Financial Accounting: Preparing Financial Statements:

This unit provides students with the skills required to produce statements of profit or loss and statements for financial position for sole traders and partnerships, using a trial balance. Students will gain the double-entry bookkeeping skills needed to record financial transactions into an organisation’s accounts using a manual bookkeeping system.

Learning outcomes:
• Understand the accounting principles underlaying final accounts preparation. • Understand the principles of advanced double-entry bookkeeping.
• Implement procedures for the acquisition and disposal of non-current assets.
• Prepare and record depreciation calculations.
• Record period end adjustments.
• Produce and extend the trial balance.
• Produce financial statements for sole traders and partnerships.
• Interpret financial statements using profitability ratios.
• Prepare accounting records from incomplete information

Tax Processes for Businesses:

This unit explores tax processes that influence the daily operations of businesses and is designed to develop students’ skills in understanding, preparing and submitting Value Added Tax (VAT) returns to HM Revenue & Customs. The unit provides students with the knowledge and skills needed to keep businesses, employers and clients compliant with laws and practices that apply to VAT and payroll.

Learning outcomes:
• Understand legislation requirements relating to VAT.
• Calculate VAT.
• Review and verify VAT returns.
• Understand principals of payroll.
• Report information within the organisation.