• To develop learners’ ability to maintain complete and accurate financial records in compliance with accounting standards
• To introduce the preparation of financial statements from trial balance data
• To equip learners with skills in maintaining fixed asset registers and accounting for depreciation
• To provide understanding of accruals, prepayments and other period-end adjustments
• To prepare learners for roles in finance departments requiring accurate financial record maintenance

Upon completion, learners will be able to: 

1. Maintain accurate and complete financial records using double-entry principles
2. Prepare financial statements including income statements and statements of financial position
3. Account for depreciation and maintain a fixed asset register
4. Apply accruals and prepayments and other period-end adjustments
5. Perform bank reconciliations and control account reconciliations

Module 1: Review of Double-Entry Bookkeeping and the Trial Balance

• Recap of double-entry bookkeeping principles
• Preparing and extending the trial balance
• Extended trial balance (ETB) and adjustments columns
• Identifying errors and using suspense accounts
• Distinction between capital and revenue expenditure

Module 2: Period-End Adjustments

• Accruals and prepayments in income and expenditure
• Bad debts and allowances for doubtful debts
• Closing inventory and its effect on profit
• Depreciation: straight-line and reducing balance methods
• Disposal of non-current assets

Module 3: Non-Current Assets and the Asset Register

• Definition and classification of non-current assets
• Capital expenditure versus revenue expenditure
• Maintaining a fixed asset register
• Accounting for additions, improvements and disposals
• Revaluation of assets

Module 4: Preparation of Financial Statements

• Income statement (profit and loss account) preparation
• Statement of financial position (balance sheet) preparation
• Financial statements for sole traders and partnerships
• Appropriation accounts for partnerships
• Introduction to company financial statements

Module 5: Reconciliations and Control

• Bank reconciliation: purpose and procedure
• Sales ledger and purchases ledger control accounts
• Reconciling control accounts with subsidiary ledgers
• VAT reconciliation and returns
• Introduction to computerised accounting and record-keeping software

Project