ACCA: FA (F3) Financial Accounting

Name: ACCA: FA (F3) Financial Accounting
Rating: 4.6 (2432 reviews)

Let's get to grasps of how to perform the basics of financial accounting.

Created byRowan Malherbe

Last updated 1/2019

English

What you'll learn

Explain the context and purpose of financial reporting
Define the qualitative characteristics of financial information
Demonstrate the use of double-entry and accounting systems
Record transactions and events
Prepare a trial balance (including identifying and correcting errors)
Prepare basic financial statements for incorporated and unincorporated entities
Prepare simple consolidated financial statements
Interpretation of financial statements
And much more...

Course content

1 section • 26 lectures • 5h 9m total length

Introduction to accounting17:44
The regulatory framework5:52
The qualitative characteristics of financial information7:36
Sources, records and books of prime entry8:40
Ledger accounts and double entry12:26
From trial balance to financial statements12:38
Sales tax9:56
Inventory19:46
Tangible non-current assets23:08
Intangible non-current assets6:30
Identify intangible non-current assets and explain their lack of physical form, including goodwill and software. Explain amortization, impairment, and capitalization criteria for research and development costs, with disclosure requirements.
Accruals and prepayments6:28
Irrecoverable debts and allowances6:32
Provisions and contingencies10:40
Explore provisions as present obligations arising from past events with uncertain timing or amounts. Differentiate contingent liabilities and assets and their required disclosures.
Control accounts9:02
Bank reconciliations6:38
Correction of errors7:22
Explore common accounting errors—transposition, omission, errors of principle, commission, and compensating errors—and how to correct them with journal entries, suspense accounts, and materiality considerations.
Preparation of financial statements for sole traders7:52
Prepare a sole trader’s financial statements by applying the trial balance to the statement of comprehensive income and the statement of financial position, including depreciation, inventory, accruals, and irrecoverable debts.
Incomplete records13:22
Introduction to company accounting16:56
Preparation of financial statements for companies8:18
Events after reporting period8:14
Identify events after the reporting period, subsequent events, as adjusting or non-adjusting, assess material impact on year-end figures and going concern, and disclose or adjust when evidence exists.
Statement of Cash Flows19:02
Introduction to consolidated financial statements12:50
The consolidated statement of financial position27:46
The consolidated statement of comprehensive income8:44
Interpretation of financial statements15:40
Quiz

Requirements

None

Description

This purposefully designed course aims to foster the development of knowledge and understanding concerning the foundational principles and concepts integral to financial accounting. It also seeks to instill technical proficiency in the application of double-entry accounting techniques, encompassing the preparation of fundamental financial statements. Additionally, the course endeavors to guide students and learners through diverse accounting techniques relevant to the everyday world of finance, concurrently preparing them for examinations.

Key Learning Components:

Foundational Principles and Concepts: Acquire a comprehensive understanding of the underlying principles and concepts that form the bedrock of financial accounting.
Technical Proficiency: Develop technical proficiency in the application of double-entry accounting techniques, honing skills essential for accurate and effective financial record-keeping.
Financial Statement Preparation: Master the art of preparing basic financial statements, providing a practical application of theoretical knowledge in financial reporting.
Everyday Accounting Techniques: Explore a spectrum of accounting techniques pertinent to real-world financial scenarios, equipping students and learners with practical skills applicable in diverse finance-related contexts.
Examination Readiness: Prepare effectively for examinations by gaining not only theoretical knowledge but also practical proficiency, ensuring a well-rounded approach to assessment success.

This course is designed to empower individuals with the requisite knowledge and skills to navigate the intricacies of financial accounting. By blending theoretical foundations with hands-on technical proficiency, participants will not only be adept at preparing financial statements but will also be well-equipped to apply varied accounting techniques in their day-to-day financial activities. The course's multifaceted approach ensures comprehensive readiness for both practical financial scenarios and academic examinations.

Who this course is for:

Students wanting to study the Introduction to Financial Accounting