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.