Foundations of Accounting

Content Summary

This foundation level unit covers the knowledge of fundamental accounting concepts for different types of business entities. It includes the purpose of accounting, the users of accounting information and an introduction to recording transactional accounting data in the double entry bookkeeping system. It also covers the acquisition and disposal of assets and the production of financial statements.

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Topics

Topic weighting

Module Exam topic Weighting %
 1  Understand the purpose of accounting  15%
 2  Describe the accounting record-keeping system and apply double journal entry to business transactions  35%
 3  Analyse the accounting impacts from implementing accrual accounting  10%
 4  Account for inventories  5%
 5  Account for property plant and equipment  10%
 6  Internal control and reconciliations  15%
 7  Prepare and present financial statements  10%
   Total  100%