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Unit 1 and 2 Week 1 Accounting and Ethical Principles

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Unit 1 and 2 Week 1 Accounting and Ethical Principles

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Accounting concepts are essential for understanding and using financial statements. They provide a framework for recording, reporting, and interpreting financial transactions and information in a consistent and uniform manner. This makes financial statements more reliable and useful for decision-making.

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Unit 1 and 2 Week 2 Depreciation & Disposal

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Unit 1 and 2 Week 2 Depreciation & Disposal

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Depreciation allows businesses to spread the cost of physical assets; The correct disposal of waste is not only important for environmental preservation and reducing the negative impacts upon it.

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Unit 1 and 2 Week 3 Accruals & Inventory

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Unit 1 and 2 Week 3 Accruals & Inventory

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The purpose of accrual accounting is to match revenues and expenses to the time periods during which they were recognized and incurred, as opposed to the timing of the actual cash flows related to them. Inventory provides businesses with materials to keep their operations going.

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Unit 1 and 2 Week 4 Irrecoverable debts & Doubtful debts

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Unit 1 and 2 Week 4 Irrecoverable debts & Doubtful debts

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The purpose of irrecoverable debts is With such debts it is prudent to remove them from the accounts and to charge the amount as an expense for irrecoverable debts to the income statement. The purpose of doubtful debts is to help companies accurately represent their financial position and protect their financial stability

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Week 4 Irrecoverable debts & Doubtful debts

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Unit 1 and 2 Week 5 Control Account Reconciliations & Bank Reconciliations

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Unit 1 and 2 Week 5 Control Account Reconciliations & Bank Reconciliations

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Control Account Reconciliations is about finding are there any problems in the accounts, and Bank Reconciliation main purpose is to help companies identify errors that can affect their tax and financial reporting. Bank reconciliations are also an essential way to prevent and detect fraud.

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Week 5 Control Account Reconciliations & Bank Reconciliations

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Absorption costing, also referred to as full costing or the full costing method, is an accounting method that you can use to capture all of the manufacturing costs associated with the production of one unit of goods. Marginal Costing is a costing technique wherein the marginal cost, i.e. variable cost is charged to units of cost, while the fixed cost for the period is completely written off against the contribution.

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Unit 3 Week 3 & 4 Forecasting Techniques

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Unit 3 Week 3 & 4 Forecasting Techniques

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Forecasting refers to the practice of predicting what will happen in the future by taking into consideration events in the past and present. Basically, it is a decision-making tool that helps businesses cope with the impact of the future's uncertainty by examining historical data and trends.

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Value Added Tax (VAT) is a consumption tax on the value added to nearly all goods and services bought and sold in and into the European Union.

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The term 'payroll' means a list of employees within a company and how much they are to be paid, but nowadays it is more commonly used in reference to employee wages and making a record of the amount of money an employee has made over time. Payroll is essential in any business in which people are employed to work.