Course Overview

This CIMA paper in the Fundamentals of Financial Accounting looks at a wide range of subjects, from the framework of financial accounts to their interpretation. It's a part of the qualification to become a member of the Chartered Institute of Management Accountants (CIMA).

This internationally recognised and respected body offers one of the most highly-regarded qualifications available in the field of accountancy.

Pre-requisites

A 'Flexible Entry' policy is in place, meaning that there are no minimum entry requirements, but students will need a good standard of maths and be competent in the English Language.

Qualification

CIMA Paper C2: Fundamentals of Financial Accounting

Support and Benefits

• Gain an internationally recognised qualification to enhance your career opportunities
• CIMA approved study materials including exam practice questions
• Access to a dedicated tutor and student advisors to guide you through your studies
  

Key Topics

• Conceptual and Regulatory Framework

Examine the various user groups which need accounting information. Study the differences between financial and management accounting systems, capital and revenue, cash and profit, income and expenditure, assets and liabilities, and tangible and intangible assets. Consider the different methods of asset valuation.

• Accounting Systems

Consider the purpose of accounting records. Prepare sales and purchases accounts, nominal ledger accounts, trial balances, trading accounts, accounts for indirect taxes, and accounts for payroll. Prepare accounts using accruals and prepayments, and prepare accounts for bad debts as well as allowances for receivables. Study the different methods of depreciation, accounts for impairment values, and non-current asset registers.

• Control of Accounting Systems

Prepare cash and bank accounts, petty cash statements, accounts for inventories, and journal entries. Consider the need for financial accounting codes and financial controls. Examine audit checks and audit trials. Study methods of fraud prevention. Prepare control accounts and bank reconciliation statements. Learn the methods of valuing assets. Consider external and internal audit, and fair presentation.

• Preparation of Accounts for Single Entities

Prepare income and expenditure accounts, accounts for incomplete records, manufacturing accounts, and cash-flow statements. Examine profitability ratios, liquidity ratios, efficiency ratios, and capital structure ratios.

Course Code

M01

Hours of Study

130 hours per paper

Technical requirements and Fees

CIMA registration and exam fees are additional to the course fees.

Outline

You’ll complete three formative assessments (set by ICS) during your course and one final exam (set by CIMA) on completion of your course. The formative assessments can be submitted to ICS online via the Student Community, or they can be posted to ICS. It is recommended that you submit your formative assessments online as you will receive your results more quickly this way.

Assessment Breakdown

• Formative Assessment 1: 3 multi-part short answer questions and 4 scenario-based questions
• Formative Assessment 2: 3 scenario-based questions
• Formative Assessment 3: a mock exam
• Final Exam: a computer-based exam consisting of 50 questions which must be completed within 2 hours

Notes

For each part of a short answer question you are normally required to write between a sentence and a paragraph.

Scenario-based questions test that you can apply the knowledge you have learnt from the course to hypothetical scenarios. These questions are typically multi-part.

The exam is available all year round and can be sat at your local testing centre.

Please note that you are required to register with CIMA in order to sit the exam.

Please note that the format of the exam is subject to change. The details provided are intended only as a guide and should not be regarded as definitive.