Acca Financial Accounting: An Easy And Complete Course

ACCA APPLIED KNOWLEDGE STAGE

What you'll learn

Explain the context and purpose of financial reporting

Define accounting principles and concepts

Demonstrate the use of double entry bookkeeping

Record transactions and events

Perform reconciliations

Prepare a trial balance

Prepare financial statements

Prepare basic consolidated financial statements

Interpret financial statements

Requirements

No previous courses are required. A calculator will be needed to follow some of the examples.

It suggested that students follow the course slowly each week and do the quiz at the end of each section. The answers to the quiz are given but if students find they did not have the correct answer, it would be sensible to do that section again to consolidate their knowledge.

Description

What is Financial Accounting?There are essentially two parts to financial accounting. Firstly, collecting and recording vital data and transactions in an organization. Secondly, reporting this information to the major stakeholders in that organization. Consequently, financial accountants are very important members of staff.Why should you study Financial Accounting?Financial accounting jobs are interesting and well paid. Generally, they are part of the executive and senior management team. In addition, other managers also need to understand the ideas and methods involved in this area in order to do their jobs well.Will this course help me in Professional Examinations?Yes, the course covers all the main concepts and techniques that you need to know. It follows the syllabus of the ACCA, Financial Accounting FA Applied Knowledge course. It can also be used for other accounting qualifications, including Certified Public Accountants CPA, Chartered Accountant CA and Association of Accounting Technicians AAT.What is the style of teaching?The course is split into fourteen sections and then within each section there are a number of short lessons. Each new topic is introduced and then it is explained using a mixture of videos of myself teaching in a classroom, cartoons explaining the important concepts and then detailed teaching of each topic. At the end of each section there is a short quiz to ensure you understood that section. Answers and explanations are given.The course is designed to be as practical as possible. It is aimed at a person who is currently training as an accountant, someone who is taking accounting and finance at university or someone who needs to understand these topics as part of their job.Why should I take this course?I qualified as a Chartered Accountant with PwC in London and then worked for twenty years as an accountant. Over the last ten years I have taught accounting in a university. I understand the practical day to day work of an accountant, but also have a lot of experience of helping students to do well and pass their accounting exams. At the end of term students have rated my teaching very highly.Are there any requirements?You do not need at previous knowledge. The course is designed to start at the basics and then move slowly so that students can easily understand this subject.

Overview

Section 1: The Purpose of Financial Reporting

Lecture 1 Introduction

Lecture 2 Who uses financial reports?

Lecture 3 Foundations of financial accounting

Lecture 4 Accounting standards

Lecture 5 Characteristics of good information

Lecture 6 Quiz

Section 2: The Main Elements of Financial Reports and Financial Information

Lecture 7 Introduction

Lecture 8 Key stages in preparing financial reports

Lecture 9 Classroom teaching introduction to financial statements

Lecture 10 Types of financial reports

Lecture 11 Main elements of financial reports

Lecture 12 Legal types of business organization

Lecture 13 Classroom teaching on different types of business

Lecture 14 Quiz

Section 3: The Use of Double Entry and Accounting Systems

Lecture 15 Introduction

Lecture 16 Classroom teaching on accounting systems

Lecture 17 Classroom teaching on T accounts

Lecture 18 What are accounts?

Lecture 19 Quiz

Section 4: Recording Transactions and Events

Lecture 20 Introduction

Lecture 21 Cash transactions

Lecture 22 Credit transactions

Lecture 23 Sales tax

Lecture 24 Inventory

Lecture 25 Classroom teaching on inventory

Lecture 26 Quiz

Section 5: Non Current Assets

Lecture 27 Introduction

Lecture 28 What are non current assets?

Lecture 29 Classroom teaching on depreciation

Lecture 30 Accounting for depreciation

Lecture 31 Disposal of an asset

Lecture 32 Revaluation of an asset

Lecture 33 Cartoon revaluation of an asset

Lecture 34 Intangible assets

Lecture 35 Quiz

Section 6: Accruals and Prepayments

Lecture 36 Introduction

Lecture 37 Accounting for accruals

Lecture 38 Classroom teaching on accruals

Lecture 39 Receivables

Lecture 40 Irrecoverable debt example

Lecture 41 Bad debts

Lecture 42 Definitions

Lecture 43 Classroom teaching on provisions

Lecture 44 Quiz

Section 7: Capital Structure and Finance Costs

Lecture 45 Introduction

Lecture 46 What is limited liability?

Lecture 47 Capital and reserves

Lecture 48 Shares in a company

Lecture 49 Rights issue

Lecture 50 Bonus issue

Lecture 51 Classroom teaching on changes in equity

Lecture 52 Quiz

Section 8: Preparing a Trial Balance

Lecture 53 Introduction

Lecture 54 Why use a trial balance?

Lecture 55 Classroom teaching on preparing a trial balance

Lecture 56 Suspense accounts

Lecture 57 Cartoon on suspense accounts

Lecture 58 Journal entries

Lecture 59 Quiz

Section 9: Control Accounts and Reconcilaitions

Lecture 60 Introduction

Lecture 61 Books of prime entry

Lecture 62 Receivable reconciliation

Lecture 63 Discounts

Lecture 64 Payable reconciliation

Lecture 65 Bank reconciliation

Lecture 66 Quiz

Section 10: Preparing Basic Financial Statements

Lecture 67 Introduction

Lecture 68 Classroom teaching on financial statements

Lecture 69 Statement of profit or loss

Lecture 70 Example of statement of profit or loss

Lecture 71 Quiz

Section 11: Events after the Reporting Period and Cash Flow Statement

Lecture 72 Introduction

Lecture 73 Trial balance to financial statements

Lecture 74 Difficult question part 1

Lecture 75 Difficult question part 2

Lecture 76 Cartoon on events after reporting period

Lecture 77 Statement of cash flows

Lecture 78 Direct and indirect method

Lecture 79 Example of financial statements

Lecture 80 Quiz

Section 12: Incomplete Records

Lecture 81 Introduction

Lecture 82 Dealing with missing information

Lecture 83 The accounting equation

Lecture 84 Using balancing figures

Lecture 85 Using bank summaries

Lecture 86 Using profit percentages

Lecture 87 Quiz

Section 13: Preparing simple Consolidated Financial Statements

Lecture 88 Introduction

Lecture 89 Definitions

Lecture 90 Investing in other companies

Lecture 91 Cartoon on consolidated financial statements

Lecture 92 What is a subsidiary?

Lecture 93 Consolidated statement of profit or loss

Lecture 94 Inter group sales

Lecture 95 Consolidated statement of financial position

Lecture 96 Goodwill adjustment

Lecture 97 Realised profit

Lecture 98 Purchase of a subsidiary

Lecture 99 Example of company purchase

Lecture 100 Investment in another company

Lecture 101 Example of an associated company

Lecture 102 Goodwill calculation

Lecture 103 Example of company acquisition part way through year

Lecture 104 Example of inter group sales

Lecture 105 Example of consolidated financial position

Lecture 106 Example of consolidated profit or loss

Lecture 107 Quiz

Section 14: Interpretation of Financial Statements

Lecture 108 Introduction

Lecture 109 Why do we prepare financial statements?

Lecture 110 Profitability

Lecture 111 Efficiency

Lecture 112 Financial position

Lecture 113 Liquidity

Lecture 114 Example with answers

Lecture 115 Connection between different aspects of performance

Lecture 116 Quiz

Accountants who are studying for a professional qualification. This includes ACCA, ACA, CPA, CFA and AAT,Students at university and college who are studying accounting,Managers who need to understand the main concepts in financial accounting and reporting