Financial Accounting

Where the marks are

Percentages are the examinable weighting for each area. Revising in this order puts your time where the marks are.

1. Accounting for Transactions in Financial Statements

   20%

   Accounting for property, plant and equipment (IAS 16) · Accounting for intangible assets (IAS 38) · Accounting for impairment of assets (IAS 36) · Accounting for inventories (IAS 2) · Accounting for provisions, contingent liabilities and contingent assets (IAS 37)

2. Recording Financial Transactions

   15%

   Source documents of accounting data and information · Procedures and documentation for banking of monies received · Recording and accounting for transactions and events using books of prime entry and cash books · The double entry principle · Usefulness and limitations of the trial balance

3. Reconciliation in Financial Accounting

   15%

   Errors · Control accounts and reconciliations · Bank reconciliation · Accounting treatment for bad and doubtful debts · Accounting treatment for accruals and prepayments

4. Accounting for Partnership, Not-for-Profit Entities and Incomplete Records

   15%

   Partnership accounts · Not-for-profit entities' accounts · Incomplete records

5. Financial Statements

   15%

   Purpose, nature and relationships among the main components of financial statements · Accounting policies, changes in accounting estimates and errors (IAS 8) · Accounting for current income tax in the financial statements · Accounting for issue of shares and borrowing in a limited liability company · Preparation of simple financial statements and basic supporting notes · Interpretation of simple financial statements

6. Accounting Framework

   10%

   Scope and purposes of accounting · Users of accounting information and their information needs · IASB Conceptual Framework for Financial Reporting · Accounting concepts and conventions · Bases of accounting (accrual and cash) · The regulatory environment of accounting · Ethical considerations for preparers of financial statements · Roles of accountants in business and the economy · Duties and responsibilities of those charged with governance

7. Computerised and Virtual Accounting Systems

   10%

   Computerised accounting systems · Digitisation in financial accounting · Data structure, blockchain, artificial intelligence, virtual accounting and remote-working fraud opportunities

What Edentos holds for this paper

• 83 past questions from the Institute’s own papers, with its published solutions.
• Timed mock examinations sat on screen.