The Accredited Level 2 Accounting Diploma has been designed to help students develop knowledge and understanding of the purposes of accounting, its concepts, techniques and procedures. Studying the course will enable students to apply this knowledge and understanding to a variety of accounting problems and develop an appreciation of the role and limitations of accounting in decision-making.
This course can be used in preparation for progressing to higher level study in relevant accounting subjects (for example Accredited Level 3 Diplomas) or as a vehicle for career development or to fulfil entry requirements to education courses.
Study of this course will also assist you in acquiring a range of important and transferable skills including data skills, recognising the nature of problems, solving problems and making decisions using appropriate accounting tools and methods.
The course is a year in length and divided into 2 units of study. At the end of each unit there is an associated TMA (Tutor Marked Assessment) which students are required to complete and submit. The course is formally assessed by an average grade being attained from the 2 submitted Assessments.
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You can enrol on the course at any time.
Unit 1: Financial Accounting and Final Accounts
Module 1: Introduction to Financial Accounting
• Understanding why it is important to keep records
• Listing the books of original entry and explaining the principle of double-entry bookkeeping
• Recording transactions from prime documents
• Entering a series of transactions into T-accounts
• How the double entry system follows the rules of the accounting equation
• How to reconcile the business bank account with the bank statement
• Balancing the accounts
• How to draw up a trial balance
• How to correct errors in the accounts
Modules 2 & 3: Final Accounts and Further Aspects
• Understanding financial accounting
• Developing the ability to produce final accounts for sole traders.
• Understanding the difference between capital expenditure and revenue expenditure
• Developing skills in making adjustments for accruals and prepayments
• How to make provisions for doubtful debts and bad debts
• Making adjustments to the accounts at the year end.
• Preparing Financial Statements: Profit and Loss Account and Balance Sheet
Unit 2: Financial Accounts and Companies
Module 4: Other Financial Accounts
• Manufacturing Accounts
• Partnership Accounts
Module 5: Companies and Interpretation of Accounts
• Limited Companies
• Analysis and Interpretation of Accounts
• Categories of Ratio
Basic English reading and writing skills, as full tutor support is given.
All students must be 16 years of age or above.
Approximately 160 hours.
Two tutor marked assignments; one assignment after each unit.