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% |
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