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BBSD502 – Accounting Applications

Module code
Module title
Accounting Applications
The purpose of this module is to introduce the student to the techniques of double entry accounting using a manual and computerised system.
  • BS0671
  • BS1054
  • BS1064
NZQA Level
Level 5
NZQA Credits
Delivery method
  • Web-Enhanced
Learning hours
Total learning hours
Resources required
Learning Outcomes
1. Understand a process for developing and refining ideas:
- Identify, discuss and evaluate issues presented in course lectures and tutorials
- Identify, discuss and evaluate issues extracted from various texts
- Complete self-directed research and reflect upon research
- Show evidence of independent and interdependent processes in working

2. Apply double entry accounting to record and process accounting transactions of a sole proprietor using a manual accounting system:
- Identify the sources of data capture for the accounting process
- Process transactions using journals, general ledger and subsidiary ledgers
- Apply the principles of balance day adjustments and reversing entries
- Apply the concept of GST to the financial transactions
- Account for inventories using perpetual and periodic inventory systems and NRV adjustments
- Compile fully classified Statement of Financial Performance, Statement of Movements in Equity and Statement of Financial Position

3. Apply double entry accounting techniques in accounting for property, plant and equipment and inventory:
- Account for property, plant and equipment acquisition, depreciation and disposal
- Account for inventory using both the perpetual and periodic systems

4. Apply double entry recording to account for Partnerships:
- Account for the formation of partnership and admission of new partners
- Account for the distribution of profits to partners
- Prepare appropriation statements
- Compile the equity section of Statement of Financial Position for partnership

5. Apply double entry recording to account for not for profit or organisations:
- Account for transactions using double entry
- Prepare year-end financial statements for a not for profit organisation

6. Apply the principles of internal control to accounting applications:
- Identify the nature of internal control
- Apply common internal control procedures
- Apply internal control techniques
- Bank Reconciliation
- Petty Cash
- Accounts Receivable reconciliation
- Inventory reconciliation
- Apply procedures where accounting errors are made

7. Apply the computerised accounting techniques to the transactions of sole proprietor:
- Process accounting transactions using an accounting software package
- Prepare year-end financial reports
Assessment Criteria
Candidates must achieve a minimum result of 40 in the final examination or nominated assessment/s of each module. They must also achieve a minimum C grade pass overall from all assessments to receive a passing grade for the module.
- The need for a system to record, summarise and report transactions for businesses and
clubs and societies
- Transaction analysis and record keeping in terms of debit and credit. The use of ledgers
and journal processes. The accounting for GST
- Financial Statement presentation and adjustments at balance date
- The need for internal control within an organisation
- Features and control procedures within accounting subsystems
- Accounting for cash
- Accounting for sales on credit
- Accounting for purchases on credit
- Accounting for inventory
- Accounting for property, plant and equipment
- The role of computers within accounting systems
- Spreadsheets in accounting
- General ledger computing
- Accounting for partnerships
- Formation of a partnership
- Sole traders merging
- Individual joining a sole trader
- Admission of a new partner to an existing partnership
- Appropriation of profit and financial statement presentation for a partnership
- Accounting for not for profit organisations
- Financial statement presentation
- Systems appropriate for clubs and societies
Teaching and Learning Strategy
Teaching methods will involve theoretical and practical classes including lectures, tutorials, workshops, group activities and assignments.

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