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Recording Financial Transaction FA1

This module will introduce the basic accounting systems and documentation that will be encountered in the workplace. You will develop knowledge of the operational aspects of maintaining accounting records and procedures and learn how to record these transactions in the books of prime entry, including an introduction to the principles of double entry and understanding how manual and computerised accounting systems work.

DETAILED SYLLABUS

Types of business transactions and documentation
1. Types of business transaction
2. Types of business documentation
3. Process of recording business transactions within the accounting system

Duality of transactions and the double entry system
1. Books of prime entry
2. Double entry system
3. The journal
4. Elements of financial statements

Banking system and transactions
1. The banking process
2. Documentation

Payroll
1. Processing payroll transactions into the accounting system

Ledger accounts
1. Prepare ledger accounts

Cash and Bank
1. Maintaining a cashbook
2. Maintaining petty cashbook

Sales and Credit transactions
1. Recording sales
2. Customer account balances and control accounts

Purchases and credit transactions
1. Recording purchases
2. Supplier balances and reconciliations

Reconciliation
1. Purpose of control accounts and reconciliation
2. Reconcile the cashbook
3. Reconcile the receivables control account
4. Reconcile the payables control account

Preparing the Trial Balance
1. Prepare the trial balance
2. Correcting errors

APPROACH TO EXAMINING THE SYLLABUS
The syllabus is assessed by a two hour paper-based or computer-based examination. Questions will assess all parts of the syllabus and will include both computational and non-computational elements. The examination will consist of 50 two mark questions
 

Course Details

Course Number: FIA1
Course Fee: £79.00
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