• TFAC1007
• Fundamentals of Accounting

This module will give a broad overview of the fundamental components of financial accounting that pertain to businesses incorporating hospitality, tourism and leisure activities. It will focus on the flows of accounting data that lead to the preparation of the final accounts of a sole proprietor operating within the above business contexts, and will prepare the student to undertake Financial Accounting module. The Fundamentals of Accounting module will participate in the Get Smart initiative

To facilitate an appreciation of the fundamental principles of financial accounting within a hospitality, tourism or leisure business environment and to enable the student, through the embedding of key skills, to perform a set of accounting tasks that are relevant to the above business sectors.

Introduction to the accounting environment The balance sheet and accounting for assets, liabilities and capital The profit and loss account (income statement), and accounting for revenues and expenses Balancing accounts and the trial balance Organisation of accounts and the accounting system Final accounts of a sole trader before adjustments Accounting for accruals, prepayments and adjustments Final accounts of a sole trader with adjustments Accounting for value added tax Bank reconciliation statements Accounting for fixed assets and depreciation Review of accounting concepts