Unit code                           A/508/0496

Unit level                           4

Credit value                       15

Introduction

Balancing the books is at the heart of all business management. The overall aim of this unit is to introduce students to essential financial accounting principles and techniques which will enable them to record and prepare basic final accounts.

Students will learn how to prepare accounts for sole traders and partnerships as well as limited companies.

On successful completion of this unit students will be able to contribute effectively to the accounting function of an organisation, or to understand how to record and prepare basic financial accounts for their own business. They will have the knowledge and skills required to progress to a higher level of study.

Learning Outcomes

By the end of this unit a student will be able to:

1. Record business transactions using double entry book-keeping, and be able to extract a trial balance.
2. Prepare final accounts for sole-traders, partnerships or limited companies in accordance with appropriate principles, conventions and standards.
3. Perform bank reconciliations to ensure company and bank records are correct.
4. Reconcile control accounts and shift recorded transactions from the suspense accounts to the right accounts.