Develop the 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.
On successful completion of this paper, candidates should be able to:
• Explain generally accepted accounting principles and concepts
• Outline the principles and process of basic bookkeeping
• Preparing journals and ledger accounts
• Record transactions and events
• Prepare a trial balance (including identifying and correcting errors)
• Reconcile the control accounts and cashbook
• Extending the trial balance, year end adjustments and final accounts
• Account for partnerships
Develop the knowledge and understanding of how to prepare, process and present basic cost information to support management in planning and decision-making in a variety of business contexts.
On successful completion of this paper, candidates should be able to:
• Explain the role of costing within the organisation and how costs are classified
• Describe and record costs by classification
• Explain and apply cost accounting techniques
• Use management accounting techniques to make and support decision-making
• Explain principles of cash management
• Apply and use computer spreadsheets in Microsoft Excel.
Intermediate Certificate in Financial and Management Accounting – awarded on the completion of exams Maintaining Financial Records (FA2) and Managing Costs and Finance (MA2).
