View Unit : Principles of Preparing Financial Statements for a Sole Trader

Unit

Unit Reference Number

R/601/0707

Qualification Framework

QCF

Title

Principles of Preparing Financial Statements for a Sole Trader

Unit Level

Level 3

Unit Sub Level

None

Guided Learning Hours

Unit Credit Value

Date of Withdrawal

SSAs

15.1 Accounting and Finance

Unit Grading Structure

Pass

Assessment Guidance

Learning Outcomes and Assessment Criteria

Learning Outcome - The learner will:		Assessment Criterion - The learner can:
1	Understand the form and function of the trial balance	1.1	Explain the purpose of the trial balance.
		1.2	Discuss of the limitations of the trial balance
		1.3	Describe the types of error not exposed by the trial balance
		1.4	Explain the procedures for tracing errors exposed by the trial balance.
2	Understand the purpose of the suspense account	2.1	Explain the purpose of a suspense account
2	Understand the purpose of the suspense account	2.2	Describe the type of errors that will result in an imbalance in the books of account.
3	Understand the form and function of the financial statements	3.1	Describe the format and the purpose of the trading and profit and loss account
3		3.2	Describe the format and the purpose of the balance sheet
4	Understand the form and function of the extended trial balance	4.1	Describe the format and purpose of the extended trial balance
4		4.2	Explain the procedures used in preparing the extended trial balance

Equivalent Units

There are no equivalences to display.