Entry Requirements
For online lessons, learners need to have an understanding on how to use a computer. Learners are expected to have successfully completed the course Accounting MQF Level 1 or have a similar certification. For online lessons, learners need to have an understanding on how to use a computer.
Applicants who do not present certification of prior study in the subject will be required to sit for a level check to determine the appropriate course level.
Duration
30-week course with 3 contact hours per week.
Learning Outcomes
Expected learning outcomes for this course inlcude:
Knowledge
• Identify the steps needed to complete simple tasks and activities in familiar environments such as the recording of simple accounting transactions in appropriate Daybooks and Ledgers, balance off double entry accounts, prepare a Trial Balance and produce a simple set of Financial Statements.
• List basic tasks and instructions related to the checking of the accuracy of accounting books, with special reference to the correction of errors and the reconciliation of bank statements.
• List accounting terminology.
Skills
• Follow instructions and completes repetitive simple bookkeeping tasks in familiar contexts and under a quality-controlled system by being able to record financial information utilizing double entry principles and organize the work presented in a logical, coherent and methodical manner, utilizing a system of source documents, day books, ledgers, financial statements and finally the proofing of such documents.
• Record accounting transactions in a double entry fashion.
• Use the different accounting terms in simple contexts.
• Apply the accounting procedures applicable to a Sole Trader.
• Present basic accounting information in familiar repetitive tasks, primarily to the owner of the firm, and also to other interested and authorized third parties.
• Communicate financial data to the entrepreneur in order to enhance business decisions and to authorized third parties, as required, in a clear and logical manner.
• Express procedures for Sole Traders through a variety of simple exercises and accounting contexts.
• Analyse the success criteria for simple and repetitive accounting tasks.
• Assess and ensures that assigned tasks have been completed effectively.
• Choose the adequate accounting transactions and understands their implications.
• Extracts relevant information from financial data.
• Study by following basic accounting textbooks.
• Undertake simple repetitive and familiar tasks such as posting accounting transactions in appropriate Journals and Ledgers; balancing off accounts of a repetitive nature; producing a set of Financial Statements from a determined set of values; correcting standard accounting errors; reconciling the firm’s Cashbook to a simple Bank Statement.
Competences
• Carry out simple bookkeeping and accounting tasks and exercises with limited autonomy through the progressive build-up of an accounting system and monitors each stage by exercising self-check methods;
• Perform the necessary calculations and produces a simple accounting system such as to be able to produce the end-of-year financial statements of a Sole Trader.
• Monitor that the work is carried out accurately by participating in simple accounting tasks and by taking basic responsibility for such actions.
• Carry out accounting activities under guidance and with the provision of a clear set of instructions and within simple defined timeframes.
• Be aware of the role of accounting in the business environment and I can evaluate the contribution of accounting to the financial sector, and I understand how it can be of value for my personal financial needs.
• List and distinguish between the main types of business transactions, record them in an accounting system and prepare the statement of profit or loss and the statement of financial position of a sole proprietor from a trial balance.
• Prepare the main business documents for the different business transactions, maintain books of prime entry and record double entry in the respective ledger.
• Prepare a two-column cash book, reconcile the bank account in the cash book with the bank statement and I can process payroll transactions within the accounting system.
• Apply the accounting concepts to accruals and prepayments, depreciation and allowances for receivables and record the end of period adjustments when preparing the relevant accounts and the financial statements.
• Prepare the statement of profit or loss and the statement of financial position of a sole proprietor from a trial balance and the end of period adjustments.
• Classify costs as direct or indirect costs and I can prepare a manufacturing account to calculate the cost of production. I can also classify costs by behaviour into variable and fixed costs in order to calculate the break-even activity level and the contribution and profit for different levels of activity.
• Locate and correct errors in the accounting system.
• Prepare the financial statements of a sole proprietor from incomplete information, and I can calculate the net profit of a business from a statement of affairs using the accounting equation.
• Evaluate the business performance and financial position for the various users of financial statements, and I can prepare departmental profit statements.
Delivery Method
Online lessons
Certification/Award
Certificate issued by MATSEC
Progression to Further Education
After successfully completing this course, learners may continue studying the subject or pursue related pathways at tertiary level.
Additional Note
“This is a revision course for learners sitting for the MATSEC Advanced Level examination. The educator is therefore not required to deliver the entire syllabus issued by the MATSEC Examinations Board. https://www.um.edu.mt/matsec/syllabi
“
Exam
Register through the MATSEC website
Language of Instruction
Bilingual