The purpose of this subject is to introduce you to advanced bookkeeping skills. You will study non-current asset accounting in some depth, including the accurate recording and control of the valuable resource of non-current assets which is vital to all organizations. On completion of this subject, you will understand and know how to use the non-current assets register as an important and independent record of the details of each individual non-current asset. You will know how to use the various ledger accounts required to record the acquisition and disposal of non-current assets, how to calculate the gain or loss on disposal, and how to choose and apply depreciation methods and rates.
The accruals basis of accounting is introduced to underpin many of the adjustments that are commonly found in the workplace, including accruals, prepayments, and accounting for irrecoverable and doubtful debts and the period-end valuation of inventory. This takes you to the position of being able to draw up a trial balance using adjusted figures, d to extend it to identify the profit or loss for the period.
While recognizing that computerized accounts packages and spreadsheets will normally be used in the workplace, this subject helps you understand the background processes. On completion of this subject, you will also begin to understand how ethical principles apply in the context of your work in this area.
• Demonstrate the accounting equation
• Classify assets, liabilities and equity in an accounting context
• Demonstrate the purpose and use of books of prime entry and ledger accounting
• Apply ethical principles when recording transactions
• Carry out financial period end routines
• Demonstrate the importance of prior authority for capital expenditure
• Identify capital expenditure
• Differentiate between funding methods for acquisition of non-current assets
• Record acquisitions and disposals of non-current assets
• Calculate depreciation
• Record depreciation
• Record accruals and prepayments in income and expense accounts
• Record irrecoverable debts and allowances for doubtful debts
• Record inventory
• Record period end adjustments
• Prepare a trial balance
• Carry out adjustments to the trial balance
• Complete the extended trial balance
On successful completion of this subject, you will:
1. Apply the principles of advanced double-entry bookkeeping
2. Implement procedures for the acquisition and disposal of non-current assets
3. Prepare and record depreciation calculations
4. Record period end adjustments
5. Produce and extend the trial balance
Format: Computer based
Availability: On demand at EIMF Examination Center
Pass: A score of 100 out of 150 will represent a Pass
Length: 120 minutes
Questions: Contains 5 tasks.
Marking: Computer marked
Results: Provisional result available immediately followed by confirmation no more than 48 hours later
Please Note: Official Exam is not provided, It should be purchased separately
Registration and Access
Once you complete an online purchase you will receive confirmation of account activation. Please allow 48 hours to get access to all the modules and for your eLearning account to be set up.
If you wish to receive an invoice instead of paying online, please contact us at [email protected] Access to the subject is valid for 365 days.
Who is this subject for?
• Small business owners
• Undergraduates and graduates
• Experienced accountants
• Anyone with an interest in pursuing a career in accountancy
• Completion of Foundation Certificate in Accounting
• LCCI Intermediary & Higher
• Work experience
Upon the successful completion of the subject of Advanced Bookkeeping, you can advance to the next subject of the Advanced Diploma in Accounting or if you have already completed other subjects, can apply to the synoptic exam of Advanced Diploma in Accounting.