Financial Accounting: Preparing Financial Statements

You will gain the skills to produce statements of profit or loss, statements of financial position for sole traders, and partnerships using a trial balance. In your job, you may be required to prepare the final accounts and this unit will give you the theoretical knowledge needed to do this.

It will also allow you to understand how final accounts are produced, either manually or by using accounting software.

• Understand the accounting principles underlying final accounts preparation
• Understand the principles of advanced double-entry bookkeeping
• Implement procedures for the acquisition and disposal of non-current assets
• Prepare and record depreciation calculations
• Record period end adjustments
• Produce and extend the trial balance
• Produce financial statements for sole traders and partnerships
• Interpret financial statements using profitability ratios
• Prepare accounting records from incomplete information

Tax Processes for Businesses

This unit explores tax processes that influence the daily operations of businesses. It helps you develop skills in understanding, preparing, and submitting value-added tax (VAT) returns to HM Revenue & Customs (HMRC).

You will gain the knowledge and skills to keep businesses compliant with laws and practices that apply to VAT and payroll. You will learn about legislation and the importance of maintaining technical knowledge by monitoring updates.

• Understand legislation requirements relating to VAT
• Calculate VAT
• Complete VAT returns
• Understand principles of payroll
• Report information within the organisation

There are no prerequisites for this package, although it would be beneficial if you have already completed the AAT Level 2 qualification.

It is also advisable that you have basic numerical skills and a good understanding of the English language.