C02 Fundamentals of Financial Accounting

CIMA C02 | Fundamentals of Financial Accounting

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Summary Overview of CIMA Paper C2

Even though Certificate in Business Accounting is an entry level qualification but still the proficiency level required is high and it challenges the students right at start.

Paper 02 under CIMA certificate is about Financial Accounting and even though syllabus has been defined to make it easier even for the first timers but it will be much better that students with accounting background will find it easier to get along with the syllabus.

CIMA C02 fundamentals of financial accounting paper takes candidates through conceptual and regulatory frameworks, accounting systems and control, and preparing accounting statementsĀ for single entities.

Major areas of CIMA C2 are:

  • Conceptual and Regulatory Framework
  • How accounting system is controlled
  • Preparation of Financial Statements
  • Interpretation of ratios

As this is an introductory paper, students will not be required to draft financial statements but certainly they are required to have the knowledge of basic formats of financial statements and their content. Deep knowledge of accounting treatments as mentioned under regulatory framework i.e. International Accounting Standards is not required however, the standards that contain the formats of different financial statements like IAS 1 and IAS 7 are examinable to the extent formats are concerned.

Syllabus is divided into four major portions where each portion carries much to be understood. Students are advised that if they do not have any accounting background then it will be better to avoid self-study but definitely its a matter of personal opinion.

Examination is computer based

Check the relevant tabs above for more information on specific areas of CIMA C02 Fundamentals of Financial Accounting.

Summary Objectives

After completing CIMA C02 Fundamentals of Financial Accounting course students are presumed to have knowledge and relevant skills of the following:

  • Why accounting is needed in the business world and who requires financial information and the ways in which financial information can be produced for different types of users.
  • How financial information is presented in the form of financial statements. Also the qualitative characteristics of financial statements including the underlying assumptions.
  • How business transactions are recorded and the accounting cycle of recording, summarization and communicating
  • How accounting system and the information prepared by such accounting system is controlled, monitored and checked by external and internal auditors. Also how these auditors are connected with the entity and how the scope of their work is different.
  • How financial statements are prepared and what are the relevant accounting concepts which are necessary to be understood for the preparation of true and fair financial statements. This probably is the biggest area of the syllabus and this is where all the knowledge acquired in previous areas will be concentrated.
  • How to prepare complete set of financial statements from incomplete records
  • How to calculate different accounting ratios and their interpretation.

CIMA C02 Fundamentals of Financial Accounting Syllabus

Click on any of the following buttons to open up the syllabus of the related area.

Assessment of CIMA C2

Area Weightage:
Although it has not been disclosed that how many questions will be asked from each area but for guidance purposes the exam weight of each area of the syllabus has been disclosed:

Time:
CIMA C2 will be examined in 2 hours (120 minutes) exam

Number of questions:
Exam will contain 50 compulsory questions where each question can have more then one parts. As questions are compulsory all the questions are required to be answered with in the given time.

Assessment Format:
It will be a Computer Based Assessment (CBA) i.e. students will be examined in computer based environment where students will be presented with one question at a time and students will answer the questions using input devices like mouse and keyboard.

Exam Style:
Exam will be objective in nature where majority of the questions will be multiple-choice. But this will not be the only style of questions. Other possible style includes:

  • filling in the blank
  • ranking
  • definition with missing word
  • identifying a key issue e.g. advantages
  • calculating a figure.
  • diagram labeling
  • identifying the key concept under a particular scenario e.g. inflation
  • matching
  • interpretation

Fee Structure Certificate in Business Accounting

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CIMA C02| Fundamentals of Financial Accounting Revision Notes


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