ICAG · Financial Accounting · 1
ICAG Financial Accounting Level 1
About this course
A teaching-led course covering financial accounting foundations, record-keeping, financial statement preparation, partnerships, public sector accounting and ratio analysis.
Syllabus
Module 1 – Understanding the Purpose and Scope of Financial Statements7 lessons · 3½ h
Understand the purpose and scope of financial statements33 min
Prepare a statement of financial position35 min
Identify financial statement users and what they need31 min
Maintain ethical accounting records and financial statements30 min
Use source documents to build accounting records32 min
Identify users of public sector financial statements16 min
Record costs and expenses correctly29 min
Module 2 – The IASB’s Conceptual Framework4 lessons · 1½ h
Understand the financial reporting regulatory framework24 min
Recognise the elements in financial reports34 min
Apply qualitative characteristics to financial information33 min
Account for changes in ownership of unincorporated businesses26 min
Module 3 – The Accounting Equation1 lesson · 27 min
Prepare and interpret a trial balance27 min
Module 4 – Sales and Purchases1 lesson · 32 min
Account for receivables and payables32 min
Module 5 – Non-Current Assets and Depreciation2 lessons · 50 min
Account for property, plant, equipment and depreciation35 min
Account for intangible assets and amortisation15 min
Module 6 – Accruals and Prepayments1 lesson · 30 min
Adjust accounts for accruals and prepayments30 min
Module 7 – Inventory1 lesson · 35 min
Value and account for inventory35 min
Module 8 – Control Accounts1 lesson · 34 min
Reconcile receivables and payables control accounts34 min
Module 9 – Bank Reconciliations2 lessons · 48 min
Prepare bank reconciliations32 min
Prepare an extended adjusted trial balance16 min
Module 10 – Correction of Errors2 lessons · 1 h
Use suspense accounts to correct trial balance errors32 min
Correct accounting errors through journals34 min
Module 11 – Capital Structure and Finance Costs2 lessons · 1 h
Account for capital structure and finance costs33 min
Prepare a statement of profit or loss34 min
Module 12 – Preparation of Partnership Accounts7 lessons · 3½ h
Understand the nature of a partnership34 min
Prepare final accounts for a partnership36 min
Account for the admission or retirement of a partner34 min
Record changes in partners’ investments14 min
Account for partnership dissolution and sale to a company35 min
Record partnership transactions in ledger accounts15 min
Partners Capital and Current Accounts30 min
Module 13 – Preparation of Not-for-Profit Accounts and Public Sector Accounting5 lessons · 1½ h
Compare private, not-for-profit and public sector aims33 min
Explain Ghana’s public sector components16 min
Record revenue and other income correctly24 min
Understand the Public Financial Management Act 201616 min
Compare accrual, cash and break-up bases of accounting16 min
Module 14 – Preparation of Accounts from Incomplete Records5 lessons · 1½ h
Calculate mark-up and profit margins24 min
Recognise situations involving incomplete accounting records14 min
Derive missing figures using ledger accounts15 min
Apply professional scepticism to incomplete information16 min
Prepare financial statements from incomplete information35 min
Module 15 – IAS 7: Statement of Cash Flows2 lessons · 1 h
Prepare a basic statement of cash flows34 min
Record cash and bank transactions27 min
Module 16 – Interpretation of Financial Statements5 lessons · 2 h
Explain why ratio analysis matters34 min
Calculate and interpret profitability ratios34 min
Calculate and interpret liquidity ratios31 min
Calculate and interpret efficiency ratios16 min
Calculate and interpret financial position ratios15 min