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Maintaining Financial Records FA 2

Learn to maintain financial records effectively with this course covering financial statements, business transactions, accounting principles, and more. Practice trial balances, inventory, and partnerships for comprehensive financial know-how.

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Maintaining Financial Records FA 2

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  1. Maintaining Financial RecordsFA 2 B Amrith Thilan B.B.A, ACCA Passed Finalist

  2. ACCA - Maintaining Financial Records (FA 2) Syllabus 1. Financial Statements, Accounting Principles and Accounting Standards 2. Recording business transactions within the accounting and Double Entry System 3. Sales Tax and the Day Books 4. Cash Book 5. Sales and Receivables

  3. ACCA - Maintaining Financial Records (FA 2) Syllabus cont… 6. Accruals and Prepayment 7. Accounting for Inventory 8. Non-Current Assets 9. Trial Balances and Correcting Errors 10. Incomplete Records 11. Partnerships

  4. ACCA - Maintaining Financial Records (FA 2) Business Organization An organisation can be defined as: A social arrangement which pursues collective goals, which controls it’s own performance and which has a boundary separating it from it’s environment. Organizations can include businesses such as companies, partnerships, clubs, charities, government departments

  5. ACCA - Maintaining Financial Records (FA 2) Types of Business Transaction • Business transactions are the interactions between organizations and their customers, vendors and others with whom they do business. 

  6. ACCA - Maintaining Financial Records (FA 2) Types of Business Transaction • Purchasing Goods and Materials • Purchasing Services • Sales • Paying Wages and Salaries • Purchase of Non – Current Assets • Raising Finance and paying rewards to the suppliers of Finance • Accounting for and Paying Tax • Movements of cash in the Bank Account

  7. ACCA - Maintaining Financial Records (FA 2) Types of Business Documentation • Each type of Business Transaction has its own set of documentation. • The documentation is need to : • Control the progress of the transaction • Record the transaction • Provide a history of how the transaction is proceeded

  8. ACCA - Maintaining Financial Records (FA 2) Test Your Understanding 1 Which of the following is not a business transaction ? • Paying wages and salaries • Purchase of non-current assets • Payment of house rent • Cash sales

  9. ACCA - Maintaining Financial Records (FA 2) Financial Statements - Introduction The statement of comprehensive income and the statement of financial position are the key documents in the financial statements of any business

  10. ACCA - Maintaining Financial Records (FA 2) Statement of Comprehensive Income Anstatement of comprehensive income is a financialstatement that reports a company's financial performance over a specific accounting period.

  11. ACCA - Maintaining Financial Records (FA 2) Income Statement

  12. ACCA - Maintaining Financial Records (FA 2) The Statement of Financial Position The statement of financial position shows the financial position of a business at a point in time. It shows : • Assets • Liabilities • Capital

  13. ACCA - Maintaining Financial Records (FA 2) The Statement of Financial Position

  14. ACCA - Maintaining Financial Records (FA 2) Test Your Understanding 2 Sales minus Cost of Sales equal to : • Net Profit • Gross Profit • Operating Profit • Selling Cost

  15. ACCA - Maintaining Financial Records (FA 2) Test Your Understanding 3 Capital plus Liabilities equal to : • Working capital • Net Income • Asset • Equity

  16. ACCA - Maintaining Financial Records (FA 2) Test Your Understanding 4 Which of the following Financial Statements shows the profitability of a business ? • Statement of Comprehensive Income • Statement of Financial Position • Cash Flow Statement • Statement of Changes in Equity

  17. Maintaining Financial RecordsFA 2 B Amrith Thilan B.B.A, ACCA Passed Finalist

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