| University | Qualifi Ltd |
|---|---|
| Subject | AF404 Financial Accounting (Y/650/2373) |
AF404 Assignment Brief
| Qualification | QUALIFI Level 4 Diploma in Accounting and Finance (610/0796/1) |
|---|---|
| Unit Code | AF404 |
| Unit Title | Financial Accounting |
| Unit Reference | Y/650/2373 |
| Credits | 20 |
| TQT | 200 |
| GLH | 120 |
Assignment Aim
The aim of this unit is for learners to develop their skills in financial accounting including valuing stock and direct materials (i.e. inventory), year-end adjustments and final accounts.
Learning Outcomes and Assignment Criteria
| Learning Outcomes
When awarded credit for this unit, a learner will: |
Assessment Criteria
Assessment of this learning outcome will require a learner to demonstrate that they can: |
| 1. Value stock and direct materials (i.e. inventory). | 1.1 Calculate closing inventory valuations accurately using First In First Out (FIFO), Last In First Out (LIFO) and Average Cost (AVCO). |
| 1.2 Explain the uses, benefits and disadvantages of different inventory valuation methods. | |
| 2. Account for year-end adjustments. | 2.1 Calculate year-end adjustments and account for depreciation accurately. |
| 2.2 Calculate year-end adjustments accurately. | |
| 2.3 Account for irrecoverable debts and doubtful debts accurately. | |
| 2.4 Account for accruals and prepayments accurately | |
| 3. Prepare the final accounts for sole traders and partnerships. | 3.1 Explain the purpose of preparing final accounts for sole traders and partnerships. |
| 3.2 Prepare the final accounts for a sole trader accurately. | |
| 3.3 Prepare the final accounts for a business partnership accurately. |
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