Award in Foundation In Accounting - MQF Level 3

About Course

Course Summary

This course is intended to provide students with the necessary knowledge to be able to work in an entry level accountancy role. Students will learn various accounting duties as well as theoretical principles and concepts which govern the world of accounting. The knowledge gained by the end of this course will prepare students who seek to enter into the accountancy world for the 1st time.

Target Group

This course is intended for individuals who do not have a background in accounting who are looking to enter into the accountancy profession. This might include youths and people who are looking for a career change among others.

Certification

This accredited course is an MQF Level 3 course.

Credits (ECTS)

The number of credits obtained at the end of the programme is 5 ECTS.

Mode of delivery

The course will be fully delivered through our online portal.

Mode of attendance

Fully online.

Language of instruction

English.

Assessment

A 3 hour online written examination at the end of the course totaling 100 marks with a 50% pass mark. One can attempt this examination a maximum of 10 times. One can apply for an examination through their student account.

Assessment Criteria

1) Performing double entry transactions using different accounting principles;

2) Demonstrating understanding and being able to apply different accounting principles;

3) Preparing T-accounts based on the double entry transactions;

4) Closing T-accounts;

5) Managing a company’s cash book and bank account;

6) Extracting a trial balance;

7) Preparing year end accounts based on the trial balance;

8) Distinguishing between customer and supplier transactions;

9) Reconciling customer and supplier statements;

10) Being able to manage debtors by demonstrating knowledge of proper debtor chasing techniques;

11) Outlining and distinguishing between different parts within the debtor’s and creditor’s cycles

12) Demonstrating an understanding of the administrative and accounting duties relating to stock and stocktake procedures.

Date of next intake

Continuous since only student registration is required.

Course Duration

Students can structure their learning and studies as they wish. When a students feels that s/he is ready, they can apply for the exam. Examination sessions take place on a quarterly basis – March, June, September, December.

Apportionment of Total Learning Hours

25 contact hours, 97 self-study hours and 3 assessment hours.

Learning outcomes of knowledge obtained at end of programme

1) Understand and define different accounting terminology; 2) Identify and distinguish between different accounting roles within the accounting industry; 3) Understand and distinguish between the different elements of accounts namely asset, liability, equity, income and expense accounts; 4) Understand and distinguish between different accounting principles and how these are applied, including business entity, going concern and dual concepts; 5) Describe effective debtor chasing procedures and identify weaknesses in a business’ debtors chasing procedures; 6) Identify and distinguish between cash and bank transactions in order to be able to prepare a business’ cash book; 7) Identify which accounts relate to the statement of profit or loss and which relate to the statement of financial position; 8) List the different VAT rates used in Malta and identify the VAT element within business transactions; 9) Define bad debts, bad debts recovered, allowance for doubtful debts, accruals, prepayment and depreciation and identify such transactions; and 10) Identify accounting entries within a business’ bank statement.

Learning outcomes of skills obtained at end of programme

1) Apply different accounting concepts into practice such as the accruals and cost concepts; 2) Demonstrate knowledge and application with different accounting duties such as those involved within debtors’ and creditors’ cycles stocktake accounting procedures and effectively chasing and managing a business’ debtors list; 3) Prepare the trial balance, statement of profit or loss and statement of financial position; and 4) Prepare workings for year end account balances. 5) Communicate accounting information, computations, definitions and workings to different business stakeholders such as fellow accountants and business owners; 6) Use the accounting principles learnt to be able to account for year/period end entries such as depreciation, accruals, prepayments, bad debts and allowance for doubtful debts; and 7) Prepare the business’ VAT account.

General Pedagogical Methods

Our pedagogical method is student-centred. All course material is available on the website and is made available once a student registers with an account and enrolls in the course. The course material consists of recorded lectures, supplementary text, PowerPoint presentations, classwork with explanations, coursework, coursework model answers and explanations, mock examination and model answer, past papers and model answers. The coursework to be found within this course includes a mix of theory and computational questions which will test students in the knowledge acquired within the lectures. Students can complete the course content and study at their own pace since there are 4 examination sessions every year and there is no deadline by when each student needs to complete the course.

Third-Country Nationals

For more information surrounding VISA, please have a look at Identity Malta’s VISA requirements for third-country nationals.

1) Proficiency in English (listening and written communication) 2) Basic numeracy skills 3) Basic computer skills (word processing, spreadsheets, presentations) 4) Attention to detail 5) Critical thinking skills 6) Organisational skills Working population

Learning outcomes of knowledge obtained at end of programme:
1) Understanding and defining different accounting terminology;
2) Identifying and distinguishing between different accounting roles;
3) Understanding and distinguishing between different elements of accounts;
4) Understanding and distinguishing between different accounting principles and how these are applied;
5) Knowledgeable of entry-level accounting duties accountants are expected to perform;
6) Identifying different components within financial statements; and
7) Preparing financial statements.
Learning outcomes of skills obtained at end of programme:
1) Apply different accounting principles into practice;
2) Demonstrate knowledge of different accounting processes;
3) Prepare year end accounts; and
4) Show workings for year end accounts.

Course Content

Introduction to the Accountancy Profession
A brief introduction to obtain some basic information on the Accountancy Profession

Introduction to Accounts

11:41
Accounting Concepts

07:38
Different Accounting Roles part 1

11:16
Different Accounting Roles part 2

08:27

Double Entry
This topic explains the principle of Double Entry for each of the 5 elements of accounts. Here we will cover the manual journal entries, T-accounts as well as understanding each of the 5 elements of accounts.

01. Introduction to Double Entry

15:40
02. Assets

19:26
03. Liabilities

11:14
04. Equity

10:15
05. Revenue

09:34
06. Expenses

05:24
07. Double Entry Summary

02:20
08. Coursework 1

01:12:13
09. Coursework 2

43:54
10. Coursework 3

35:35
11. Coursework 4

29:07

Trial Balance and Management Accounts
This topic explains how accounts are closed off at the year end, distinguishing between the closing of temporary and permanent accounts. Students will also learn how a Trial Balance is extracted and how management accounts are prepared at year end.

01. Closing Off Accounts

11:38
02. Trial Balance

10:50
03. Statement of Profit or Loss

07:06
04. Statement of Profit or Loss – Example

07:27
05. Statement of Financial Position + Example

11:24
06. Classwork Part 1

06:56
07. Classwork Part 2

06:15
08. Coursework 1 Part 1

09:54
09. Coursework 1 Part 2

11:45
10. Coursework 2 Part 1

05:25
11. Coursework 2 Part 2

13:29
12. Coursework 2 Part 3

07:13
13. Coursework 2 Part 4

08:09
14. Coursework 3 Part 1

13:20
15. Coursework 3 Part 2

08:22
16. Coursework 3 Part 3

10:33
17. Coursework 3 Part 4

09:12
18. Coursework 3 Part 5

11:30
19. Coursework 3 Part 6

10:32
20. Coursework 3 Part 7

11:04

How to Handle Customers and Supplies
This topic provides basic knowledge on some key concepts regarding customers and suppliers. Students will learn how to distinguish between the accounting treatment of different forms of documentation and the use of statements.

Managing Debtors
This topic explains the debtors chasing process and how the accounting system can be used to help us in the debtors chasing exercise.

01. Introduction

03:48
02. Process of Managing Debtors Part 1

09:57
03. Process of Managing Debtors Part 2

12:30
04. Things to Keep in Mind

04:59
05. Aged Debtors

08:40
06. Summary

01:58
07. Classwork

05:15
08. Debtors Chasing Coursework 1

18:36
09. Debtors Chasing Coursework 2

22:16
10. Debtors Chasing Coursework 3

17:48

The Bank Account and Cash Book
This topic explains the use of a business bank account and how the cash book is used for the accounting of business transactions.

01. The Bank Account

09:05
02. Cash Book Part 1

06:30
03. Cash Book Part 2

07:28
04. Cash Book Example Part 1

09:47
05. Cash Book Example Part 2

04:39
06. Classwork Part 1

10:34
07. Classwork Part 2

04:50
08. The Bank Account and Cash Book Coursework 1

07:32
09. The Bank Account and Cash Book Coursework 2

14:54

Basics of VAT
This topic explains the VAT system in Malta, including the 4 different VAT rates one can find. One also learns how to calculate VAT and the accounting treatment for VAT.

Bad Debts, Bad Debts Recovered and Allowance for Doubtful Debts
This topic examines the accounting treatment of bad debts, bad debts recovered and the allowance for doubtful debts account.

01. Bad Debts

06:40
02. Bad Debts Example

01:25
03. Bad Debts Classwork

01:33
04. Bad Debts Recovered

02:32
05. Bad Debts Recovered Example

01:33
06. Bad Debts Recovered Classwork

01:13
07. Allowance for Doubtful Debts

06:07
08. Allowance for Doubtful Debts Examples

09:37
09. Allowance for Doubtful Debts Classwork Q1 Part 1

05:19
10. Allowance for Doubtful Debts Classwork Q1 Part 2

05:46
11. Allowance for Doubtful Debts Classwork Q2

05:42
12. Bad Debts, Bad Debts Recovered and Allowance for Doubtful Debts Coursework 1

09:40
13. Bad Debts, Bad Debts Recovered and Allowance for Doubtful Debts Coursework 2

25:47
14. Bad Debts, Bad Debts Recovered and Allowance for Doubtful Debts Coursework 3

15:45

Depreciation
This topic explains what depreciation is, how it is calculated, the different depreciation rates in Malta and the accounting treatment involved.

01. Depreciation

09:07
02. Depreciation Rates in Malta

03:20
03. Accounting Treatment Part 1

09:51
04. Accounting Treatment Part 2

07:59
05. Depreciation Example

01:01
06. Depreciation Classwork 1

05:54
07. Depreciation Classwork 2

01:57
08. Depreciation Classwork 3 Part 1

10:47
09. Depreciation Classwork 3 Part 2

08:21
10. Depreciation Coursework 1

48:21
11. Depreciation Coursework 2

43:58
12. Depreciation Coursework 3

22:13

Accruals and Prepayments
This topic explains what accruals and prepayments are, distinguishes between accrued and prepaid expenses as well as accrued and prepaid income, and the accounting treatment for each.

01. Accrued Expenses

05:09
02. Accrued Expenses Example

03:01
03. Prepaid Expenses

04:18
04. Prepaid Expenses Example

02:42
05. Accrued and Prepaid Expenses Classwork

06:06
06. Accrued Income

02:22
07. Accrued Income Example

01:49
08. Prepaid Income

02:49
09. Prepaid Income Example

02:20
10. Accrued and Prepaid Income Classwork

06:43
11. Accruals and Prepayments Coursework 1

52:33
12. Accruals and Prepayments Coursework 2

40:45
13. Accruals and Prepayments Coursework 3

14:07

Debtor’s Cycle
This topic explains the different debtor cycles which companies can have.

Creditor’s Cycle
This topic explains the different creditor cycles which companies can have.

Stock and Stocktake
This topic explains the stock cycle and stocktake procedures including the accountant's duties before, during and upon finalisation of the stocktake.

About Course

Course Summary

Target Group

Certification

Credits (ECTS)

Mode of delivery

Mode of attendance

Language of instruction

Assessment Criteria

Date of next intake

Course Duration

Apportionment of Total Learning Hours

Learning outcomes of knowledge obtained at end of programme

Learning outcomes of skills obtained at end of programme

General Pedagogical Methods

Third-Country Nationals

Requirements

Audience

What Will You Learn?

Course Content

Introduction to the Accountancy Profession A brief introduction to obtain some basic information on the Accountancy Profession

Introduction to Accounts

Accounting Concepts

Different Accounting Roles part 1

Different Accounting Roles part 2

Double Entry This topic explains the principle of Double Entry for each of the 5 elements of accounts. Here we will cover the manual journal entries, T-accounts as well as understanding each of the 5 elements of accounts.

01. Introduction to Double Entry

02. Assets

03. Liabilities

04. Equity

05. Revenue

06. Expenses

07. Double Entry Summary

08. Coursework 1

09. Coursework 2

10. Coursework 3

11. Coursework 4

Trial Balance and Management Accounts This topic explains how accounts are closed off at the year end, distinguishing between the closing of temporary and permanent accounts. Students will also learn how a Trial Balance is extracted and how management accounts are prepared at year end.

01. Closing Off Accounts

02. Trial Balance

03. Statement of Profit or Loss

04. Statement of Profit or Loss – Example

05. Statement of Financial Position + Example

06. Classwork Part 1

07. Classwork Part 2

08. Coursework 1 Part 1

09. Coursework 1 Part 2

10. Coursework 2 Part 1

11. Coursework 2 Part 2

12. Coursework 2 Part 3

13. Coursework 2 Part 4

14. Coursework 3 Part 1

15. Coursework 3 Part 2

16. Coursework 3 Part 3

17. Coursework 3 Part 4

18. Coursework 3 Part 5

19. Coursework 3 Part 6

20. Coursework 3 Part 7

How to Handle Customers and Supplies This topic provides basic knowledge on some key concepts regarding customers and suppliers. Students will learn how to distinguish between the accounting treatment of different forms of documentation and the use of statements.

01. Customers

02. Customers Classwork

03. Customer Statements and Filing System

04. Suppliers

05. Suppliers Classwork

06. Supplier Statements and Filing System

07. Scenarios

08. How to Handle Customers and Suppliers Coursework 1

Managing Debtors This topic explains the debtors chasing process and how the accounting system can be used to help us in the debtors chasing exercise.

01. Introduction

02. Process of Managing Debtors Part 1

03. Process of Managing Debtors Part 2

04. Things to Keep in Mind

05. Aged Debtors

06. Summary

07. Classwork

08. Debtors Chasing Coursework 1

09. Debtors Chasing Coursework 2

10. Debtors Chasing Coursework 3

The Bank Account and Cash Book This topic explains the use of a business bank account and how the cash book is used for the accounting of business transactions.

01. The Bank Account