The modules aims to provide students with; 1. a practical foundation in the basic applications of accounting 2. the ability to operate the double entry system of book keeping and to prepare financial statements for different enterprises
The Framework of Accounting
The accounting process. Suppliers and external users of accounting information. Types of business entities. Explain the regulatory framework. Principal accounting statements.
The Theory of Double Entry, Bookkeeping Principles
Applications to business transactions. Assets and liabilities. Trial Balance. Income and expenditure. Explanation of the books of original entry, journals and postings. Petty Cash and capital receipts. Revenue and Capital Expenditure. Non current assets and Depreciation.
Books of Prime Entry as the basis of posting to the ledger
Bad debts, Accruals and Prepayments. Depreciation. Statement of Comprehensive Income and Statement of Financial Position
Systematic Controls and Correction of Errors
Trial Balance and errors which can occur. Books of original entry; Petty cash system; Journal entries; Control accounts for both debtors and creditors; Bank reconciliation statements.
Accounts of non- profit making organisations
Receipts and Payments; Income and Expenditure; Statement of Financial Position.
Accounting in manufacturing businesses
Preparation of financial statements for Manufacturing Business from trial Balance
| Module Content & Assessment | |
|---|---|
| Assessment Breakdown | % |
| Other Assessment(s) | 30 |
| Formal Examination | 70 |