Unit AF303: Financial Records Maintenance

Unit code: J/650/2369

RQF level: 3

Unit Aim

The aim of this unit is to help learners understand the reasons for keeping financial records, to be able to use the double-entry system of bookkeeping and to prepare a three-column cash book and a bank reconciliation statement.

Learning Outcomes and Assessment 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. Understand the role of accounting concepts.	1.1 Explain the concept that Capital = Assets = Liabilities. 1.2 Explain the use of the accounting equation. 1.3 Explain the accounting concepts used when recording financial transactions.
2. Be able to use the double-entry system of bookkeeping.	2.1 Explain the features and use of the double-entry system of bookkeeping. 2.2 Explain the benefits and drawbacks of the double-entry system of bookkeeping to process financial information. 2.3 Prepare a trial balance accurately using double-entry accounting information.
3. Be able to prepare a three-column cash book.	3.1 Describe the purpose and use of a threecolumn cash book. 3.2 Distinguish cash from trade discounts. 3.3 Explain how to account for cash and trade discounts.