FA2 Maintaining Financial Records

The syllabus introduces the candidate to the fundamentals of Maintaining Financial Records, explaining its context and purpose with reference to accounts preparation. The syllabus then concentrates in depth on the double-entry system and on recording, processing, and reporting business transactions and events, including the specific accounting for fixed assets. The syllabus then covers the use of the extended trial balance and how to identify and correct errors, including the reconciliation of the control accounts, and the posting of period end adjustments. The syllabus also covers the preparation of final accounts for sole traders and for partnerships.

Main topic areas

  • Explaining generally accepted accounting principles and concepts
  • Outlining principles and process of basic bookkeeping
  • Preparing journals and ledger accounts
  • Recording transactions and events
  • Preparing a trial balance
  • Reconciling the control accounts and cashbook
  • Extending the trial balance, year-end adjustments and final accounts
  • Account for partnerships.


Examination structure

  • The examination comprises of 50 two mark compulsory questions.
  • It is assessed by 2 hour paper based or computer based examination.
  • The pass mark is 50%