120 minutes of essay questions in the afternoon Source
Pass mark
60 out of 100, including at least 5 of the 25 marks for the essay questions Source
Calculator
Provided by SOCPA in the exam hall Source Last verified: 2026-10-21
Exam fee
SAR 300 per subject, plus the exam fee: SAR 1,000 the first time and SAR 500 in later sittings Source
Registration
Four sittings a year; registration for the 20 December 2026 sitting runs from 5 to 14 November 2026, followed by the 2027 sittings on 21 March, 20 June, 12 September and 5 December Source
Results
Results for the December 2026 sitting are announced on 21 January 2027 Source
Validity
A passed subject is cancelled if 4 calendar years and 30 days pass from its exam date without passing all Fellowship subjects Source
Retakes
You may resit any failed subject in a later sitting for the subject fee plus the later-sitting exam fee, and you may postpone the exam or any subject for two consecutive sittings Source

Last verified: 2026-10-31

Where other sources differ

  • The exam has two parts: 60 multiple-choice questions (75% of the marks) and 4 essay questions (25%). The question bank and mock exam here cover the first part only; how to answer the essay questions, with worked examples, is in the «Essay questions» guide.
  • The reference is IFRS as endorsed in Saudi Arabia: the standards issued by the IASB plus disclosure requirements added by SOCPA, together with the pronouncements SOCPA endorses for matters IFRS does not cover, such as zakat.
  • The current exam structure has applied since the third sitting of 2025, and you can sit it in Arabic or English.

How to register

  1. Check eligibility: a bachelor's or higher in an accounting major approved by SOCPA, or a bachelor's or higher in economics, finance or administrative sciences with 15 accounting credit hours completed. Only qualifications recognised by the Ministry of Education are accepted.
  2. Register on SOCPA e-services and upload a photo, your bachelor's certificate, your academic transcript (and passport for non-Saudis) and the declaration form.
  3. Choose the Fellowship exam during the announced registration window, pick your test city and the subject or subjects you want in a single application, then pay the exam fee and all subject fees. Applications are processed in about 10 working days.
  4. After final approval, book your test venue on the National Center for Assessment e-services 21 days before the sitting starts, within a five-day window; candidates who do not book a seat are counted as absent.
  5. Bring a valid ID on exam day. Each sitting's results date is listed in the schedule on SOCPA's website.

Source

Exam body

Saudi Organization for Chartered and Professional Accountants (SOCPA): Official website: Saudi Organization for Chartered and Professional Accountants (SOCPA)

Study guides

Frequently asked questions

How many questions are there and how long is the exam?

60 multiple-choice questions in 3 hours in the morning (8:30 to 11:30), and 4 essay questions in 2 hours in the afternoon (1:00 to 3:00) on the same day. You can sit it in Arabic or English.

Can I try SOCPA Fellowship Financial Accounting questions for free?

Yes. Free questions: a 10-question diagnostic test covering the main units, no sign-up; at the end we compare your score with the pass mark and show your weakest units. The free practice test page lists the same questions with answers and an explanation for every option. The rest of the questions and the full mock exams come with a pass from SAR 26.

What makes this SOCPA Fellowship Financial Accounting question bank different?

Question bank: full mock exams of 60 questions in 180 minutes, like the real test with a result for every unit, plus 341 explained questions across 7 units, every option explained, a review of your mistakes, and two ways to practise: see the answer right away, or sit a full timed mock. Every question is reviewed and referenced, ready to practise on your phone. Try the free questions and read the explanations before buying full access.

What is the pass mark?

60 out of 100. Multiple choice carries 75 marks and the essay questions 25, and your essay score must be at least 5 of 25 even if your total is above 60.

What topics does the subject cover?

Three official topics: the Conceptual Framework and the accounting cycle (5–15%), measurement, presentation and disclosure of the main financial statement elements (45–65%), and measurement, presentation and disclosure of events and transactions that affect financial position and results (25–45%), such as consolidation, business combinations and impairment. We split them into seven topics here so you can see exactly where you are weak.

Can I register for the financial accounting subject on its own?

Yes. You register for one or more subjects in a single application and pay the exam fee (SAR 1,000 the first time, SAR 500 after that) plus SAR 300 per subject. A subject you pass stays counted for 4 calendar years and 30 days while you complete the others.

Am I exempt from financial accounting if I hold an international professional qualification?

Yes, if you hold the fellowship of the AICPA, ICAEW, the Canadian institute or CPA Australia. Holders of these fellowships are exempt from three subjects only: financial accounting, management and government accounting, and auditing, and the other Fellowship exam rules still apply to them.

When is the next exam?

The 20 December 2026 sitting, with registration from 5 to 14 November 2026. The 2027 sittings are on 21 March, 20 June, 12 September and 5 December. Financial accounting is on the first day of each sitting.

Do the questions here cover the essay part?

The question bank is multiple choice only. The essay part has its own guide that explains how to answer and how to split your time, with worked examples and model answers.

Which standards are the questions based on?

On IFRS as endorsed in the Kingdom and in force in 2026, including IFRS 15 on revenue, IFRS 9 on financial instruments, IFRS 16 on leases and IFRS 17 on insurance contracts. The questions do not cover IFRS 18, which applies from 2027.

Is this site part of SOCPA?

No. This is an independent exam preparation site with no link to SOCPA, the IASB or any government body. Always rely on what the official bodies announce.

Is this an official site, and how do I pay?

It is an independent site, not part of Qiyas or any government body, and every question is reviewed before it is published. You pay once, with no automatic renewal, through Waffo Pancake (the merchant of record) by Visa, Mastercard, Apple Pay or Google Pay, and your statement shows "WAFFO". If you were charged twice or the pass did not open, email support@saudiexams.com.

Study material sample: Conceptual Framework and the accounting cycle

Summary

This unit accounts for about 6 of the 60 multiple-choice questions in the Financial Accounting exam (its weight in the SOCPA topic list is 5% to 15%). It has four parts: the objective of financial reporting, its users and the qualitative characteristics of useful information; going concern, the definition, recognition and measurement of the elements, and capital maintenance concepts; presentation of financial statements under IAS 1 and first-time adoption under IFRS 1; and the accounting cycle, from double entry to the trial balance, adjusting entries, preparing statements and closing the accounts. Most questions are conceptual: a short case is given and you pick the characteristic or definition that applies. A calculation can appear, such as an adjusting entry or the effect of an error on the trial balance. Presentation is taught under IAS 1, which is still in force; IFRS 18 replaces it from 2027.

What the exam focuses on

  • The objective of general purpose financial reporting and its primary users: existing and potential investors, lenders and other creditors (Conceptual Framework 2018, Chapter 1; indicators 1/1/1 and 1/1/2).
  • The two fundamental characteristics (relevance and faithful representation), the four enhancing characteristics (comparability, verifiability, timeliness and understandability), and the cost constraint (1/1/5).
  • Element definitions in the 2018 Framework: an asset is a present economic resource controlled by the entity as a result of past events; a liability is a present obligation to transfer an economic resource as a result of past events; equity is the residual interest (1/1/7).
Show 5 more
  • Measurement bases: historical cost versus current value in its three forms (fair value, value in use for assets or fulfilment value for liabilities, and current cost) (1/1/7).
  • The two capital maintenance concepts: financial (in nominal monetary units or constant purchasing power) and physical (operating capability), and how each affects profit measurement (1/1/8).
  • IAS 1: the components of a complete set of financial statements, the current/non-current criteria, and classifying a liability by whether a right to defer settlement for at least 12 months exists at the end of the reporting period (1/1/10).
  • IFRS 1: the opening statement of financial position at the date of transition, recognising transition adjustments in retained earnings, and the difference between optional exemptions and mandatory exceptions (1/1/9).
  • Period-end adjusting entries: accruals, prepayments and deferrals, depreciation and expected credit losses, and the effect of omitting each on the statement of profit or loss and the statement of financial position (1/2/4).

Common traps

  • Prudence in the 2018 Framework means exercising caution when making judgements under uncertainty, and it supports neutrality. It does not justify deliberately understating assets and income or overstating liabilities and expenses.
  • Materiality is an entity-specific aspect of relevance. It is not a separate qualitative characteristic, and the Framework sets no uniform quantitative threshold for it.
  • Comparability is an enhancing characteristic, not a fundamental one. Consistency in applying policies helps achieve it, and comparability does not mean uniformity.
Show 5 more
  • A balanced trial balance does not mean the books are error-free. Omitting a transaction entirely, compensating errors, posting to the wrong account on the correct side, and recording a full entry twice are not revealed by the totals.
  • Closing covers temporary accounts only (revenues, expenses, and dividends or drawings). Assets, liabilities and equity are permanent accounts whose balances are carried forward to the next period.
  • When classifying a liability, management's intention or expectation to settle early is irrelevant. Covenants that must be complied with after the reporting date do not affect classification at that date; they require disclosure instead.
  • Assets and liabilities, or income and expenses, are not offset unless a standard requires or permits it. Presenting receivables net of the expected credit loss allowance is not offsetting.
  • Under IFRS 1, estimates at the date of transition are consistent with those made under previous GAAP unless they were in error, so later information is not used to revise them with hindsight.

Try the flashcards

Tap a card to see the answer

Who are the primary users of general purpose financial reports?

Existing and potential investors, lenders and other creditors.

What are the two fundamental qualitative characteristics of useful financial information?

Relevance and faithful representation.

Name the four enhancing qualitative characteristics.

Comparability, verifiability, timeliness and understandability.

What are the three attributes of faithful representation?

Information that is complete, neutral and free from error.

How does the 2018 Framework define an asset?

A present economic resource controlled by the entity as a result of past events. An economic resource is a right that has the potential to produce economic benefits.

What are the current value measurement bases in the Framework?

Fair value, value in use for assets or fulfilment value for liabilities, and current cost.

When is profit earned under physical capital maintenance?

When operating capability at the end of the period exceeds that at the beginning, after excluding distributions and contributions.

What minimum period does the going concern assessment cover under IAS 1?

At least 12 months from the end of the reporting period.

Why you can trust these questions

  • Published questions: 341. We reviewed every one before publishing it: the answer, the explanation of each option and the source.
  • Exam facts last checked against the organiser’s website: 2026-10-31. We check them again every three months and two weeks before each test.
  • Found a mistake? Tap "Report an error" under any question in the practice area, or email us at support@saudiexams.com
  • Independent website. Not affiliated with ETEC (Qiyas), the Financial Academy or any government body.
Update log
  • 2026-10-31 Published the financial accounting subject facts from SOCPA's pages: structure, weights, pass mark, fees and the 2026 and 2027 dates.

How we write and review content

See also: Accounting & Tax Exams