Aim
To develop knowledge and understanding of the underlying principles and
concepts relating to financial accounting and technical proficiency in the use of
double-entry accounting techniques including the preparation of basic financial
statements.
Main capabilities
On successful completion of this paper, you should be able to:
A Explain the context and purpose of financial reporting
B Define the qualitative characteristics of financial information
C Demonstrate the use of double entry and accounting systems
D Record transactions and events
E Prepare a trial balance (including identifying and correcting errors)
F Prepare basic financial statements for incorporated and unincorporated
entities.
G Prepare simple consolidated financial statements
H Interpret financial statements