The Introductory Certificate in Financial and Management Accounting is awarded on the completion of exams Recording Financial Transactions (FA1) and Management Information (MA1), and also Foundations in Professionalism. Students can move onto the Intermediate Certificate on completion of the Introductory Certificate.
The syllabus for Paper FA1, Recording financial transactions, introduces the candidate to the fundamentals of preparing and recording financial documentation from originating documents and processing ledger transactions up to the trial balance stage.
It also covers relevant banking procedures associated with bookkeeping, maintaining and reconciling cash and petty cash records and preparing the journal and relevant control accounts and identifying and correcting errors.
The syllabus for paper MA1, Management Information, introduces candidates to basic costing principles and techniques and the tools with which to use these principles and techniques. The syllabus starts by introducing business organisations and the specific role of management accountant within the organisation.
The next section deals with cost classification followed by the identification of sources of information and coding, to ensure that cost information is properly classified. The syllabus then introduces basic techniques for recording costs. It finally introduces candidates to spreadsheets as an important tool in supporting cost and management accounting.