Accounts preparation 1
- Preparation of final accounts for sole traders, developing your understanding of accounting systems and the environment and principles under which organisations operate.
- Accounting adjustments and accounting for fixed assets
Accounts preparation 2
- Legal requirements and preparation of partnership accounts, showing division of profits after adjusting for interest on capital, interest on drawings and any salaries due to each partner.
-Preparation of final accounts for partnerships and developing skills in restructuring accounting information.
-Preparing final accounts for sole traders, including the accounting treatment required to incorporate accruals and prepayments, provision for depreciation, irrecoverable debts and allowance for doubtful debts.
• Principles of managing cash balances and deficits within an organisation.
• Advising on options available for raising finance and on investment of surplus cash, without detriment to the cash flow of normal business activities or risk to the organisation’s ongoing liquidity.
Costs and revenues
• Identifying why cost accounting is an important tool for an organisation.
• Different approaches to cost accounting and making informed and reasoned judgements to guide management and help decision making.
• Understanding current VAT regulations and building your knowledge of VAT registration requirements, different VAT schemes available, penalties for non-compliance and the different types of classification of supplies.
• Performing the calculations needed to complete a VAT return.
• Submitting completed documentation in a timely manner while maintaining an effective working relationship with the relevant tax authority.
• How to use software for recording data in rows and columns, perform calculations with numerical data and present information using charts and graphs.
Professional ethics in accounting and finance
• Importance of ethical duties and how to work within the code to ensure that the public can gain confidence in accounting practices or functions.
• Protecting both your and your organisation’s professional reputation and integrity.
The Core Skills are a group of five skills that are key to learning and working in today's world. Employers have identified these skills as those that are most likely to be needed in any work environment. This does not mean that every job will need people who are proficient in all five Core Skills but it does mean that every job will require some level of ability in some or all of these skills.
The five Core Skills are: Communication, Numeracy, Information and Communication Technology, Problem Solving and Working with Others.