CIMA Fundamentals of Financial Accounting

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In the CIMA Fundamentals of Financial Accounting course you will study the differences between management and financial accounting systems, capital and revenue, and cash and profit.

You will consider the purpose of accounting records and learn about different types of accounting systems. You will also prepare different types of record.

You will prepare cash and bank accounts and examine audit checks and trails as well as studying methods of fraud prevention.

The Fundamentals of Financial Accounting course will also look into the preparation of accounts for single entities and look at profitability ratios, and liquidity, efficiency and capital structure ratios

We offers the CIMAstudy online learning system, the only official online study resource that is reviewed and approved by CIMA. The online learning system takes you step-by-step through the CIMA qualification, with each course teaching you all of the theory you need to learn. Study topics are explained clearly using interactive cases, and there are tests and exercises at every stage that reinforce learning and allow you to test your knowledge.

Course Content

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.

Entry Requirements

You don't need any previous experience or qualifications to enrol in our CIMA courses. That's because we believe in making home study - and a rewarding future - as accessible as possible. However, you will need a good standard of maths, and a solid grasp of English.

Please note the following technical requirements needed in order to access and use the online course:

Microsoft Windows requirements:

  • Microsoft Windows 2000 or higher
  • Microsoft Internet Explorer v6.0 or higher, or Mozilla Firefox v1.5 or higher
  • 256 Kbps or faster Internet connection
  • 128 MB or more RAM
  • Screen resolution of 1024 * 768 pixels
  • 32-bit (Truecolor) color depth/video display
  • Sound capabilities (sound card and speakers)
  • Adobe® Flash Player plug-in version 6.0 or higher

Macintosh requirements:

  • Mac OS X 10.3.0 or higher
  • Apple Safari v1.3 or higher
  • 256 Kbps or faster Internet connection
  • 128 MB or more of RAM
  • Screen resolution of 1024 * 768 pixels
  • 32-bit (Truecolor) Color Depth/Video Display
  • Sound capabilities (sound card and speakers)
  • Adobe® Flash Player plug-in version 6.0 or higher

Where will I go from here?

With the skills you gain from this and the other papers that make up this qualification, you will be able to provide accounting, management and finance skills from a variety of roles within business. You'll be in demand for positions as diverse as systems analyst, sales manager, Chief Financial Officer or consultant, depending on your particular interests. 

What will I gain?

On completion, you'll receive the CIMA Paper 2: Fundamentals of Financial Accounting qualification.

Completion of Papers 1 to 5 qualifies you for a CIMA Certificate in Business Accounting.


As you progress through your online course there are end of unit questions and answers which are assessed and your scores recorded. In addition, at the end of the course there is a complete mock exam which is timed, assessed and scored as in the real CIMA Computer Based Assessment This will determine your readiness for taking the final assessment set by CIMA and taken at a CBA exam centre.

Final CIMA Exam

  • a computer-based exam consisting of 50 questions which must be completed within 2 hours

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.

Please note that you will be required to register with CIMA to sit the exam. Exam fees are £45 but exam centres will also charge a fee which is determined by the centre and can vary across the UK.

What will I get?

Because we're experts in home learning, we offer all the support you need along the way. 

Along with 12 months of access to the fully online CIMA learning tool, you'll also receive CIMA approved study materials, including the CIMA Exam Practice Kit and the CIMA Exam Revision Cards. These paper-based study resources are there simply to compliment the online learning that contains everything you need to study this CIMA Paper.

You'll have access to an experienced personal tutor both online and over the phone, ready to help you with guidance and motivation.

You'll also be part of the ICS Learn Online Student Community, where you'll have access to library materials and your account information, as well as vital links with your fellow students, with the chance to discuss your work, ask questions and make new friends.

Payment Options

You can either pay for your Fundamentals of Financial Accounting course in full or opt for a monthly payment plan.

Speak to one of our course advisors now for payment plans.

Additional fees

There are CIMA registration, subscription, exam and exemption fees that are additional to your course fees:

  • CIMA Registration Fee: £75
  • Annual CIMA subscription fee: £106
  • Exam fees: £58 per paper (exam centres may charge administration fees in addition.)
  • Exemption fees: £53 per paper

Find out more information about arranging your examinations.

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  • Hours of Study 130 hours
  • Course Code M27
  • Study Period 12 months
  • Support Period 12 months

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Easy to understand.

"The course material is easy to understand, my tutor is easy to approach for help! Assignments are marked in a timely manner. I would recommend this course to anyone starting a small business or looking to start a career in accounting."
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CIMA Fundamentals of Financial Accounting