FA2: Maintaining Financial Records

Course Contents:

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 basic 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 and bank 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, including incomplete records

H Partnerships 1. Partnership agreement 2. Partnership accounting records 3. Partnership financial statements and change in partnership