Learn the underlying principles and concepts of financial accounting, accounting techniques and the preparation of basic financial statements.
You'll demonstrate technical proficiency in the use of double-entry techniques, including the preparation and interpretation of basic financial statements for sole traders, partnerships, companies and simple groups of companies.
You'll understand how to:
- record, process and report business transactions
- use the trail balance and identify and correct errors
- draft financial statements
- apply the qualitative characteristics of useful information.
What will I learn?
- context and purpose of financial reporting
- qualitative characteristics of financial information
- use of double-entry and accounting systems
- how to record transactions and events
- how to prepare a trial balance (including identifying and correcting errors)
- how to prepare basic financial statements for incorporated and unincorporated entities
- how to prepare simple consolidated financial statements
- interpretation of financial statements.
What will I achieve?
On completing the Applied Knowledge exams and the Foundations in Professionalism module, you will achieve the Diploma in Accounting and Business.
What jobs could I do on completion?
- trainee bookkeeper
- trainee accountant.
What should I do next?
Move on to the Applied Skills exams. The Applied Skills and the Strategic Professional exams will lead you to ACCA membership and enable you to become a forward-thinking accountant who shapes the future of the profession.