Duration: 14 weeks/ 42 hours
To develop knowledge and understanding of the underlying principles and concepts relating to maintaining financial records and technical proficiency in the use of double-entry accounting techniques including the preparation of basic financial statements.
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Description
SAVE 10%!!! Bundle this course with MA2 Managing Costs and Finance to achieve: Intermediate Certificate in Financial and Management Accounting
RATIONALE
The syllabus for Paper FA2, Maintaining Financial Records , introduces the context and purpose of maintaining financial records with reference to accounts preparation. The syllabus then concentrates in depth on the double-entry system and on recording, processing, and reporting business transactions and events, including the specific accounting for non-current assets. The syllabus covers the use of the extended trial balance and how to identify and correct errors, including the reconciliation of the control accounts, and the posting of period end adjustments. The syllabus also covers the preparation of final accounts for sole traders and for partnerships.
MAIN CAPABILITIES
On successful completion of this paper, candidates should be able to:
A. Explain generally accepted accounting principles and concepts
B. Outline the principles and process of basic bookkeeping
C. Prepare journals and ledger accounts
D. Record transactions and events
E. Prepare a trial balance (including identifying and correcting errors)
F. Reconcile the control accounts and cashbook
G. Extend the trial balance, process year end adjustments and prepare final accounts
H. Account for partnerships.
DETAILED SYLLABUS
A Generally accepted accounting principles and concepts
1. The key accounting principles and characteristics
2. Maintaining financial records
3. The regulatory framework
B The principles and process of bookkeeping
1. The elements of financial statements
2. Books of prime entry and the flow of accounting information in the production of financial statements
C The preparation of journals and ledger accounts
1. Preparation of journals from the books of prime entry
2. Preparation of ledger accounts
D Recording transactions and events
1. Sales and purchases
2. Cash
3. Inventory
4. Tangible non-current assets and depreciation
5. Accruals and prepayments
6. Receivables, payables and provisions
7. Capital and finance costs
E Preparing a trial balance and correcting errors
1. Trial balance
2. Correction of errors
F Reconciliations
1. Control account reconciliations
2. Bank reconciliation
G Extending the trial balance
1. Preparation of the extended trial balance
2. Preparation of the final accounts
H Partnerships
1. Partnership agreement
2. Partnership accounting records
3. Partnership financial statements and change in partnership
Related Courses
To achieve Intermediate Certificate in Financial and Management Accounting, take both of these classes:
- MA2 Managing Costs and Finance
- Foundations in Professionalism
