Business finance and accounting
Unit summary
The purpose of this unit is to introduce learners to the crucial importance of business finance and accounting. Learners will investigate the role that business finance and accounting plays in the survival and success of enterprises and discover the basic financial techniques used in business.
Unit details
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15 Business, Administration and Law
Task-based controlled assessment
| Learning Outcome |
Assessment Criteria |
| 1 Understand the importance of finance and accounting to business |
a Explain the importance of financial information and of keeping accounting records |
| 2 Know the main processes and key roles within business finance and accounting. |
a. Describe the key roles that exist within business finance and accounting.
b. Describe types of business costs and taxes.
c. Explain the main processes and types of financial documents used by a business
d. Describe the main electronic methods of recording financial data and their benefits. |
| 3 Be able to record and process the main types of financial transactions. |
a. Record simple business transactions in a columnar cash book.
b. Calculate costs and taxes on a product or service. |
| 4 Be able to prepare basic financial documents and reports. |
a. Prepare basic financial documents.
b. Prepare a simple budget.
c. Prepare income statements and simple balance sheets, using relevant information. |
| 5 Understand simple financial planning techniques. |
a. Explain the uses to which financial information may be put and the reasons for keeping accounting records
b. Describe the purpose of the main types of budgets.
c. Explain simple budgeting techniques.
d. Describe commonly used sources of business finance. |