Before commencing this paper, a thorough knowledge of Paper 1, Recording Financial Transactions, is required. Paper 3 builds on the knowledge acquired in Paper 1, enabling students to prepare final accounts for a sole trader and for partnerships. This knowledge will be further developed in Paper 6, Drafting Financial Statements which will enable students to prepare final accounts for limited companies.
Knowledge of Paper 2, Information for Management Control, is required before commencing study for Paper 4. This paper provides the basic techniques required to enable candidates to develop the various methods for recording and evaluating costs into more complex problems at the Advanced Level. Candidates will need a sound understanding of the methods and techniques introduced in this paper to ensure that they can take them further in subsequent papers.
No prior knowledge is required before commencing study for Paper 5. This paper provides the basic techniques required to fulfil the role of a manager in the accounting environment.
A thorough knowledge of Paper 1, Recording Financial Transactions and Paper 3, Maintaining Financial Records is required for Paper 6.
A thorough knowledge of the costing elements of Paper 2, Information for Management control, and all of Paper 4, Accounting for costs, is required before commencing study for paper 7.
Paper 8 requires knowledge and understanding of Paper 1, Recording Financial Transactions and Paper 3, Maintaining Financial Records, to provide a basic understanding of the nature and objectives of an audit and general audit practice. Candidates will also be expected to be familiar with Paper 6, Drafting Financial Statements.
An understanding of the format of accounts used for sole traders, partnerships and companies is assumed from Paper 3, Maintaining Financial Records and Paper 6, Drafting Financial Statements, but no prior knowledge of taxation is required.
Paper 10 will build on the knowledge of the main receipts and payments that an organisation has and the methods of recording these receipts and payments, developed in the Introductory and Intermediate level papers. There are also links with other Advanced Level papers, particularly: budgets, forecasts, time series analysis and index numbers in Paper 7, Planning, Control and Performance Management. Interpretation of limited company financial statements in Paper 6, Drafting Financial Statements. However, there will not be a presumption of any prior knowledge from the other Advanced Level Papers