This Financial Accounting module equips learners with essential skills to prepare financial statements, manage corporate taxation, and ensure compliance with tax regulations, including Self Assessment. The course provides a comprehensive understanding of key financial processes needed to manage business finances effectively.
Learning Objectives
By the end of the course, learners should be able to:
- Prepare financial statements (income statement, balance sheet, and cash flow statement).
- Apply accounting standards and principles (e.g., IFRS, GAAP).
- Perform accurate financial reporting and ensure compliance with regulations.
- Understand corporate taxation and Self Assessment requirements.
- Maintain accurate financial records using double-entry bookkeeping.
Module Content
- Introduction to Financial Accounting
- Overview of financial accounting and its role in business
- Key accounting terms (assets, liabilities, equity, income, and expenses)
- The accounting cycle: from transaction recording to financial reporting
- Accounting Standards and Principles
- Introduction to IFRS and GAAP
- Key accounting principles (accrual basis, consistency, materiality)
- Compliance with financial reporting regulations
- Financial Statements Preparation
- Income Statement: Preparing a profit and loss statement (P&L)
- Balance Sheet: Understanding and preparing a balance sheet (assets, liabilities, and equity)
- Cash Flow Statement: Preparing cash flow statements using direct and indirect methods
- Statement of Changes in Equity: Preparing and understanding the statement of retained earnings
- Double-Entry Bookkeeping
- Understanding debits and credits
- Recording financial transactions
- Maintaining general ledgers and trial balances
- Adjusting entries and closing entries at the end of the period
- Financial Reporting
- Financial reporting process and requirements
- Quarterly and annual financial reports
- Notes to financial statements and disclosures
- Reporting to stakeholders and regulatory bodies
- Corporate Taxation
- Overview of corporate tax principles
- Calculating taxable income and corporate tax liability
- Tax planning and compliance
- Deferred tax assets and liabilities
- Self Assessment for Individuals and Sole Traders
- What is Self Assessment and who needs to file
- Preparing Self Assessment tax returns (SA100)
- Key deadlines and penalties for late submissions
- Calculating income tax, National Insurance, and allowable deductions
- Payment on account and balancing payments
- End-of-Year Accounting
- Closing accounts at the year-end
- Preparing year-end financial reports
- Working with external auditors and responding to audit findings
- Filing financial statements and tax returns
- Practical Financial Accounting Exercises
- Case studies involving real-life financial accounting scenarios
- Hands-on financial statement preparation and analysis
- Final Assessment
- Multiple-choice questions on accounting principles and financial statements
- Scenario-based financial statement preparation
- Practical analysis of financial performance using ratios and trends
Reflective essay on financial ethics and corporate responsibility
