HNC Accounting New Framework HNC Accounting Units Recording Financial Information (RFI) Preparing...
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![Page 1: HNC Accounting New Framework HNC Accounting Units Recording Financial Information (RFI) Preparing Final Accounts (PFA) Cost Accounting MAUIT.](https://reader036.fdocuments.in/reader036/viewer/2022062417/5515cc08550346a3758b4b5a/html5/thumbnails/1.jpg)
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HNC AccountingHNC Accounting
New Framework
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HNC Accounting UnitsHNC Accounting Units
Recording Financial Information (RFI) Preparing Final Accounts (PFA) Cost Accounting MAUIT
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Recording Financial InformationRecording Financial Information
DE5D 34 F7JV 34
1 Record business transactions into a double entry book-keeping system, extract a trial balance and prepare a VAT return.
1 Record financial transactions in books of original entry
2 Record financial transactions in a double entry book-keeping system and extract a trial balance
3 Complete a VAT Return
2 Incorporate control mechanisms into the book-keeping system.
4 Incorporate control mechanisms into a book-keeping system
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RFIRFI
Outcome 1 separated into 3– Books of Original Entry– Ledgers and Trial Balance– VAT Return
• One month only To separate or not to separate Outcome 1 Control Accounts removed from Outcome 4 (2) Time issue
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Delivery ScheduleDelivery Schedule
Phase 1 Phase 2 Phase 3
RFI Graded Unit 1
PFA PFA
Cost Accounting Cost Accounting
MAUIT MAUIT
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Preparing Final AccountsPreparing Final Accounts
DE5C 34 F7JT 34
1. prepare final accounts for a partnership and a limited company (for internal use) trading as either a trader or manufacturer
1 Prepare final accounts for business organisations
2. prepare final accounts for a sole trader from incomplete records.
2 Prepare final accounts, for a sole trader, from incomplete records
3. prepare a cash flow statement for a limited company.
3 Prepare a cash flow statement for a limited company
4. analyse the final accounts of a limited company using appropriate accounting ratios.
4 Analyse the final accounts of a limited company using accounting ratios
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PFAPFA
No change in content Outcomes 3 and 4 can be combined
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Cost AccountingCost Accounting
DE5F 34 F7JR 34
1. Classify and code costs.
2. Account for and evaluate the effect on profit of material costs
1 Account for material costs
3. Account for labour costs. 2 Account for labour costs
4. Account for overhead costs in a traditional costing system
3 Apportion and allocate overhead costs
5. Determine product costs from various accounting methods
4 Account for product costs (includes coding)
6. Record transactions in a cost accounting system
5 Record transactions in a cost accounting system
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Cost AccountingCost Accounting
Removal of coding as a distinct Outcome– Now included as part of Outcome 4– Coding list included
‘more deliverable’
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MAUITMAUIT
DE9G 34 F7JS 34
1. Prepare a master budget. 1 Prepare budget statements
2. Prepare a basic budgetary control report and a variance analysis.
2 Prepare a basic budgetary control report and a variance analysis
3. Use break-even analysis to show the effect on profits of changing prices.
3 Use break-even analysis for decision making
4. Prepare marginal and absorption costing statements and compare both methods.
4 Prepare profit statements using marginal and absorption costing methods
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MAUITMAUIT
Exemplar 110 pages– Inclusion of xl sheets– Useful for lecturers delivering for first time
Assessment not changed Error tolerance harder for students than 70%
pass mark
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Error ToleranceError Tolerance
Number of tolerated error given for each Outcome
Remediation or Re-sit?– Remediation if just over threshold– Re-sit ‘rule of thumb’
• if more than double the threshold limit!
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