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
1 |
The scope and purpose of, financial statements for external reporting
|
2 |
Users’ and stakeholders’ needs
|
3 |
The main elements of financial reports
|
4 |
The regulatory framework
|
5 |
Duties and responsibilities of those charged with governance
|
6 |
The qualitative characteristics of financial reporting
|
7 |
Double-entry book-keeping principles including the maintenance of accounting records
|
8 |
Ledger accounts, books of prime entry and journals
|
9 |
Sales and purchases
|
10 |
Cash
|
11 |
Inventory
|
12 |
Tangible non-current assets
|
13 |
Depreciation
|
14 |
Intangible non-current assets and amortisation
|
15 |
Accruals and prepayments
|
16 |
Receivables and payables
|
17 |
Provisions and contingencies
|
18 |
Capital structure and finance costs
|
19 |
Trial balance
|
20 |
Correction of errors
|
21 |
Control accounts and reconciliations
|
22 |
Bank reconciliations
|
23 |
Suspense accounts
|
24 |
Statements of financial position
|
25 |
Income statements and statements of comprehensive income
|
26 |
Disclosure notes
|
27 |
Events after the reporting period
|
28 |
Statements of cash flows (excluding partnerships)
|
29 |
Incomplete records
|
30 |
Subsidiaries
|
31 |
Associates
|
32 |
Importance and purpose of analysis of financial statements
|
33 |
Ratios
|
34 |
Analysis of financial statements
|
Dr. Glen Brown
Dr Glen Brown is the President & CEO of Global Financial Engineering and Global Accountancy Institute,Inc.
He is also a Senior Lecturer in all our Professional Accountancy Qualifications.