Financial Accounting (FA)
Master the foundational principles of financial accounting, from the regulatory framework to the precision of double-entry bookkeeping.
What is the FA Module?
The Financial Accounting (FA) module serves as the primary gateway to technical accounting competency. It focuses on the fundamental concepts and techniques that underpin all financial recording and reporting.
Students will gain a comprehensive understanding of the entire accounting cycle, learning how to process financial data from prime documents through to the creation of basic financial statements, ensuring adherence to professional standards and regulatory requirements.
Core Competencies
- •Financial Reporting: Grasping the qualitative characteristics and purpose of reporting.
- •Double-Entry Mechanics: Perfecting the ledger recording and verification process.
- •Trial Balance Reconciliation: Ensuring accuracy in financial data management.
What You Will Study
1. Accounting Frameworks
Introduces the qualitative characteristics of financial information
Defining the core purpose and objective of financial reporting
Understanding the regulatory environment for accounting standards
Identifying users of financial statements and their information needs
2. Double-Entry Bookkeeping
Masters the mechanics of recording transactional ledger data
Managing prime documents and verifying source entries
Executing accurate bank reconciliations and account balancing
Recording day-to-day business transactions with precision
3. Trial Balance & Statements
Preparing the trial balance and identifying common errors
Extracting financial data for basic financial statements
Adjusting accounts for accruals, prepayments, and depreciation
Finalizing the preparation of Statement of Profit or Loss and Financial Position