The aim of this module is to provide learners with:-• a recognition of the various needs of users of financial statements and the ability to prepare such statements within the framework of generally accepted accounting practices and to comply with legal requirements;• a practical foundation in the basic applications of accounting;• an ability to interpret and use all the main financial statements;
Preparation of accounts for Companies under Company Law 1963-2010 including the standard format for company financial statements. Partnership accounts and accounting for changes in the composition of thePartnership according to Partnership Act. Treatment of goodwill and the dissolution of a partnership.Preparation of accounts from incomplete information.
Interpreting and using financial information
Preparation of basic cash flow statements; FRS1, differences in profit and cash flow. Preparing the key ratios from the financial statements.Appraising and communicating the position and prospects of a business based on an analysis of profitability, liquidity, working capital efficiency and financial risk.
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