Learn how business transactions are recorded and how financial statements are prepared.
Learning Objectives
5 objectives
check_circle
Explain the purpose of financial statements, the needs of their users and the regulatory framework that governs them.
check_circle
Apply double-entry bookkeeping to record transactions, prepare reconciliations and produce a trial balance.
check_circle
Account for assets, liabilities and common events such as depreciation, provisions, accruals and prepayments.
check_circle
Prepare individual financial statements, including the statement of cash flows, and an introduction to consolidated statements for subsidiaries and associates.
check_circle
Account for partnerships and interpret financial statements using ratio analysis.
Programme Outline
9 topics
1
The conceptual and regulatory framework
Why financial statements exist, who relies on them, and the principles and regulation that shape them.
2
Double-entry bookkeeping and accounting systems
How double entry works, and how ledger accounts and journals keep reliable records.
3
Recording transactions and events
The everyday entries for sales, purchases, payroll, stock, non-current assets, receivables and payables, plus year-end adjustments and later events.
4
Reconciliations
Agreeing the bank account and the receivables and payables ledgers to the underlying records.
5
Preparing a trial balance and correcting errors
Drawing up a trial balance, then using suspense accounts and journals to locate and correct errors.
6
Preparing individual financial statements
The statement of financial position, profit or loss, cash flows and supporting notes for a single entity.
7
Preparing consolidated financial statements
Bringing a parent, its subsidiaries and its associates together into one set of statements.
8
Partnerships
Partnership agreements and records, and how profit sharing and changes in partners are reflected.
9
Interpretation of financial statements
What financial statement analysis can and cannot tell you, with ratios used to judge performance and position.
Hands-On Resources
Missed a live session? Catch up here.
play_circle
Recorded LecturesEvery live session is recorded and available within 24 hours.
Watch →Coming soon
description
Case Study LibraryReal-world accounting case studies used throughout the course.
Download →Coming soon
quiz
Practice Question BankExam-style questions with full worked solutions.
