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ACC102Management Sciences3 Unitsbeginner

Elements Of Book-Keeping Ii

This course introduces the fundamental principles of accounting and methods of recording financial data. It covers both manual and computerized systems, emphasizing the preparation of final accounts for sole traders. Students will learn to prepare statements of profit or loss, financial position, and bank reconciliation statements. The course also explores cost accounting and break-even analysis, providing a comprehensive overview of bookkeeping elements.

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25h

Study Time

13

Weeks

2h

Per Week

basic

Math Level

Course Keywords

BookkeepingAccountingFinal AccountsBank ReconciliationCost Accounting

Course Overview

Everything you need to know about this course

Course Difficulty

Beginner Level

Perfect for newcomers to the field

35%

beginner

➕

Math Level

Basic Math

📖

Learning Type

Theoretical Focus

Course Topics

Key areas covered in this course

1

Basic Accounting Principles

2

Manual and Computerized Accounting Systems

3

Accounting Concepts

4

The Accounting Equation

5

Prime Books and Ledgers

6

Inventory Valuation

7

Trial Balance Preparation

8

Final Accounts for Sole Traders

9

Bank Reconciliation

10

Cost Accounting

11

Break-Even Analysis

Total Topics11 topics

Ready to Start

No specific requirements needed

This course is designed to be accessible to all students. You can start immediately without any prior knowledge or specific preparation.

Assessment Methods

How your progress will be evaluated (3 methods)

Assignments

Comprehensive evaluation of course material understanding

Written Assessment

Tutor-Marked Assessments

Comprehensive evaluation of course material understanding

Written Assessment

Final Examination

Comprehensive evaluation of course material understanding

Computer Based Test

Career Opportunities

Explore the career paths this course opens up for you

Account Clerk

Apply your skills in this growing field

Bookkeeper

Apply your skills in this growing field

Accounting Assistant

Apply your skills in this growing field

Junior Accountant

Apply your skills in this growing field

Audit Assistant

Apply your skills in this growing field

Industry Applications

Real-world sectors where you can apply your knowledge

RetailSmall BusinessNon-Profit OrganizationsFinancial ServicesAuditing

Study Schedule Beta

A structured 13-week journey through the course content

Week

1

Module 1: Basic Accounting

1.5h

Unit 1: Basic Accounting

1.5 study hours

•Read Unit 1: Basic Accounting, focusing on the historical development and regulatory framework.
•Differentiate between bookkeeping and accounting.
•Identify the qualities of good accounting information.

Week

2

Module 1: Basic Accounting

2h

Unit 2: Methods of recording data: manual and mechanical

2 study hours

•Study Unit 2: Methods of Recording Accounting Data: Manual and Computerized.
•Compare manual and computerized accounting systems.
•Understand the chart of accounts and account types.

Week

3

Module 2: Accounting Principles

2h

Unit 3: Accounting concepts

2 study hours

•Read Unit 3: Accounting Concepts, focusing on going concern and accruals concepts.
•Explain the matching, entity, and materiality concepts.
•Understand the time period and historical cost concepts.

Week

4

Module 2: Accounting Principles

2h

Unit 4: The accounting equation and its components

2 study hours

•Study Unit 4: The Accounting Equation and Its Components.
•Understand the accounting entity concept.
•Differentiate between revenue and capital expenditure.

Week

5

Module 3: Recording Transactions

1.5h

Unit 5: Basic documentation and prime books

1.5 study hours

•Read Unit 5: Basic Documentation and Prime Books.
•Distinguish between cash and credit transactions.
•Explain the purpose of books of prime entry.

Week

6

Module 3: Recording Transactions

2h

Unit 6 : Prime books, general ledgers and the journal

2 study hours

•Study Unit 6: Prime Books, General Ledgers and the Journal.
•Record credit transactions in day books and post to ledgers.
•Understand the use of the journal for non-routine transactions.

Week

7

Module 4: Financial Statements

2.5h

Unit 7: Inventory valuation

2.5 study hours

•Read Unit 7: Inventory Valuation.
•Compute cost of sales and closing inventory using FIFO, LIFO, SAM and WAM.
•Understand the effects of inventory on profit and financial position.

Week

8

Module 4: Financial Statements

1.5h

Unit 8: Trial balance

1.5 study hours

•Study Unit 8: Trial Balance.
•Understand the purpose of a trial balance.
•Identify errors affecting and not affecting the trial balance.

Week

9

Module 5: Final Accounts

2h

Unit 9: Final accounts of a sole trader 1: Statement of profit or loss

2 study hours

•Read Unit 9: Final Accounts of a Sole Trader 1: Statement of Profit or Loss.
•Prepare a statement of profit or loss for a sole trader.
•Understand the key terms and components of the statement.

Week

10

Module 5: Final Accounts

2h

Unit 10: Final accounts of a sole trader 1: Statement of Financial position

2 study hours

•Study Unit 10: Final Accounts of a Sole Trader 2: Statement of Financial Position.
•Prepare a statement of financial position for a sole trader.
•Understand the components of the statement.

Week

11

Module 5: Final Accounts

2h

Unit 11: End of year adjustments in final accounts

2 study hours

•Read Unit 11: End of Year Adjustments in Final Accounts.
•Understand accruals, prepayments, provisions, and reserves.
•Prepare final accounts with end-of-year adjustments.

Week

12

Module 6: Control and Reconciliation

2h

Unit 12: Accounting treatment of control accounts

2 study hours

•Study Unit 12: Accounting Treatment of Control Accounts.
•Prepare debtors and creditors control accounts.
•Understand the merits of control accounts.

Week

13

Module 6: Control and Reconciliation

3h

Unit 13: Bank reconciliations

2 study hours

•Read Unit 13: Bank Reconciliations.
•Prepare adjusted cash books and bank reconciliation statements.
•Understand the reasons for dishonored checks.

Unit 14: Cost accounting

1 study hours

•Study Unit 14: Cost Accounting.
•Understand the usefulness of cost accounting.
•Explain the cost build-up.

This study schedule is in beta and may not be accurate. Please use it as a guide and consult the course outline for the most accurate information.

Course PDF Material

Read the complete course material as provided by NOUN.

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Study Tips & Exam Preparation

Expert tips to help you succeed in this course

1

Create a detailed study schedule, allocating specific time slots for each unit.

2

Practice preparing financial statements from trial balances to reinforce understanding of debit/credit rules.

3

Focus on understanding the underlying accounting concepts and their application in different scenarios.

4

Solve numerous practice problems on bank reconciliation and inventory valuation to master the techniques.

5

Review all Tutor-Marked Assignments (TMAs) and identify areas needing further clarification.

6

Create flashcards for key accounting terms and definitions to aid memorization.

7

Practice time management during mock exams to simulate the actual exam environment.

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