Financial Accounting

Introduction: Accounting standards and its relevance;
Financial Reporting context and purpose, important elements of
financial reports; Financial Statements and its scope and purpose for
external reporting, users’ and stakeholders’ needs.
Regulatory framework: legislation and regulation, reasons,
limitations, duties and responsibilities of those charged with
governance.
Characteristics of financial information; uses and principles of
double-entry and accounting systems, including maintenance of
accounting records and
sources of accounting information; ledger accounts, books of prime
entry, and
journals

Recording of transactions and events related to sales and purchases,
cash, inventory, tangible non-current assets; Intangible non-current
assets and amortization; Accruals and prepayments; Receivables and
payables; Provisions and contingencies; Capital structure and finance
costs
Preparation of trial balance; Correction of errors; Control accounts
and reconciliations; Bank reconciliations statement; Suspense
accounts

Preparation of financial statements: Statements of financial
position; Statements of profit or loss and other comprehensive
income, including disclosure notes; events after the reporting period;
Depreciation Accounting: Introduction, meaning and definition,
methods of recording depreciation

Consolidated Financial Statements: Preparation of consolidated
financial statements for Subsidiaries and Associates
Preparation of Accounts from Incomplete Records (Single Entry
System): Nature of Incomplete Records, Limitations of the Single
Entry System, Ascertainment of Profit or Loss, Difference between
Double Entry System and Single Entry System
Cash flow Analysis: Introduction, Concept of Cash, Use of Cash
Flow Analysis, Construction of Cash Flow Statement

Financial Statements: Importance, purpose, interpretation and
analysis of financial statements
Ratio Analysis: Meaning and classification of ratio- Liquidity ratio,
Activity ratios, Profitability ratios, Leverage ratios and Investment
ratios.