Aim: This module is designed to provide future managers with a level of practical understanding that is genuinely useful in the workplace by covering a range of key financial areas including: how to interpret financial statements; how firms are funded; understanding costs and pricing decisions and the principles of working capital management.
Learning Outcomes:
1: Demonstrate understanding of the basic principles with regard to collecting economic data and interpret, analyze and evaluate financial statements;
2: Demonstrate understanding of and discuss the different types of business and the various sources of finance available to them;
3: Demonstrate understanding of the role of finance in the decision making process;
4: Demonstrate understanding of and evaluate the role of costs, cost classification and cost behavior in the financial decision making process;
5: Demonstrate understanding of the use of costs in pricing decisions and the external factors affecting price;
6: Describe the need for and apply the principles of working capital control.
Assessment Task:
"Accounting is a set of concepts and techniques that are used to identify, measure, record, classify, summarize and report financial information of an economic unit to the users of the accounting information. The accounting process is three separate types of transactions used to record business transactions in the accounting records. This information is then aggregated into financial statements."
Required to:
Problem 1: Create and record transactions which involves introduction of capital to the business, purchase of a non- current asset, cash sales, cash purchase, credit sales, credit purchase, payment of rent, payment of salary, receipt of commission, full receipt for credit sales, availing overdraft from bank and cash deposit into the bank for a month showing the closing balances for each account.
Problem 2: Extract a Trial Balance from the prepared Ledger Accounts
Problem 3: Prepare an Income Statement for the month and Balance Sheet as at month-end. Briefly explain the purpose of Financial Statements.
Problem 4: Analyze the performance of the company using Gross Profit Ratio, Net Profit Ratio and Current Ratio. Also, suggest strategies on how to source capital for a Limited Company. (Including conclusion)
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