Study Unit

Outcomes

Assessment Criteria

MODULE  1  (US: 12995)

MAINTAIN FINANCIAL RECORDS AND PREPARE GENERAL LEDGER ACCOUNTS 

 At the end of the learning cycle, the learners will demonstrate knowledge and understanding of:

• The business environment
• Accounting methods
• The organisation
• Creditors and debtors
• Accounting techniques
• Accounting principles and theory
• GAAP 

ASSESSMENT CRITERION 1 

Enter relevant details relating to capital expenditure correctly in the appropriate records. 

ASSESSMENT CRITERION 2 

Confirm that the organisation's records agree with the physical presence of capital items. 

ASSESSMENT CRITERION 3 

Identify and record all acquisition and disposal costs and revenues correctly in the appropriate records. 

ASSESSMENT CRITERION 4 

Calculate and record correctly depreciation charges and other necessary entries and adjustments in the appropriate records, where applicable. 

ASSESSMENT CRITERION 5 

Confirm that the records clearly show the prior authority for capital expenditure and disposal, and indicate the approved method of funding and disposal. 

ASSESSMENT CRITERION 6 

Calculate and record correctly profit and loss on disposal in the appropriate records. 

ASSESSMENT CRITERION 7 

Adhere to the organisations' policies, regulations, procedures and timescales relating to the maintenance of capital records

ASSESSMENT CRITERION 8 

Identify lack of agreement between physical items and records and then either resolved or referred to the appropriate person. 

ASSESSMENT CRITERION 9 

Make suggestions for improvement in the way the organisation maintains its capital records to the appropriate person, where possible. 

ASSESSMENT CRITERION 1 

Clarify and record all income and expenditure correctly in the appropriate records. 

ASSESSMENT CRITERION 2 

Identify correctly relevant accrued and prepaid income and expenditure and make adjustments in line with organisational policy. 

ASSESSMENT CRITERION 3 

Observe the organisations' policies, regulations, procedures and timescales in relation to recording income and expenditure are. 

ASSESSMENT CRITERION 4 

Find incomplete data and either resolved to referred to the appropriate person. 

ASSESSMENT CRITERION 1 

Prepare relevant accounts and reconciliations correctly to allow for the preparation of final accounts. 

ASSESSMENT CRITERION 2 

Identify, obtain and record all relevant information is correctly in the appropriate records. 

ASSESSMENT CRITERION 3 

Conduct investigations into business transactions with tact and courtesy. 

ASSESSMENT CRITERION 4 

Observe the organisations' policies, regulations, procedures and timescales relating to the preparation of final accounts. 

ASSESSMENT CRITERION 5 

Identify discrepancies and unusual features and either resolved or referred to the appropriate person. 

ASSESSMENT CRITERION 6 

Prepare the trial balance accurately and, where necessary, a suspense account is opened and reconciled.

ASSESSMENT CRITERION 1 

Enter totals from the general ledger or other records correctly on the extended trial balance. 

ASSESSMENT CRITERION 2 

Classify, traced and referred material errors disclosed by the trial balance to the appropriate authority. 

ASSESSMENT CRITERION 3 

Enter any adjustments not dealt with in the ledger accounts accurately on the extended trial balance. 

ASSESSMENT CRITERION 4 

Prepare an agreed valuation of closing stock on the extended trial balance. 

ASSESSMENT CRITERION 5 

Observe the organisations' policies, regulations, procedures and timescales in relation to preparing extended trial balances. 

ASSESSMENT CRITERION 6 

Detect discrepancies, unusual features or queries and either resolved or referred to the appropriate person. 

ASSESSMENT CRITERION 7 

Extend, total, and present the extended trial balance in the required format. 

MODULE  2  (US: 336055)

APPLY KNOWLEDGE OF FINANCE, ACCOUNTANCY, BOOKKEEPING AND TAX TO A SPECIFIC SMALL BUSINESS

 At the end of the learning cycle, the learners will demonstrate knowledge and understanding of:

• Key Finance Concepts
• Sources of Finances
• Uses of  Finance
• Balance Sheet
• Working Capitol
• Debtors and Creditors
• Cash flow
• Bookkeeping
• Debit and Credit entries
• Budgets
• Ratios

- Liquidity

- Profitability

- Stock turnover rate

• Tax implications on the enterprise

ASSESSMENT CRITERION 1 

Identify and explain the sources of finance within the context of a specific small business. 

ASSESSMENT CRITERION 2 

Classify and state with examples the factors affecting the choice of sources of finance. 

ASSESSMENT CRITERION 3 

Find and clarify The uses of funds within the context of a specific small business. 

ASSESSMENT CRITERION 4 

Demonstrate knowledge of the use and layout of a balance sheet in the context of a specific small business. 

ASSESSMENT CRITERION 5 

Define the concept of 'working capital' and take measures to control the amount needed in a business in the context of a specific small business

ASSESSMENT CRITERION 6 

Explain with examples the purpose of cash flow forecasts and statements from a specific small business.

ASSESSMENT CRITERION 1 

Define bookkeeping and explain the purposes and importance of keeping accounts in the context of a specific small business. 

ASSESSMENT CRITERION 2 

Expound with examples basic bookkeeping entries in various account types

ASSESSMENT CRITERION 3 

Clarify and demonstrate the entries into, and balancing of, cash and analysis books are in the context of a specific small business. 

ASSESSMENT CRITERION 4 

Demonstrate a basic awareness of computer-based accounting systems in the context of their use in a specific small business. 

ASSESSMENT CRITERION 1 

Describe with examples concepts relating to and the determination of profit and loss in an accounting system is. 

ASSESSMENT CRITERION 2 

Demonstrate the concepts and process of budgeting, types of budgets, their importance and use in financial forecasting in the context of a specific small business. 

ASSESSMENT CRITERION 3 

Identify and explain with examples financial calculations used to interpret accounting information from a specific small business. 

ASSESSMENT CRITERION 1 

Explain taxes and the tax system, in broad terms

ASSESSMENT CRITERION 2 

Clarify the Value Added Tax (VAT) system and its workings. 

ASSESSMENT CRITERION 3 

Identify and describe the records required for VAT purposes. 

ASSESSMENT CRITERION 4 

Complete and submit VAT returns to the tax authority.

MODULE 3 (US 243265):

MANAGE ASSETS OF A BUSINESS UNIT 

 At the end of the learning cycle, the learners will demonstrate knowledge and understanding of:

• Understand, summarise and classify assets.
• Manage current assets
• Manage cash.
• Manage stock.
• Manage debtors.
• Manage creditors.
• Interpret and present financial reports.
• Apply the relevant financial ratios.
• Manage and maintain fixed assets (i.e asset depreciation, disposal of assets, capital budgeting).
• Identify the need for and take corrective action.
• It also reflects the understanding of:

- The strategic value of assets in the organisation or business.

- The optimisation of assets.

ASSESSMENT CRITERION 1 

Carry out  asset inspections according to procedures. 

ASSESSMENT CRITERION 2 

Explain and motivate opportunities for improvement.

ASSESSMENT CRITERION 3 

Describe problems identified in the management of business unit assets. 

ASSESSMENT CRITERION 1 

Develop based plans on an evaluation of the status of the assets and the effectiveness of their use. 

ASSESSMENT CRITERION 2 

Complete a capital budgeting in consideration of all factors. 

ASSESSMENT CRITERION 3 

Monitor and evaluate the implementation of plans and make adjustments to plans or process if required. 

ASSESSMENT CRITERION 4 

Quantify, evaluate and discuss the impact of the intervention in terms of the motivation for the change. 

ASSESSMENT CRITERION 5 

Optimise Use of assets within the framework of the business or business unit strategy. 

ASSESSMENT CRITERION 1 

Mark, maintain, locate and store assets are correctly. 

ASSESSMENT CRITERION 2 

Update the asset register for the business unit.

ASSESSMENT CRITERION 3 

Put in place procedures for the maintenance of fixed assets are in place and confirm that they are easily accessible and can be applied. 

ASSESSMENT CRITERION 4 

Monitor assets are used in accordance with the manufacturers' specifications. 

ASSESSMENT CRITERION 5 

Introduce procedures for the disposal of redundant assets.

ASSESSMENT CRITERION 1 

Review financial statements, apply appropriate financial ratios to check performance and take corrective action.

ASSESSMENT CRITERION 2 

Interpret and present accurately, clearly and concisely the income, balance and cash flow statements.

ASSESSMENT CRITERION 1 

Discuss  issues to demonstrate an understanding of the key concepts and principles related to the management of assets and an understanding of how they relate to application in practice

ASSESSMENT CRITERION 2 

Illustrate concepts and issues by making use of examples experienced in the business or business unit.