Departments › Business Management › Module I › Financial Accounting Skills

Financial Accounting Skills

Business Management · Level 6  ·  9 Chapters

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Chapters

1
Apply accounting concepts, conventions and policies
7 topics
No Notes Yet
2
Prepare books of original entries
12 topics
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3
Post transaction to the ledger
9 topics
No Notes Yet
4
Prepare cash books
10 topics
No Notes Yet
5
Correct accounting errors
6 topics
No Notes Yet
6
Prepare Bank Reconciliation statements
6 topics
No Notes Yet
7
Maintain non-current assets’ register
7 topics
No Notes Yet
8
Maintain receivables and payables ledgers
7 topics
No Notes Yet
9
Prepare sole trader statements
7 topics
No Notes Yet
What Financial Accounting Skills covers: 43 main topics in 9 chapters

1. Apply accounting concepts, conventions and policies

  1. 1.1 Accounting concepts, conventions and policies
  2. 1.2 Accounting equation
  3. 1.3 Users of accounting information

2. Prepare books of original entries

  1. 2.1 Classification of transactions
  2. 2.2 Source documents
  3. 2.3 Books of original entry
  4. 2.4 Source documents recording

3. Post transaction to the ledger

  1. 3.1 Classification of ledgers
  2. 3.2 ledger accounts identification
  3. 3.3 Posting of transactions to ledgers
  4. 3.4 Balancing off ledger accounts
  5. 3.5 Trial Balance
  6. 3.6 Preparation of Trial Balance

4. Prepare cash books

  1. 4.1 Cash books
  2. 4.2 Classification of cash receipts
  3. 4.3 Recording of cash receipts
  4. 4.4 Discounts

5. Correct accounting errors

  1. 5.1 Errors affecting the trial balance
  2. 5.2 Errors that do not affect the trial balance
  3. 5.3 Correction of errors
  4. 5.4 Suspense account
  5. 5.5 Reported gross/net profit
  6. 5.6 The final statement of corrected financial position

6. Prepare Bank Reconciliation statements

  1. 6.1 Cash book and bank statement balance discrepancies:
  2. 6.2 Update the cash book
  3. 6.3 Bank reconciliation statement

7. Maintain non-current assets’ register

  1. 7.1 Determining costs of assets as per Accounting standards
  2. 7.2 Depreciation computation
  3. 7.3 Depreciation recording as per accounting guidelines
  4. 7.4 Accounting treatment on depreciation
  5. 7.5 Acquisition of Non-current assets
  6. 7.6 Disposal of non-current assets
  7. 7.7 Determining asset balances

8. Maintain receivables and payables ledgers

  1. 8.1 Bad debts written off
  2. 8.2 Provision for bad debts
  3. 8.3 Adjusting receivable balances
  4. 8.4 Adjusting Payable balances
  5. 8.5 Control accounts:

9. Prepare sole trader statements

  1. 9.1 Income and expenditure
  2. 9.2 Year-end adjustments 9.2. 1 Accruals
  3. 9.3 Statement of profit or loss
  4. 9.4 Statement of financial position items
  5. 9.5 Statement of financial position

Revise this unit

Exam-style questions Written to CDACC standard, with answers Test yourself Multiple-choice, one at a time Practise questions Quick recall — check you know the facts
3 more for this unit
Oral exam preparation What the assessor asks, and how to answer out loud Worked calculations Step-by-step maths with the common mistakes Quick cards Myth busters, skill tips and scenarios

Beyond the syllabus

Decision simulator On site, what would you do? Workplace scenarios Real site situations — what would you do? Turn this into income Where this skill earns — what to charge, how to find clients

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