The main objective of this subject is to obtain a practical understanding of financial accounting and the process behind the preparation of financial statements for single entities. These statements are prepared within a conceptual and regulatory framework requiring an understanding of the role of legislation and of accounting standards. The need to understand and apply necessary controls for accounting systems, and the nature of errors is also covered. There is an introduction to measuring financial performance with the calculation of basic ratios. Note: Students are required to be aware of the format and content of published accounts but are not required to prepare them. No detailed knowledge of any specific accounting treatment contained in the International Financial Reporting Standards (IFRSs) – including the International Accounting Standards (IASs), – is necessary, except in terms IAS 2 and the treatment of inventory, IAS 16 and IAS 38 for basic non-current asset transactions. IAS 1 and IAS 7 formats will form the basis of the financial statements. The terminology used for all entities will be that of International Financial Reporting Standards. This will enable students to use a consistent set of accounting terms throughout their studies.

The IMAS Online course offering provide students with pre-recorded lecture videos, lecture notes, progress tests and  Mock Exams. 1 SCHEMES OF WORK 2 COMPLETE SLIDES 3 CHAPTER 1 - THE ACCOUNTING ENVIRONMENT 4 CHAPTER 2 - THE REGULATORY FRAMEWORK OF FINANCIAL REPORTING 5 CHAPTER 3 - LEDGER ACCOUNTING AND DOUBLE-ENTRY BOOKKEEPING 6 CHAPTER 4 - FROM TRIAL BALANCE TO FINANCIAL STATEMENTS 7 CHAPTER 5 - SALES TAX, DISCOUNTS AND THE BOOKS OF PRIME ENTRY 8 CHAPTER 6 - ACCOUNTING FOR ACCRUALS AND PREPAYMENTS 9 CHAPTER 7 - ACCOUNTING FOR PAYROLL 10 CHAPTER 8 - ACCOUNTING FOR THE ISSUE OF SHARES 11 CHAPTER 9 - ACCOUNTING FOR IRRECOVERABLE DEBTS AND ALLOWANCES FOR RECEIVABLES 12 CHAPTER 10 - ACCOUNTING FOR INVENTORY 13 CHAPTER 11 - NON-CURRENT ASSETS: ACQUISITION AND DEPRECIATION 14 CHAPTER 12 - NON-CURRENT ASSETS: REVALUATION, IMPAIRMENT AND DISPOSAL 15 CHAPTER 13 - ACCOUNTING RECONCILIATIONS 16 CHAPTER 14 - INCOMPLETE RECORDS 17 CHAPTER 15 - ACCOUNTING ERRORS AND SUSPENSE ACCOUNTS 18 CHAPTER 16 - THE FINANCIAL STATEMENTS OF SINGLE ENTITIES 19 CHAPTER 17 - THE MANUFACTURING ACCOUNT 20 CHAPTER 18 - THE STATEMENT OF CASH FLOWS 21 CHAPTER 19 - THE INTERPRETATION OF FINANCIAL STATEMENTS 22 CHAPTER 20 - CASE STUDY QUESTIONS