| Aim of Module | To provide students with a knowledge of concepts and techniques of financial accounting. |
| Credits | 7 |
| Student Learning hours | 70 |
| Content Revised | 2000 |
| Prescription Expiry Date | Nov 2007 |
| Topics | Highest Skill Level | Suggested Assessment Percentage | |
| 1 Definition of terms | C | 5 | |
| 2 Recording Information | A | 55 | |
| 3 Cash Records | A | 5 | |
| 4 Balance Day Entries | A | 20 | |
| 5 Balance Sheets and Revenue Accounts | A | 15 | |
| 100 | |||
| 1 | Definition of terms |
| R | 1.1 | Define common accounting terms. |
| R | 1.2 | Identify the main users of accounting information. |
| - management | ||
| - tax gatherers | ||
| - shareholders | ||
| - creditors | ||
| - monetary authorities | ||
| C | 1.3 | Explain the main limitations of accounting statements, eg: |
| - ignore non-monetary items | ||
| - historic cost | ||
| - value judgements | ||
| 2 | Recording Information |
| A | 2.1 | Process direct entries to ledger accounts from prime records. |
| C | 2.2 | Explain the relationship between prime records and ledger printouts when the recording is by computer. |
| A | 2.3 | Process business transactions on a computerised accounting system. |
| A | 2.4 | Produce transactions listings and reports from the transactions processed in 2.3. |
| A | 2.5 | Reconcile control accounts for subsidiary ledgers. |
| A | 2.6 | Adjust errors using general journal. |
| 3 | Cash Records |
| A | 3.1 | Prepare a bank reconciliation statement. |
| 4 | Balance Day Entries |
| C | 4.1 | Explain the need for balance day adjustments. |
| C | 4.2 | Explain the handling of accruals and prepayments. |
| C | 4.3 | Describe the nature of depreciation and outline methods of calculation. |
| C | 4.4 | Compare methods of inventory valuation and their effect on profits. |
| A | 4.5 | Prepare manual stock cards using LIFO, FIFO and WAC. |
| A | 4.6 | Adjust a simple trial balance. |
| 5 | Balance Sheets and Revenue Accounts |
| C | 5.1 | Classify items on a Balance Sheet: |
| - current assets and liabilities | ||
| - term assets and liabilities | ||
| - intangibles | ||
| - capital and reserves | ||
| C | 5.2 | Discuss items in trading or manufacturing accounts. |
| - cost of sales | ||
| - gross profit | ||
| C | 5.3 | Identify items in Profit and Loss accounts. |
| - operating expenses | ||
| - net profit before/after tax | ||
| C | 5.4 | Discuss differing forms of layouts of these accounts. |
| A | 5.5 | Prepare a Statement of Financial Position and a Revenue Statement from an adjusted Trial Balance for a simple example. |