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Financial Accounting: Preparing Financial Statements

Financial Accounting: Preparing Financial Statements

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This unit provides students with the skills required to produce statements of profit or loss and statements of financial position for sole traders and partnerships using a trial balance.

Learning outcomes:

  1. Understand the accounting principles underlying final accounts preparation
  2. Understand the principles of advanced double-entry bookkeeping
  3. Implement procedures for the acquisition and disposal of non-current assets
  4. Prepare and record depreciation calculations
  5. Record period end adjustments
  6. Produce and extend the trial balance
  7. Produce financial statements for sole traders and partnerships
  8. Interpret financial statements using profitability ratios
  9. Prepare accounting records from incomplete information
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