Preparing Financial Statements
Syllabus aim
To develop knowledge and understanding
of the techniques used to prepare financial
statements, including necessary underlying
records, and the interpretation of financial
statements for incorporated enterprises,
partnerships and sole traders.
Objectives
On completion of this paper candidates
should be able to:
- describe the role and function of
external financial reports and identify
their users
- explain the accounting concepts and
conventions used in preparing
financial statements
- record and summarise accounting
data
- maintain records relating to fixed asset
acquisition and disposal
- prepare basic financial statements for
sole traders, partnerships, incorporated
enterprises and simple groups
- appraise financial performance and the
position of an organisation through the
calculation and review of basic ratios
- demonstrate the skills expected in Part 1.
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