Profit and Loss Account (Byte Size)

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Description

Businesses are created with the intention of producing wealth for their owners and profit is a measure of the wealth that has been created during a particular period. Profit is generally considered to be the most important measure of business performance and the amount of profit generated by a business is reported in a profit and loss account.
In this course, we provide an understanding of the nature, form and content of the profit and loss account which is also known as the income statement. We examine the way in which profit is measured, and the way in which basic profit and loss accounts and balance sheets are prepared from a series of business transactions.

By the end of this course, you…

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Didn't find what you were looking for? See also: Balance Sheet, Bookkeeping, Business Finance, Computerised Bookkeeping, and Financial Forecasting.

Businesses are created with the intention of producing wealth for their owners and profit is a measure of the wealth that has been created during a particular period. Profit is generally considered to be the most important measure of business performance and the amount of profit generated by a business is reported in a profit and loss account.
In this course, we provide an understanding of the nature, form and content of the profit and loss account which is also known as the income statement. We examine the way in which profit is measured, and the way in which basic profit and loss accounts and balance sheets are prepared from a series of business transactions.

By the end of this course, you should be able to:

  • explain the nature and purpose of the profit and loss account
  • set out the basic form of the profit and loss account and explain its relationship with the balance sheet
  • explain the major conventions underpinning the profit and loss account
  • explain the major principles involved in the measurement of profit
  • prepare a profit and loss account and a balance sheet from basic transactions
  • set out profit and loss statements in an appropriate form.

Syllabus

Introduction

Objectives

Section 1: Introduction to the Profit and Loss Account

1.1 The Measurement of Profit

1.2 Relationship Between Profit and Loss Account and Balance Sheet

1.3 Forms of Revenue and Expense

1.4 Owners' Capital and the Profit and Loss Account

Section 2: Measurement of Revenues and Expenses

2.1 The Measurement of Profit

2.2 The Matching Convention

2.3 The Accruals Convention

2.4 The Measurement of Expenses

2.5 A More Detailed Illustration

2.6 Practical Implications of Accruals Accounting for the Preparation of Final Accounts

Section 3: Form and Content of Profit and Loss Accounts

3.1 The Profit and Loss Account of Trading Businesses

Summary

Review Activity

Recommended Reading

Tutor-marked Question Paper

Qualifications

On completion of your course, you will receive the dual award:

Award 1 is issued by Stonebridge Associated Colleges: Profit and Loss Account (Byte Size) Certificate

Profit and Loss Account (Byte Size) Certificate issued by Stonebridge Associated Colleges, to view a sample of the college’s award, please click here.

Award 2 is issued by our Awarding Body: Level 1 Profit and Loss Account (Byte Size) Award

At the end of this course successful learners will also receive a Level 1 NCFE Award Certificate of Achievement. Our course has been accredited under our NCFE IIQ Licence and the course measurable learning outcomes have been benchmarked at Level 1 (using Ofqual’s Qualification and Credit Framework (QCF) level descriptors) to allow you to consider the depth of study, difficulty, and level of achievement involved.

This award has been designed by Stonebridge Associated Colleges to meet specific learners' or employers' requirements. Accreditation by NCFE is a guarantee of quality. It means that this learning programme has been scrutinised and approved by an independent panel of experienced educational professionals and is quality audited biannually by NCFE.

To view a sample of the NCFE Certificate of Achievement, please click here.

To view a sample of the NCFE Candidate Unit Summary, please click here.

What is NCFE

NCFE is the UK's longest established awarding body, recognised as a highly professional and responsive organisation, committed to maintaining excellent customer service and a friendly approach.

NCFE is recognised as an awarding body by the qualification regulators ('regulators') for England, Wales and Northern Ireland. The regulators are the Office of the Qualifications and Examinations Regulator (Ofqual) in England, the Department for Children, Education, Lifelong Learning and Skills (DCELLS) in Wales and the Council for Curriculum, Examinations and Assessment (CCEA) in Northern Ireland.

Accreditation by NCFE is a guarantee of quality. It means that the college has been inspected and approved by an independent and experienced education professional and is quality audited biannually by NCFE. The centre delivering the programmes has been licensed by NCFE on the basis of its own quality systems. At the end of an accredited course, successful learners will also receive an NCFE Award certificate of achievement.

For more information on this award, click here

Requirements for Entry

There is no experience or previous qualifications required for enrolment on this course. It is available to all students, of all academic backgrounds.

Study Options

In order to offer our students the most convenient and flexible distance learning courses, Stonebridge Associated College offers you the option to study for your course via two methods:

  • 1. Via the traditional paper-based method.
  • 2. Through the online method via ElearnUK.

If you do not have Internet access, or would prefer to study this course via the traditional paper/postal based study method, you can find more information on the course by clicking on the link below.

Stonebridge Prices

Studying by Post. If you would like to pay by instalments, we do offer an affordable interest free payment plan scheme which allows you to spread the cost of your course over a number of months. However, to use this option you will need to study for your course using the traditional paper-based method. For more information on our payment plans please visit our website at www.stonebridge.uk.com

The reason why the course fee is less if you choose to study online, is because with online study there are no costs associated with postage and printing etc. and thus we are able to offer the course at a reduced rate.

The total amount payable over the term's period, is no more than the total cash price of the course.
(APR = 0%). Written quotations are available on request.

Study Hours

This is only an approximate figure and is dependant upon how much time you can dedicate to your studies and how well you grasp the learning concepts in the course material. Furthermore, at the end of each lesson there is a question paper that needs to be completed and returned to your tutor. You should allow at least 1 - 2 hours of study to complete each question paper.

The approximate amount of time required to complete the course is: 20 hrs.

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There are no frequently asked questions yet. If you have any more questions or need help, contact our customer service.