Accounting 102: Guide to Business Accounting

To establish your own business, you need to know some basic accounting principles in order to communicate effectively with investors, suppliers and customers

• To be better at negotiations

• To know the best price of selling. Learn how to estimate the break-even point and at which point you can reduce the price

The aims of this course are to enable candidates to develop:

an understanding of the basic principles underlying the recording of business transactions

the ability to prepare and interpret accounts for sole traders, partnerships,non-trading organisations and limited companies

This course is suitable for candidates who are working or are preparing to work in an accounting environment maintaining financial records and preparing accounts. Also for young entrepreneurs and professionals in order to gain inside understanding for their businesses. Candidates attempting this course should have the knowledge and skills equivalent to the Level 1Book-keeping

SyllabusTopics

1. Advanced aspects of the syllabus for Level 1Book-keeping

2. Partnerships

3. Limited liability companies

4. Incomplete records

5. Manufacturing accounts

6. Stock valuation

7. Non-trading organisations

8. Control accounts

9. Suspense accounts

10. Calculation and interpretation of ratios

11. Preparation,by the use of ratios, of simple financial statements

Assessment objectives

The examination will assess the candidate's ability to:

demonstrate an understanding of the more advanced aspects of Level 1 Book-keeping

prepare accounts for a partnership in relation to its creation, the retirement of a partner, the admission of a new partner, its dissolution and its sale as a going concern

prepare final accounts for partnerships, limited companies and non-trading organisations

demonstrate how accounts are prepared for a business that has not maintained proper accounting records

prepare manufacturing accounts

demonstrate an understanding of the concept of determining stock valuation

prepare control accounts for sales and purchases

correct errors in accounts and show the use of a Suspense Account

demonstrate how to use final accounts for the purpose of the calculation and interpretation of ratios

Skills Assessed

Candidates will need to show that they can:

add,subtract,divide,multiply,calculate and use percentages and ratios

prepare journal entries and ledger accounts

present the final accounts for sole traders,partnerships, limited companies and non- trading organisations in appropriate format

analyse and interpret data

What i offer:

Recorded lessons

Teacher's powerpoint slides

Book

Solutions

Past Papers