Introduction to Finance and Accounting

This unit is expiring
The expiry date of this unit is 31/07/2024.

Overview

Framework:
Access to HE
Level:
Level 3
Unit No:
QU018385
Credits:
6
Guided learning hours:
Not available

Qualification Grading Type

Graded

Grade Descriptors

  • GD1-Understanding the subject
  • GD2-Application of knowledge
  • GD3-Application of skills
  • GD7-Quality

Unit Learning Outcomes

1

Understand the underlying concepts and assumptions of accounting and finance that underpin the preparation of financial information.

Assessment Criteria

  • 1.1

    Explain the underlying concepts and assumptions of accounting and finance that underpin the preparation of financial information.

    The concepts and assumptions may include: 

  • Materiality
  • Going concern
  • Comparability and consistency
  • Prudence
  • Accruals
  • Substance over form
  • Separate entity
2

Understand the role of the accounting function.

Assessment Criteria

  • 2.1

    Analyse the role of the accounting function in a variety of business organisations.

  • 2.2

    Explain the role of financial and management accountants in a variety of business organisations.

3

Be able to identify the principal users of financial information and how their needs and interests are met.

Assessment Criteria

  • 3.1

    Identify the principal users of financial information, together with their respective interests.

  • 3.2

    Analyse how accounting information can meet the needs and interests of the principal users of financial information.

4

Understand the key features of financial statements and their interrelationships.

Assessment Criteria

  • 4.1

    Describe the key features of financial statements.

  • 4.2

    Explain the interrelationships between the key features of financial statements.

  • 4.3

    Explain the difference between cash and profit, expenses and payments.

5

Be able to prepare financial statements.

Assessment Criteria

  • 5.1

    Prepare a simple income statement for a non-complex organisation.

    For example a sole trader or limited company

  • 5.2

    Prepare a statement of financial position for a non-complex organisation.

    For example a sole trader or limited company

  • 5.3

    Prepare a cash flow forecast for a non-complex organisation.