MI CUENTA

Award in Financial Accounting – MQF Level 5

Categorías: Business and Finance
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Course Summary

The programme intends to prepare individuals for entry-level up to junior accountancy roles by teaching the students key accounting concepts, terminology and accounting principles. Students will also learn how to perform various accounting calculations and prepare financial statements for different business entities. Students will also learn how to interpret financial statement results and provide explanations for the business entity’s stakeholders.

Target Group

This course targets individuals within the working population who are looking to widen their accounting knowledge.

Certification

This accredited course is an MQF Level 5 course.

Credits (ECTS)

The number of credits obtained at the end of the programme is 11 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. Demonstrates understanding of fundamental accounting principles, such as accruals, prepayments, depreciation and allowance for doubtful debts.
2. Applies accounting principles appropriately to various transactions and scenarios.
3. Prepares accurate and comprehensive financial statements, including the statement of profit or loss and statement of financial position.
4. Analyzes and interprets financial statements to assess the financial health and performance of an entity.
5. Records transactions accurately in relevant books of prime entry (e.g., cash book, sales day book, purchase day book).
6. Understands the purpose and importance of using books of prime entry in accounting processes.
7. Creates and reconciles control accounts, ensuring accuracy and consistency with subsidiary ledgers.
8. Identifies and rectifies errors in control accounts effectively.
9. Applies appropriate accounting treatments for the impairment of non-current assets.
10. Records acquisitions and disposals of non-current assets accurately.
11. Calculates gains or losses on disposals and understands the impact on financial statements.
12. Identifies and corrects errors that do not impact the trial balance.
13. Analyzes the effects of errors on financial statements and adjusts entries accordingly.
14. Understands the purpose of a suspense account and uses it appropriately to rectify errors.
15. Clears the suspense account by identifying and correcting errors.
16. Prepares financial statements from incomplete records using appropriate accounting techniques.
17. Identifies missing information and makes reasonable assumptions to complete accounting records.
18. Allocates and apportions costs accurately to different departments.
19. Prepares departmental financial statements.
20. Creates manufacturing accounts and understands the treatment of direct and indirect costs.
21. Calculates the cost of goods manufactured and sold.
22. Understands the unique accounting requirements for non-profit organizations.
23. Prepares financial statements for non-profit entities, including the income and expenditure account.
24. Prepares the statement of cash flows using the indirect method.
25. Analyzes cash flow information to assess an entity’s liquidity and solvency.
26. Calculates and interprets key accounting ratios to assess an entity’s performance, liquidity, and solvency.
27. Applies ratios in financial analysis and decision-making.

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

55 contact hours, 217 self-study hours and 3 assessment hours.

Learning outcomes of knowledge obtained at end of programme

1) Differentiate between the various types of business entities such as sole traders, companies, non-profit organizations, and entities operating departments; 2) Understand and apply the principles of VAT, accruals and prepayments, depreciation methods, accounting for bad debts and recoveries, and allowance for doubtful debts; 3) Identify and rectify errors that do not affect the trial balance, use the suspense account effectively, and manage incomplete records; 4) Analyse and interpret financial statements using various accounting ratios to evaluate the financial health and performance of an entity; 5) Recognize and resolve complex accounting issues using critical thinking and problem-solving skills; and 6) Develop a deeper understanding of how real-world events can impact financial reporting and decision-making.

Learning outcomes of skills obtained at end of programme

1) Apply accounting principles and concepts to generate accurate and comprehensive financial statements; 2) Prepare year-end accounts for manufacturing businesses, companies, sole traders, non-profit organizations, and entities that operate various departments; 3) Prepare and manage books of prime entry and control accounts; 4) Account for additions, disposals, and impairments of non-current assets; 5) Evaluate different scenarios and business situations and provide informed recommendations based on financial statement analyses; 6) Clearly communicate accounting information, analyses, and recommendations to both accounting professionals and non-accounting stakeholders; and 7) Demonstrate adaptability by applying accounting principles and preparing financial statements for a variety of business entities.

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.

Requirements

1) EQF Level 3 Award/Qualification in Accounting or equivalent; 2) EQF Level 3 Award/Qualification in Mathematics or equivalent; 3) Proficiency in English (listening and written communication); 4) Basic computer skills (Word Processing , Spreadsheets and Presentations); 5) Numeracy and analytical skills; 6) Critical thinking skills; 7) Organisational skills; 8) Accuracy; and 9) Attention to detail.

Audience

Working population
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¿Qué aprenderás?

  • Learning outcomes of knowledge obtained at end of programme:
  • 1) Differentiate between the various types of business entities such as sole traders, companies, non-profit organizations, and entities operating departments;
  • 2) Understand and apply the principles of VAT, accruals and prepayments, depreciation methods, accounting for bad debts and recoveries, and allowance for doubtful debts;
  • 3) Identify and rectify errors that do not affect the trial balance, use the suspense account effectively, and manage incomplete records;
  • 4) Analyse and interpret financial statements using various accounting ratios to evaluate the financial health and performance of an entity;
  • 5) Recognize and resolve complex accounting issues using critical thinking and problem-solving skills; and
  • 6) Develop a deeper understanding of how real-world events can impact financial reporting and decision-making.
  • Learning outcomes of skills obtained at end of programme:
  • 1) Apply accounting principles and concepts to generate accurate and comprehensive financial statements;
  • 2) Prepare year-end accounts for manufacturing businesses, companies, sole traders, non-profit organizations, and entities that operate various departments;
  • 3) Prepare and manage books of prime entry and control accounts;
  • 4) Account for additions, disposals, and impairments of non-current assets;
  • 5) Evaluate different scenarios and business situations and provide informed recommendations based on financial statement analyses;
  • 6) Clearly communicate accounting information, analyses, and recommendations to both accounting professionals and non-accounting stakeholders; and
  • 7) Demonstrate adaptability by applying accounting principles and preparing financial statements for a variety of business entities.

Contenido del curso

Introduction
This topic will serve as an introduction to Financial Accounting including it's purpose and key features and concepts which we will be using throughout the course

  • Introduction
    04:56
  • Key Features and Aspects
    13:13
  • Accounting Concepts – Revision
    07:38

Revision of Key Accounting Concepts – Double Entry
This topic explains the fundamental accounting principle of Double Entry.

Revision of Key Accounting Concepts – Basics of VAT
This topic explains what VAT is. We will be defining VAT, understanding the different VAT rates in Malta, calculating VAT and understanding the accounting treatment of VAT.

Revision of Key Accounting Concepts – Depreciation
This topic defines depreciation, outlines the different depreciation rates in Malta, explains how depreciation is calculated when using the straight-line method and the reducing balance method and explains the accounting treatment for depreciation.

Revision of Key Accounting Concepts – Accruals and Prepayments
This topic defines accrued and prepaid income and expenses, distinguishing between each of these. We will be learning how to calculate and account for accruals and prepayments and their impact on the financial statements

Revision of Key Accounting Concepts – Bad Debts and Allowance for Doubtful Debts
This topic defines and distinguishes between the accounting treatment for bad debts, bad debts recovered and the allowance for doubtful debts. We will also be assessing the impact that each has on the financial statements.

Revision of Key Accounting Concepts – Trial Balance and Management Accounts
This topic seeks to explain the accounting requirements in order to prepare management accounts. We will be learning how to close off accounts, how to transfer balances to the Trial Balance and how to prepare the management accounts from the Trial Balance.

Books of Prime Entry
This topic introduces the different Books of Prime Entry which are used in Financial Accounting. We will be learning how to input data and how to transfer the period end balances from these books to the General Ledger.

Control Accounts
This topic explains the purpose of control accounts as well as their accounting treatment.

Non-Current Assets
In this topic, we will be going through the accounting treatment of additions and disposals of non-current assets.

Impairment
In this topic we will be going through the accounting treatment for impairments to non-current assets. We will also be assessing when an asset is to be impaired.

Errors not Effecting the Trial Balance and the Suspense Account
This topic identifies and explains which are those errors that do not effect the Trial Balance. An explanation is also provided on what the suspense account is and how this is used.

Incomplete Records
This topic examines different instances of incomplete records which are encountered by accountants and how to prepare financial statements from these incomplete records. We will be examining how to obtain account totals from certain calculations and how these can help us extract management accounts for the year

Departmental Accounting
In this topic we will be understanding what departmental accounts are and when they are prepared. We will going through the benefits of preparing departmental accounting. We will also be preparing the financial statements for business entities using departmental accounting.

Manufacturing Accounts
In this topic we will be understanding what the manufacturing account is, why it is used and when it is used. We will also be understanding which business entities use manufacturing accounts and how this fits into the context of the financial statements. We will also be learning how to prepare the manufacturing account.

Non-Profit Making Organisations
In this topic we will be understanding the differences in accounting involved for non-profit making organisations. We will be identifying the differences between the financial statements of profit making entities and understanding how these differ for non-profit making organisations. We will also be preparing the year-end financial statements for non-profit making organisations.

Statement of Cash Flows
In this topic we will be explaining what the Statement of Cash Flows is and it's use. We will also be understanding the different components that make up the Statement of Cash Flows. We will then learn how to prepare a Statement of Cash Flows.

Company Accounting
This topic identifies and explains company accounting. We will be analysing the components within the financial statements which make company accounting deferent than accounting for other business entities. We will also be preparing financial statements for companies.

Accounting Ratios
In this topic we will identify and explain the different accounting ratios which we have, understanding the classification of each ratio grouping. We will also be analysing financial statements depending on the results provided by the accounting ratios.

Mock Examination
This mock examination serves to prepare you for the final examination. The questions within this examination are of the standard of the actual examination. Attempt this paper within 3 hours. Upon completion, you may proceed to check the step-by-step explanation to identify your strengths and weaknesses.

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