F3 – Financial Accounting

Financial Accounting introduces the candidate to the fundamentals of financial accounting, explaining its context and purpose with reference to qualitative characteristics of useful financial information and to the fundamental bases of accounting.   The syllabus then concentrates in depth on the basics of the doubleentry system and on recording, processing, and reporting business transactions and events.   The syllabus then covers the use of the trial balance and how to identify and correct errors, and then the preparation of financial statements for incorporated and unincorporated entities.