AAT Level 3   Essential

Financial Accounting: Preparing Financial Statements (FAPS)


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Course Overview

This unit provides students with the skills required to produce statements of profit or loss and statements for financial position for sole traders and partnerships, using a trial balance.

Students will gain the double-entry bookkeeping skills needed to record financial transactions into an organisation’s accounts using a manual bookkeeping system.

Learning outcomes:

• Understand the accounting principles underlaying final accounts preparation.
• Understand the principles of advanced double-entry bookkeeping.
• Implement procedures for the acquisition and disposal of non-current assets.
• Prepare and record depreciation calculations.
• Record period end adjustments.
• Produce and extend the trial balance.
• Produce financial statements for sole traders and partnerships.
• Interpret financial statements using profitability ratios.
• Prepare accounting records from incomplete information.

The course is structured with a combination of interactive lectures & quizzes, exam revision questions and mock exams. 

The Learnsignal guide to passing Preparing Financial Statements:

  • Study with an AAT Approved Training Provider
  • Study the whole syllabus
  • Follow a guided study plan
  • Practice exam style questions
  • Attempt at least one mock exam in full under exam conditions


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