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Intermediate Level

Students can move onto the Intermediate Certificate in Financial and Management Accounting once they have completed the Introductory Certificate subjects. The Intermediate Certificate in Financial and Management Accounting is awarded on the completion of exams Maintaining Financial Records (FA2) and Managing Costs and Finance (MA2) and Foundations in Professionalism.

Maintaining Financial Records

The syllabus for Paper FA2, Maintaining Financial Records, 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.

Managing Costs and Finances

The syllabus for Paper MA2, Managing costs and finances, introduces candidates to costing and financing principles and techniques, and elements of management accounting which are used to make and support decisions. 

The syllabus starts by introducing candidates to management information clearly 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. Finally the syllabus introduces the concept of cash management as an essential element for planning.

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