The purpose and framework of financial reporting
Users of accounts, the accounting equation, qualitative characteristics and the regulatory background.
Free to enrol
Mai Studies Original · Accounting & Finance
ACCA Study Support: Financial Accounting (FA)
A complete Mai Studies study-support programme for learners preparing for the ACCA Applied Knowledge paper Financial Accounting. Each module contains original written notes with worked double-entry examples, a tutor-voice classroom transcript, a practical activity with a worked solution, a mock test with explained answers and a marked written assignment. Mai Studies is an independent provider: it is not ACCA, is not an ACCA Approved Learning Partner, and this programme carries no exam credit or exemption.
10 weeks 60 guided hours Foundation
No course fee is charged for current published programmes.
What you will achieve
- Explain the purpose of financial reporting and its qualitative characteristics
- Record transactions using double entry and balance the ledger accounts
- Prepare and reconcile control accounts, bank reconciliations and suspense accounts
- Account for non-current assets, depreciation and disposals
- Apply accruals, prepayments, inventory and receivables adjustments at the year end
- Prepare a statement of profit or loss and a statement of financial position from a trial balance
- Prepare a simple statement of cash flows and basic consolidated figures
Entry guidance
- — No prior accounting study required
- — Comfortable with basic arithmetic
- — Around six study hours each week
Original Mai Studies learning material. This is a professional completion programme, not a regulated qualification or university accreditation.
Programme syllabus
Eight applied modules
4h
Double entry and the ledger system
Debits and credits, books of prime entry, posting to the ledgers and extracting a trial balance.
Sales tax, control accounts and reconciliations
Accounting for sales tax, receivables and payables control accounts, and bank reconciliations.
Non-current assets, depreciation and disposals
Capital and revenue expenditure, depreciation methods, disposals and the non-current asset register.
Accruals, prepayments and receivables adjustments
Matching income and expense to the right period, irrecoverable debts and allowances.
Inventory, provisions and events after the reporting period
Valuing inventory, recognising provisions and contingencies, and adjusting for later events.
Errors, suspense accounts and preparing the financial statements
Types of error, correcting journals, and building the two primary statements from a trial balance.
Cash flows, interpretation and simple consolidation
The statement of cash flows, basic ratio interpretation and consolidating a simple group.