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CAT Intermediate Certificate Financial Management Accounting |
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Intermediate Certificate in Financial and Management Accounting
Part of the Foundations in Accountancy suite of awards, the Intermediate Certificate in Financial and Management Accounting is suitable for anyone looking to do an introductory qualification in accounting and finance. This includes school leavers or those already working in accounts-support roles.
By completing the Intermediate Certificate in Financial and Management Accounting, you could work in a variety of roles including:
- Book- keeping or cost clerk role in a small to medium-sized organisation
- Range of accounting administration roles within an accounting department of a larger organisation or financial shared service centre
Units taught:
Intermediate Certificate in Financial and Management Accounting
- FA2 - Maintaining Financial Records
- MA2 - Managing Costs and Finances
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(FA2) Maintaining Financial Records
To introduce the fundamental principles of accounting and to develop the knowledge and understanding of the techniques used to maintain accounting records.
To produce accounting records including ledger accounts, sales tax records (where applicable), control accounts, reconciliations, and extract and correct an initial trial balance also making the adjustments necessary to produce an extended trial balance. The syllabus also covers accounting for the business transactions of sole traders and partnerships.
Unit aim: to develop knowledge and understanding of the underlying principles and concepts relating to Maintaining Financial Records and technical proficiency in the use of double entry accounting techniques including the preparation of basic financial statements.
Maintaining Financial Records (FA2) 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.
On successful completion of this paper, candidates should be able to:
- Explain generally accepted accounting principles ad concepts
- Outline the principles and process of basic bookkeeping
- Preparing journals and ledger accounts
- Record transactions and events
- Prepare a trial balance
- Reconcile the control accounts and cashbook
- Extending the trial balance, yearend adjustments and final accounts
- Account for partnerships
(MA2) Managing Costs and Finances
To develop the knowledge and understanding of the principles and techniques used in recording, analysing and reporting costs and revenues for internal management purposes. To demonstrate and develop applicable cost concepts in making short term decisions and the application of spreadsheets in management accounting.
Unit aim: to develop knowledge and understanding of how to prepare, process and present basic cost information to support management in planning and decision making in variety of business contexts.
This unit also introduces candidates to costing and financial principles and techniques, and elements of management accounting which are used to make support decisions.
The syllabus starts by introducing candidates to management information early distinguishing it from financial accounting information. The next section introduces the basics of recording costs in management accounting. This is followed by coverage of a variety of costing techniques used in business. The next area of the syllabus introduces candidates to the use of management accounting in support of decision making. The syllabus then introduces the concept of cash management as an essential element for planning.
On successful completion of this paper, candidates should be able to:
- Explain the role of costing within the organisation and how costs are classified
- Describe and record costs by classification
- Explain and apply cost accounting techniques
- Use management accounting techniques to make and support decision making
- Explain principles of cash management
- Apply and use computer spreadsheets in Microsoft excel.
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No previous academic qualifications are required to study for this certificate. However, you may wish to
complete ACCA's Introductory Certificate in Financial and Management Accounting before attempting the Intermediate certificate. The ability level is broadly equivalent to A-Level standard.
To achieve the Intermediate Certificate in Financial and Management Accounting you will need to register as a student on Foundations in Accountancy and complete:
Two exams:
- FA2 - Maintaining Financial Records and
- MA2 - Managing Costs and Finances
A professionalism and ethics module called Foundations in Professionalism.
Please note, if you have already completed this module to gain the
Introductory Certificate in Financial and Management Accounting, you don't have to complete it again
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