Overview
This topic is designed to introduce the nature of accounting, its main functions, and its role in the decision-making process of business entities. It aims to provide a solid grounding in accounting fundamentals.
Topic availabilities
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Tuition pattern
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Aims
This topic aims to introduce students to the technical aspects of recording and reporting accounting information in the context of a sole trader. It introduces the accounting cycle, the rules of debit and credit, double-entry accrual-based accounting and the need for adjusting and closing entries. The topic also includes how to account for the transactions of a retail business, cash management and control, receivables, inventory systems and the preparation of straightforward financial statements.
Learning outcomes
On completion of this topic you will be expected to be able to:
1.
Determine the role and purpose of financial accounting and financial statements
2.
Analyse and record business transactions using double entry accounting for a sole trader
3.
Appraise information for retailing transactions, inventory systems and bank reconciliations
4.
Construct financial statements
5.
Use word processors, spreadsheets and presentation software
Assessments
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Current students should refer to FLO for detailed assessment information, including due dates. Assessment information is accurate at the time of publishing.
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Requisites information
Pre-requisites:
Anti-requisites: