Recording Financial Transactions (SQA HN Unit F847 33)

This Unit is designed to enable you to develop book-keeping skills. It covers book-keeping and the UK VAT scheme. It will enable you to understand the basic principles of double entry book-keeping by introducing you to the books of original entry. You will then carry out double entry by posting transactions to the ledger accounts for assets, liabilities, income and expenses and use balances from these to prepare a trial balance.

The Unit will also help you understand the principles of the UK VAT scheme and how to complete a basic VAT Return Form.

Each of the above areas is the subject of a separate Outcome:

1. Record business transactions in the books of original entry of a sole trader.
2. Post business transactions to ledger accounts using the principles of double entry book-keeping and prepare a trial balance.
3. Complete a VAT Return.

Credit points and level: 1 HN credit at SCQF level 6: (8 SCQF credit points at SCQF level 6)

For further information on this course, please visit the SQA website.

HOW WILL I BE ASSESSED?

This Unit is assessed through three separate assessments.

In order to complete this Unit successfully, you will be required to achieve a satisfactory level of performance in all assessed work.

ENTRY REQUIREMENTS

Candidates would normally be expected to be competent in numeracy and communication at SCQF level 5 or have similar qualifications or experience.