The Financial Accounting module is part of the Knowledge Level (Level 1) in the ICAG professional qualification syllabus. It focuses on developing knowledge of underlying principles, double-entry accounting techniques, and preparation of basic financial statements. Below is the syllabus coverage presented in tabular form, including the main topics and their approximate weightings (guiding study time and exam mark allocations)
| Syllabus Topic | Description | Weighting (%) |
|---|---|---|
| A. The context, purpose, and qualitative characteristics of financial information, and ethics | Explains the scope, users, regulatory framework, elements, qualitative characteristics of financial statements, and ethical requirements. | 5 |
| B. Recording transactions and events | Covers sources of information, recording revenue/income, costs/expenses, assets, liabilities, equity, and preparing a trial balance. | 20 |
| C. Correcting errors and performing reconciliations | Involves identifying errors, using control accounts, bank reconciliations, suspense accounts, journals, and preparing an extended trial balance. | 20 |
| D. Preparing basic financial statements | Includes preparing profit or loss accounts, statements of financial position, and cash flow statements for sole traders and simple companies. | 20 |
| E. Accounting for partnerships | Explains partnership nature, records transactions, prepares capital/current accounts, final accounts, and handles admissions, retirements, changes, and dissolutions. | 15 |
| F. Preparing accounts from incomplete records | Recognizes incomplete record situations, derives missing figures using ledger accounts, mark-up/margins, and applies professional skepticism. | 10 |
| G. Introduction to public sector financial statements | Identifies differences between public and private sector accounting. | 5 |
| H. Key accounting ratios | Calculates basic accounting ratios for performance analysis. | 5 |
Course Content
Lesson
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Day 1 Introduction
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Day 2 – Accounting Equation
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Day 3 – Double Entry Bookkeeping – Part I
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Day 4 – Books of Prime Entry
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Day 5 – Double Entry Bookkeeping – Part II
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Day 6 – Accounting for Non-Current Assets
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Day 7 – Methods of Depreciation
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Day 8
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Day 9 – Intangible Assets
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Day 10 – Control Account
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Day 11 – control Account Part II
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Day 12 – correction Errors
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Day 13 – Journal
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Day 14 – Bad and Doubtful Debt in Financial Accounting
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Day 15 – Bad and Doubtful Dept in Financial Accounting – Part II
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Day 16 – Capital Structure and Finance Cost
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Day 17 – Component of Financial Statement
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Day 18 – Preparing Basic Financial Statement (Swan)
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Day 19 – Partnership Accounting
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1. INTRODUCTION TO FINANCIAL ACCOUNTING QUIZ
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2. THE CONCEPTUAL FRAMEWORK – QUIZ
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3. ACCOUNTING EQUATION
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4. DOUBLE ENTRY BOOKKEEPING
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5. SALES AND PURCHASES – QUIZ
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6. NON-CURRENT ASSETS AND DEPRECIATION – QUIZ
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7. BAD AND DOUTFUL DEBT – QUIZ
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8. ACCRUALS AND PREPAYMENTS – QUIZ
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9. ETHICS AND ACCOUNTING – QUIZ
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10. BANK RECONCILIATION – QUIZ
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11. CORRECTION OF ERRORS – QUIZ
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12. CAPITAL STRUCTURE AND FINANCE COST- QUIZ
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13. PREPARATION OF FINANCIAL STATEMENT – QUIZ
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14. PREPARATION OF COMPANY FINANCIAL STATEMENT. – QUIZ
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15 PREPARATION OF PARTNERSHIP ACCOUNT – QUIZ
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16. PREPARATION OF NOT-FOR-PROFIT ACCOUNTS AND PUBLIC SECTOR ACCOUNTING – QUIZ
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17. PREPARATION OF ACCOUNTS FROM INCOMPLETE RECORDS – QUIZ
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18. STATEMENT OF CASH FLOWS – QUIZ
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19. INTERPRETATION OF FINANCIAL STATEMENT – QUIZ
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