Accounting (ACC)

Module aim

To ensure that candidates have a sound understanding of the techniques of double entry accounting and can apply its principles in recording transactions, adjusting financial records and preparing non-complex financial statements.

On completion of this module, candidates will be:

• proficient in the use of double entry accounting techniques and the maintenance of accounting records;
• able to identify and correct omissions and errors in accounting records and financial statements; and
• able to specify the components of financial statements and prepare and present non-complex accounts for sole traders, partnerships and limited companies.

Method of assessment

The Accounting module is assessed by a 1.5 hour computer-based exam. 40% of the marks are allocated from the preparation of single company financial statements; either an income statement and statement of financial position or a statement of cash flows, using a pro-forma template. The remaining 60% of the marks are from 24 multiple-choice or multiple-response questions worth 2.5 marks each.

The pass mark of this module is 55%.

Links to other ACA papers

No prior knowledge is required for ACC module.

An “Introduction to Accounting” teaching day aims to give trainees some accounting basic knowledge.

ACC provides the basics to progress to FAR and the Advanced level.