FA2 - Maintaining Financial Records

Master the principles of maintaining financial records and develop practical bookkeeping skills for business success.

Foundation Level Core Accounting Paper Global Pass Rate: 72%
Maintaining Financial Records

About FA2

FA2 - Maintaining Financial Records builds on the knowledge from FA1 and develops your understanding of more complex financial recording processes.

This course provides practical skills in maintaining financial records for different types of business organizations. You'll learn about accounting for partnerships, limited companies, and how to prepare financial statements from incomplete records.

Why FA2 is Important

FA2 is essential for anyone pursuing a career in accounting or finance. It provides the practical knowledge needed to:

  • Maintain accurate financial records for various business types
  • Understand accounting for partnerships and limited companies
  • Prepare financial statements from incomplete records
  • Apply accounting concepts and principles in practice
  • Progress to higher-level financial accounting exams

Exam Details

Duration: 2 hours
Pass Mark: 50%
Availability: On-demand throughout the year
Format: Computer-based exam
Contact via WhatsApp Register Now

FA2 Syllabus Areas

Accounting for Partnerships

  • Partnership agreements and profit sharing
  • Partnership capital and current accounts
  • Accounting for partnership changes
  • Admission and retirement of partners
  • Partnership dissolution

Accounting for Limited Companies

  • Company formation and share capital
  • Issue of shares and debentures
  • Company financial statements
  • Accounting for dividends
  • Reserves and retained earnings

Incomplete Records

  • Preparing accounts from incomplete records
  • Calculation of profit from net assets
  • Use of control accounts
  • Accounting for missing information
  • Preparation of financial statements

Accounting Concepts & Principles

  • Application of accounting concepts
  • Accruals and prepayments
  • Depreciation methods and accounting
  • Accounting for bad and doubtful debts
  • Inventory valuation methods

Financial Statements Preparation

  • Preparation of income statements
  • Preparation of statements of financial position
  • Accounting adjustments
  • Cash flow statements (basic)
  • Notes to financial statements

Accounting for Other Entities

  • Accounting for non-profit organizations
  • Manufacturing accounts
  • Branch accounting (basic)
  • Accounting for international transactions
  • Introduction to consolidated accounts

Professional Skills Developed

Partnership Accounting

Ability to maintain financial records for partnership businesses

Company Accounting

Skills to handle accounting for limited companies

Incomplete Records

Ability to construct financial statements from incomplete data

Accounting Principles

Application of accounting concepts and principles

Financial Statements

Preparation of complete sets of financial statements

Analytical Skills

Enhanced ability to analyze financial information

Start Your FA2 Journey Today

Master financial record keeping with our comprehensive FA2 course

Contact via WhatsApp Register Now