Accounting Technicians Scheme

Principles and Practice of Financial Accounting

A Proven Way To Pass


Live Session


Video Tutorials


Mock Exam

Grow Your Career

Course Content

a. Bases of Accounting & Accounting Concepts
b. Roles of Bodies which set Accounting Standards (IASB/FRCON)
c. Conceptual Frame Work for Financial Reporting
d. Components of Financial Statements
e. Business transactions of sole traders, partnerships, companies, not-for-profit
entities and SMEs

a. Principles of Law and Regulations governing Accounting
b. International Financial Reporting Standards:- The following International
Financial Reporting Standards are examinable at this level:
i. IAS 1 – Presentation of Financial Statements
ii. IAS 2 – Inventories
iii. IAS 7 – Statement of Cashflows
iv. IAS 8 – Accounting policies, changes in accounting estimates and errors
v. IAS 16 – Accounting for property plant and equipment
vi. IFRS for SME(s) relevant for preparing the financial statements

(a) i. Preparing trial balance and extended trial balance to include
ii. Correcting Errors
iii. Suspense Accounts and other adjustments
(b) Preparation of final Accounts from incomplete records to include:
i. Non-current Assets & Depreciation
ii. Bad & Doubtful debt, Provisions
iii. Accrual & Prepayments
iv. Control Accounts and Control Accounts Reconciliations.
(c) Preparation of Final Accounts of not for profit organization to include:
i. Receipts and payment accounts
ii. Income and expenditure accounts

a. Features of Partnership to include: Definition formation, Partnership agreement and
accounts peculiar to partnership
b. Changes in partnership structure to include;
i. Accounting for Goodwill
ii. Admission of new partners
iii. Death or retirement of a partner (Dissolution of partnership)
iv. Amalgamation of a partnership (with a sole proprietor or another partnership)
v. Conversion of partnership to limited liability company

a. Preparation of Financial Statement of Limited Liability companies to include;
i. Statement of Financial position
ii. Statement of changes in Equity
iii. Statement of Profit or Loss and other comprehensive Income
iv. Explanatory notes required for preparation of financial statements for publication
b. Statement of Cash Flows prepared in accordance IAS7 using Direct and Indirect
c. Importance and purpose of analysis of financial statements
d. Use of ratios analysis for Interpretation of simple financial statements
e. Accounting for Issue of shares and loan notes
f. Accounting for current Income tax and value added tax.

a. Hire purchase transactions and simple lease accounts
b. Branch Accounting (excluding foreign branches)
c. Accounting for good on sale or return
d. Accounting for inventory valuation including losses and defalcation
e. Contract accounts
f. Joint ventures
g. Accounts for royalties
h. Farmers accounts

Free Lesson

The purpose of financial accounting is to equip accounting professionals with knowledge of the essential framework and assumptions that underpin reliable reporting and the requisite skills to compile reliable financial statements for sole traders, partnerships and companies

Course Instructor


“In this course, you will learn the underlying principles and concepts of financial accounting, accounting techniques and the preparation of basic financial statements. At the end of this course You’ll develop technical proficiency in the use of double-entry techniques, including the preparation and interpretation of basic financial statements for sole traders, partnerships and more you will also be able to pass ICAN Financial Accouting Exam”

“The course materials include my prerecorded video tutorials, pocket note, live sessions and more. You will also be admitted to the course forum”
Hide picture