Financial Accounting 1

This module is designed to introduce students to the basic concepts of financial accounting, progressing to completing a set of accounts for a sole trader. The module will evaluate and apply the principles of double entry bookeeping, which underpins the financial accounts. The concept of controls in accounting is introduced though the completion of the bank reconciliation process. Students are also introduced to the concept of ratio analysis so that the performance of a business against its competitors can be understood.

1. Apply double entry accounting system to individual & nominal accounts

2. Extract a trial balance and prepare final accounts for a sole trader

3. Distinguish between capital and revenue expenditure & apply principles to different scenarios

4. Evaluate different business formats from an accounting perspective

5. Evaluate differences between the bank statement and the nominal bank account & prepare the bank reconciliation & correcting entries

6. Analayse the performance of a business using ratio analysis