Fundamentals of Financial Accounting: CIMA Paper C2

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.




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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.