[Solved]1.1 Explain the role of accounting concepts and standards in financial accounting

  100% Pass and No Plagiarism Guaranteed

[Solved]1.1 Explain the role of accounting concepts and standards in financial accounting

ATHE Level 6 Extended Diploma in Management

Accounting

Unit aims

The unit will enable learners to develop knowledge, understanding and skills in financial and management accounting

Learning Outcomes.

1. Understand the principles of financial accounting and reporting

1.1 Explain the role of accounting concepts and standards in financial accounting

1.2 Explain the characteristics of a Public Limited Company’s Income Statement, Statement of Financial Position and Cash Flow Statement

1.3 Evaluate the usefulness of a Public Limited Company’s annual report.

1.4 Assess the roles and responsibilities of Directors and Auditors with regard to published company accounts

1.5 Analyse the usefulness of the elements of a Public Limited Company’s annual report to company stakeholders

2. Be able to apply the principles of financial accounting

2.1 Complete records for a set of financial transactions using books of original entry, double entry accounts and extract a trial balance

2.2 Prepare financial statements for a range of business organisations

2.3 Evaluate the importance of consolidated financial statements used by groups of companies

3. Be able to apply management accounting principles and procedures

3.1 Explain types of costs incurred and pricing methods used by different business organisations

3.2 Prepare and analyse break-even data from business costing information

3.3 Prepare a cash budget from given information