Financial Accounting

Course map

This document outlines the course structure

Duration: 10 Sessions

Introduction and course orientation

Lesson 1: Welcome Lesson 3: How do I study this course?

Unit 1: Welcome to ACCA-X Unit 1: How to use edX
Unit 2: Study tips Unit 2: Features and activities
Unit 3: Course structure
Lesson 2: Getting your diploma
Unit 4: Using the discussion forums
Unit 1: About the course
Unit 5: Staying safe online
Unit 2: ACCA Qualification Unit 6: Problems?
Unit 3: Prior knowledge
FINANCIAL ACCOUNTING
COURSE MAP

Session 1
Context and purpose of financial reporting

Welcome Lesson 3: Regulatory framework and governance

Unit 1: IFRSF, IASB, IFRSAC and IFRSIC
Lesson 1: Purpose of financial statements
Unit 2: International Financial Reporting Standards
Unit 1: Scope and purpose of financial statements
Unit 3: Definition of corporate governance
Unit 2: Sole trader, partnership and limited company Unit 4: Responsibilities and liabilities of preparers of the
Unit 3: Legal differences between sole trader, partnership
financial statements
and limited liability company Unit 5: Ethics and governance
Unit 4: Sole trader: advantages and disadvantages Summary
Unit 5: Partnership: advantages and disadvantages Apply your learning
Unit 6: Limited liability company: advantages and
disadvantages Lesson 4: Characteristics offinancial information and
Summary accounting concepts
Apply your learning Unit 1: Qualitative characteristics
Unit 2: Accounting concepts – influence on preparation of
Lesson 2: Users and elements of financial statements
financial statements
Unit 1: Users of financial statements
Unit 3: Accounting concepts – influence on presentation of
Unit 2: Assets, liabilities, equity, revenue and expenses
financial statements
Unit 3: Statement of financial position Summary
Unit 4: Statement of profit or loss and other comprehensive Apply your learning
income
Unit 5: Statement of cash flows Session summary
Summary
Additional material
Apply your learning
Session 1 optional exam questions

Session 1 graded exam questions

Session 1 further optional exam questions

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Session 2
Accounting systems, discounts and sales tax

Welcome Lesson 3: Recording business transactions

Unit 1: Accounting process overview
Lesson 1: Accounting documentation and systems
Unit 2: Recording cash receipts and payments
Unit 1: Data sources and business documentation:
Unit 3: Recording petty cash
purchases Unit 4: Recording of credit sales, credit purchases and
Unit 2: Data sources and business documentation: sales
returns
Unit 3: Provision of useful accounting information
Unit 5: Control accounts and the individual ledgers
Unit 4: Types of business transactions
Unit 6: Balancing and closing ledger accounts
Unit 5: Books of prime entry and ledger accounts
Unit 7: Trial balance – format and purpose
Unit 6: Ethical issues in organisational reporting
Unit 8: Preparation of trial balance
Summary Summary
Apply your learning
Apply your learning
Lesson 2: Double entry and accounting equation Lesson 4: Discounts and sales tax
Unit 1: Duality and double entry – basic principles Unit 1: Discounts allowed and discounts received
Unit 2: Duality and double entry – debits and credits Unit 2: Sales tax calculations
Unit 3: Duality and double entry – posting to the ledger Unit 3: Sales tax principles
accounts Unit 4: Accounting for sales tax
Unit 4: Accounting equation Summary
Unit 5: Uses of journals and posting of journals Apply your learning
Summary
Apply your learning Session summary

Additional material

Session 2 optional exam questions

Session 2 graded exam questions
Session 2 further optional exam questions
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COURSE MAP

Session 3
Non-current assets

Welcome Lesson 4: Disposal of tangible non-current assets

Unit 1: Calculating profit or loss on disposal of a tangible
Lesson 1: Tangible non-current assets
non-current asset
Unit 1: Definition of current versus non-current asset Unit 2: Recording the disposal of a tangible non-current
Unit 2: Distinction between capital and revenue asset
expenditure
Unit 3: Recording disposals where there is a part-exchange
Unit 3: Cost of tangible non-current assets Unit 4: Recording disposals of revalued non-current assets
Unit 4: Recording the purchase of tangible non-current Summary
assets in the general ledger Apply your learning
Unit 5: Asset register
Summary Lesson 5: Intangible non-current assets and amortisation
Apply your learning Unit 1: Definition, types and the accounting rules for
intangible assets
Lesson 2: Depreciation of tangible non-current assets
Unit 2: Accounting for research and development
Unit 1: Definition and purpose of depreciation expenditure
Unit 2: Straight-line depreciation Unit 3: Types of expenditure in R&D
Unit 3: Reducing-balance depreciation
Unit 4: Disclosure of non-current assets in financial
Unit 4: Comparison of depreciation methods statements
Unit 5: Pro–rata depreciation Summary
Unit 6: Adjustment of depreciation for changes in Apply your learning
depreciation method, useful life or residual value
Unit 7: Recording of depreciation in ledger accounts and Session summary
financial statements
Additional material
Summary
Apply your learning Session 3 optional exam questions
Lesson 3: Revaluation of tangible non-current assets Session 3 graded exam questions
Session 3 further optional exam questions
Unit 1: Accounting for revaluations
Unit 2: Transfers of depreciation on revalued assets
Unit 3: Downwards revaluations on previously revalued
assets
Summary
Apply your learning
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COURSE MAP

Session 4
Current assets and liabilities, provisions, events after the reporting period

Welcome Lesson 3: Provisions and contingencies

Unit 1: Definition and classification of provisions and
Lesson 1: Inventory
contingent assets and liabilities
Unit 1: Adjusting for and recording inventory Unit 2: Identification of and accounting for provisions
Unit 2: Continuous and period-end records Unit 3: Disclosure of provisions
Unit 3: Methods of valuation and the IASB requirements Summary
Unit 4: Valuation of inventory Apply your learning
Unit 5: FIFO
Unit 6: AVCO Lesson 4: Events after the reporting period
Unit 7: Impact of inventory on financial statements and Unit 1: Definition and classification of events after the
disclosure of inventory reporting period
Unit 8: Accounting concepts applied to inventory Unit 2: Reporting and disclosure of events after the
Summary reporting period
Apply your learning Summary
Apply your learning
Lesson 2: Receivables and payables
Unit 1: Receivables and customer credit Session summary
Unit 2: Aged receivables analysis and irrecoverable debts
Additional material
Unit 3: Allowances for receivables
Unit 4: Payables and classification of current and non- Session 4 optional exam questions
current liabilities Session 4 graded exam questions
Unit 5: Supplier statements Session 4 further optional exam questions
Summary
Apply your learning
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COURSE MAP

Session 5
Accruals, prepayments, capital tructure and bankreconciliations

Welcome Lesson 3: Dividends, finance costs and the statement of

changes in equity
Lesson 1: Accruals and prepayments
Unit 1: Recording dividend payments on ordinary shares
Unit 1: Business expenses and the accruals concept Unit 2: Recording dividends on preference shares
Unit 2: What are accruals? Unit 3: Recording finance cost payments
Unit 3: Opening accruals and the accruals ledger account Unit 4: Statement of changes in equity
Unit 4: What are prepayments? Summary
Unit 5: Opening prepayments and the prepayment ledger Apply your learning
account
Unit 6: Accrued and prepaid income Lesson 4: Bank reconciliations
Summary Unit 1: Purpose of bank reconciliations
Apply your learning Unit 2: Errors, omissions and timing differences
Unit 3: Process of preparing a bank reconciliation
Lesson 2: Capital structure
Unit 4: Detailed example of the bank reconciliation process
Unit 1: Characteristics of ordinary shares, preference shares Unit 5: Worked example of the bank reconciliation process
and loan notes Summary
Unit 2: Classification of capital Apply your learning
Unit 3: Share capital terminology
Unit 4: Components of equity in the statement of financial Session summary
position
Additional material
Unit 5: Rights issues of ordinary shares
Unit 6: Bonus issues of ordinary shares Session 5 optional exam questions
Summary Session 5 graded exam questions
Apply your learning Session 5 further optional exam questions
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COURSE MAP

Session 6
Preparing a trial balance

Welcome Lesson 3: Using ledger accounts for incomplete records

Unit 1: Using the receivables ledger account to calculate
Lesson 1: Correction of errors and the use of suspense
missing figures
accounts
Unit 2: Using the payables ledger account to calculate
Unit 1: Preparation and limitations of trial balance missing figures
Unit 2: Types of errors Unit 3: Using cash and bank ledger accounts to calculate
Unit 3: Creation of suspense accounts missing figures
Unit 4: Identification of journals Summary
Unit 5: Correction of errors and their impact on the Apply your learning
financial statements
Unit 6: Clearing the suspense account Lesson 4: Incomplete records – further techniques
Summary Unit 1: Using mark-up cost structure to calculate missing
Apply your learning figures
Unit 2: Using margins cost structure to calculate missing
Lesson 2: Control accounts and reconciliations
figures
Unit 1: Purpose of control accounts
Unit 3: Calculating inventory figures using cost structures
Unit 2: Preparing the receivables ledger control account
Unit 4: Practice applying cost structures to find missing
Unit 3: Preparing the payables ledger control account figures
Unit 4: Introduction to preparing ledger control account Unit 5: Manipulating the accounting equation
reconciliations
Summary
Unit 5: Preparing the receivables ledger control account Apply your learning
reconciliation
Unit 6: Preparing the payables ledger control account Session summary
reconciliation
Summary Additional material
Apply your learning Session 6 optional exam questions
Session 6 graded exam questions
Session 6 further optional exam questions
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Session 7
Basic financial statements

Welcome Lesson 3: Statements of financial position – principles

Unit 1: Introduction to the statement of financial position
Lesson 1: Statements of profit or loss and other
Unit 2: Interrelationship between the SPLOCI and the
comprehensive income – principles SOFP
Unit 1: Introduction to the statement of profit or loss and Unit 3: Retained earnings and other reserves
other comprehensive income Unit 4: Purpose of disclosure notes
Unit 2: Components of the SPLOCI – revenue and Summary
expenses Apply your learning
Unit 3: Components of the SPLOCI – income tax
Unit 4: Components of the SPLOCI – other comprehensive Lesson 4: Preparing the statements of financial position
income Unit 1: Preparation of a sole trader statement of financial
Unit 5: Disclosures for the SPLOCI position
Summary Unit 2: Preparation of a company statement of financial
Apply your learning position – exam technique
Unit 3: Basic preparation of a company statement of
Lesson 2: Preparing the statement of profit or loss and
financial position
other comprehensive income
Unit 4: Preparation of a company statement of financial
Unit 1: Preparation of a sole trader statement of profit or
position – non-current assets
loss
Unit 5: Preparation of a company statement of financial
Unit 2: Preparation of a company SPLOCI – exam position – retained earnings and receivables
technique Summary
Unit 3: Preparation of a company SPLOCI – revaluation and Apply your learning
other comprehensive income
Unit 4: Preparation of a company SPLOCI – expenses Session summary
Unit 5: Preparation of a company SPLOCI – finance cost
Additional material
and tax
Summary Session 7 optional exam questions
Apply your learning Session 7 graded exam questions
Session 7 further optional exam questions
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Session 8
Statement of cash flows and interpretation of financial statements

Welcome Lesson 4: Interpretation of financial statements

Unit 1: Interrelationships between ratios
Lesson 1: Statement of cash flows – principles
Unit 2: Relationship between financial statements and
Unit 1: Introduction to statement of cash flows
ratios
Unit 2: Main elements of statement of cash flows
Unit 3: Conclusions and outputs from analysis of financial
Summary
statements
Apply your learning
Summary
Lesson 2: Preparing a statement of cash flows Apply your learning
Unit 1: Operating activities – using the direct method Session summary
Unit 2: Operating activities – using the indirect method
Unit 3: Investing activities Additional material
Unit 4: Financing activities
Session 8 optional exam questions
Unit 5: Preparation of statement of cash flows – Exam
Session 8 graded exam questions
technique
Session 8 further optional exam questions
Summary
Apply your learning

Lesson 3: Using ratios to interpret financial statements

Unit 1: Introduction to interpretation of financial
statements
Unit 2: Profitability
Unit 3: Return
Unit 4: Liquidity
Unit 5: Debt and gearing
Summary
Apply your learning
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Session 9
Consolidated financial statements SOFP

Welcome Lesson 4: Consolidated SOFP – Intra-group trading and

mid-year acquisitions
Lesson 1: Group accounting terminology
Unit 1: Intra-group trading balances and unrealised profit
Unit 1: Group accounting terms Unit 2: Mid-year acquisitions
Unit 2: Operating as a group Summary
Unit 3: Group accounting and ethics Apply your learning
Summary
Apply your learning Lesson 5: Consolidated SOFP – exam practice
Unit 1: Full working example – CBE exam technique
Lesson 2: Consolidated SOFP – Introduction Unit 2: Full working example – exam practice
Unit 1: Format of consolidated SOFP Summary
Unit 2: Preparing consolidated SOFP Apply your learning
Unit 3: Preparing consolidated SOFP – pre-acquisition
reserves and non-controlling interest Session summary
Summary
Additional material
Apply your learning

Lesson 3: Consolidated SOFP – goodwill and fair value Session 9 optional exam questions
Session 9 graded exam questions
Unit 1: SOFP – goodwill adjustments
Unit 2: SOFP – fair value adjustments Session 9 further optional exam questions
Unit 3: SOFP – goodwill example
Summary
Apply your learning
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COURSE MAP

Session 10
Consolidated financial statements SPLOCI and associates

Welcome Lesson 4: Associates

Unit 1: Associates: definition and identification
Lesson 1: Consolidated SOFP revision
Unit 2: Associates: significant influence
Unit 1: Consolidated SOFP – revision Unit 3: Equity accounting
Unit 2: Consolidation process – SOFP practice example Summary
Summary Apply your learning
Apply your learning
Session Summary
Lesson 2: Consolidated SPLOCI principles
Unit 1: Format of consolidated SPLOCI Additional material
Unit 2: Consolidation process
Unit 3: Intra-group trading Session 10 optional exam questions
Unit 4: SPLOCI – intra-group trading example Session 10 graded exam questions
Summary Session 10 further optional exam questions
Apply your learning

Lesson 3: Consolidated SPLOCImid-yearacquisitions

Unit 1: Impact of mid-year acquisitions
Unit 2: Full working example – computer-based exam
technique
Unit 3: Full working example – exam practice
Summary
Apply your learning

Session 11
Revision sessions

Session 11 revision webinars

Revision section

Lesson 1: Summing up
Unit 1: Summing up
Unit 2: Revision strategy

Lesson 2: F3 Optional practice test

Lesson 3: Revision tests

Revision test 1: Conceptual and regulatory framework
Revision test 2: Inventory and non-current assets
Revision test 3: Prime entry to trial balance
Revision test 4: Control accounts, reconciliations and adjustments
Revision test 5: Incomplete records and cash flows
Revision test 6: Sole trader financial statements
Revision test 7: Limited company financial statements
Revision test 8: Consolidated financial statements
Revision test 9: Interpretation of financial statements
Revision test 10: Mixed questions

Lesson 4: F3 graded practice test

Lesson 5: What next?

Unit 1: The exam
Unit 2: What comes next?
Unit 3: End of course survey