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What's covered, in curriculum order. Titles and summaries are free to browse; the full section, with worked examples, unlocks with a free account.
1. The Sole Trader and the Financial Accountant
What a sole trader is, what financial accounting is for, who relies on it, and what a financial accountant actually does.
2. Business Documents & VAT
The paperwork trail behind every credit sale, and how VAT is calculated and recorded.
3. Preparing Ledger Accounts
How double-entry bookkeeping records every transaction as a debit in one account and a credit in another.
4. Preparing a Trial Balance
How every ledger account balance is listed to check the double entry is complete and arithmetically correct.
5. The Income Statement
How a sole trader's Income Statement shows gross and net profit for the year, once year-end adjustments are applied.
6. The Statement of Financial Position
How a sole trader's assets, liabilities, and capital are summarised at a single point in time.
7. Correction of Errors
The six types of error that don't show up in a trial balance, and how correcting them affects gross profit and profit for the year.
8. Sources of Finance for a Sole Trader
Where a sole trader can raise the money needed to start up, run, and grow their business.
9. Accounting Ratios
Calculating and interpreting the profitability, liquidity and efficiency ratios used to judge a business's performance, and working figures back from a given ratio.
10. The Role of Management Accounting
How management accounting differs from financial accounting, and what internal decisions it supports.
11. Costing Theory & Inventory Valuation
The different types of cost a business incurs, and how the value of stock held is calculated using FIFO.
12. Labour Costing
How gross wages are calculated for employees paid a time rate, a piece rate, or a flat rate, and for those paid overtime or a bonus.
13. Overhead Analysis & Job Costing
How shared overhead costs are shared out between cost centres, re-apportioned from service departments, and used to work out the total cost of a specific job.
14. Break-Even Analysis
Working out the level of sales at which a business makes neither a profit nor a loss, the margin of safety, and the effect of changing price, costs, or a profit target.
15. Budgeting
Why businesses prepare budgets, how a cash budget plans money in and out, and ways to improve short-term cash flow.
16. Decision Making
How management accounting information supports everyday business decisions, including the limiting factor technique and the role of spreadsheets.
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