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.
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.
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.