This unit introduces essential financial accounting principles and techniques that will enable you to record and prepare basic financial accounts. You will learn how to prepare accounts for sole traders, partnerships, and limited companies. This knowledge will help you contribute effectively to the accountancy function of an organization or prepare accounts for your own business.
Assignment Submission Format
- The assignment should be submitted in the form of an information booklet.
- It should include a demonstration of accounting covering the learning outcomes for the unit.
- The report should be in Arial or Times New Roman, font size 12, single-spaced.
Use Harvard referencing system and include a bibliography. - Submit the assignment in Word or PDF format with the Brighton School of Business and Management cover sheet.
- Deadline: Follow the timetable issued on your enrolment day.
Learning Outcomes (LO)
LO1: Record business transactions using double entry bookkeeping and extract a trial balance.
LO2: Prepare final accounts for sole traders, partnerships, and limited companies.
LO3: Perform bank reconciliations to ensure company and bank records are correct.
LO4: Reconcile control accounts and shift transactions from suspense accounts to the correct accounts.
BTEC Level 5 HNC-D 10 Assignment Brief
Scenario: As an accountant, you have been tasked with preparing an information booklet for junior trainee accountants. You will also prepare accounts to demonstrate accounting techniques to the trainees.
Assignment Guidance – Information Booklet
The booklet should include:
- Explanation of double entry bookkeeping and trial balance.
- Difference between financial reports and financial statements.
- Explanation of accounts for sole traders, partnerships, and limited companies.
- Explanation of the reconciliation process, including the tools and techniques used.
- Explanation of control accounts and the reconciliation process.
- Purpose of suspense accounts and how they differ from control accounts