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 and 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.
