Essential financial accounting principles and techniques - Financial Accounting - Assignment Research Paper
Academic Level: Under-Graduate, Masters
Subject Area: Financial Accounting
Balancing the books is at the heart of all business management. The overall aim of this unit is to introduce students to essential financial accounting principles and techniques which will enable them to record and prepare basic final accounts.
1. Record business transactions using double entry book-keeping, and be able to extract a trial balance
2. Prepare final accounts for sole-traders, partnerships or limited companies in accordance with appropriate principles, conventions and standards
3. Perform bank reconciliations to ensure company and bank records are correct
4. Reconcile control accounts and shift recorded transactions from the suspense accounts to the right accounts
- Apply trial balance figures to show which statement of financial accounts they will end up in.
- Compare the essential features of each financial account statement to analyse the differences between them in terms of purpose, structure and content.
- Prepare accurate bank reconciliations that apply appropriate tools and techniques to check general accounts and balance sheets.
- Produce accurate accounts that have been reconciled applying the appropriate methods