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Aims

To understand and apply the techniques used to prepare year-end financial statements of partnerships and limited companies which comply with legislation and accounting standards, and to interpret financial statements and the relationships between their elements using ratio analysis.

Objectives

On completion of this paper, candidates should be able to:

• draft partnership and limited company financial statements to comply with relevant legislation and accounting standards
• correctly identify and implement adjustments, referring any issues and unresolved discrepancies to an appropriate person
• understand the importance of an organisation's procedures and policies, including confidentiality procedures
• prepare and interpret a limited company cash flow statement
• identify the general purpose of limited company financial statements
• identify the elements of limited company financial statements and the relationship between them
• interpret the relationship between the elements of financial statements using ratio analysis drawing valid conclusions and presenting interpretations and conclusions to the appropriate people.

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