It aims to develop students’ understanding of the basic principles of recording business transactions, and their ability to maintain records and prepare final accounts for sole traders. It is catered for those working or intending to work in areas of business that will involve the recording of financial transactions.

The module will focus on the development of student’s ability to demonstrate an understanding of the Accounting equation and basis of double-entry book-keeping, how to prepare journal entries and ledger accounts by using the double entry system, how to prepare prime entry records for purchases, sales, returns and cash, how to prepare journal entries, how to prepare a trial balance and the final accounts for sole traders, an understanding of banking facilities and the operations of the cash book, how to prepare a bank reconciliation statement, how to make adjustments for accruals and prepayments in the final accounts, an understanding of the entries necessary for the depreciation of fixed assets, how to make entries relating to the writing off of bad debts, an understanding of the distinction between capital and revenue expenditure, how to correct errors in the accounts of sole traders and an understanding of the use of control accounts as a check on the sales and purchases ledger.