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 The accounting system and double entry 35%
3 Accrual accounting 10%
4 Accounting for inventories 5%
5 Accounting for property, plant and equipment 10%
6 Internal control and reconciliations 15%
7 Prepare and present financial statements 10%
  Total 100%