Unit 10 Financial Accounting

Financial Accounting

Unit Aim

This unit is aimed to introduce students to the essentials of financial accounting principles and techniques which will enable them to record and prepare final accounts.

Learning Outcome

1. Record business transactions using double entry book-keeping, and be able to extract a trial balance

Assessment criteria

1.1 Apply the double entry book-keeping system of debits and credits. Record sales and purchases transactions in a general ledger

1.2 Produce a trial balance applying the use of the balance off rule to complete the ledger

 

Learning Outcome

2. Prepare final accounts for sole-traders, partnerships or limited companies in accordance with appropriate principles, conventions and standards

Assessment Criteria

2.1 Prepare final accounts from given trial balance figures adjusting for accruals, depreciation and pre-payments

2.2 Produce final accounts for a range of examples that include sole-traders, partnerships or limited companies

 

Learning Outcome

3. Perform bank reconciliations to ensure company and bank records are correct

Assessment Criteria

3.1 Apply the bank reconciliation process to prepare a number of bank reconciliations

 

Learning Outcome

4. Reconcile control accounts and shift recorded transactions from the suspense accounts to the right accounts

Assessment Criteria

4.1 Explain the process taken to reconcile control accounts and clear suspense accounts using given account examples

 

 

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