MAINTAINING FINANCIAL RECORDS (FA2)
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