Principles of Accounting
6 Credits (ECTS)
Principles of Accounting
Get 70% back via Tax Credit
€280 refund on this module
Module Description
Accounting is the process of tracking and recording a company’s financial transactions. These records provide crucial insights into the business’s performance and financial health. Therefore, maintaining these records accurately and within legal frameworks is of utmost importance.
Adhering to established accounting principles and regulations ensures transparency and helps prevent any irregularities or fraudulent activities. Companies must follow specific structures and guidelines to reflect true and fair financial positions.
Failure to comply with these legal and regulatory requirements can result in serious legal implications, including fines, penalties, and potential reputational damage.
This module emphasizes the significance of proper accounting practices, highlighting the necessity for precision, adherence to legal standards, and the ethical responsibility of accountants to uphold integrity in financial reporting.
By understanding and implementing these principles, companies can ensure their financial records are reliable, transparent, and in compliance with legal obligations, thus safeguarding their operations and fostering trust among stakeholders.
Entry Requirements
Candidates who apply for this course must possess:
- a qualification at MQF Level 4 (one ‘A’ Level or equivalent in any subject)
AND
- a pass in English* and Mathematics at MQF Level 3 (‘O’ Level or equivalent).
Preference is given to applicants having a year of work experience related to the field of study.
*Students whose first language is not English will be required to demonstrate evidence of an adequate level of English proficiency.
Target Audience
This course is targeted at people who wish to have a thorough background in management in order to progress further in their careers, such as:
- Supervisors
- Coordinators
- Assistant Managers
- Junior Managers
- Middle Managers
- Project Coordinators/ Project Managers
The target group can also be extended to groups that have significant management experience but lack a formal qualification, such as managing directors and officers.
Career Paths
The programme aims to help you progress from first–level supervisory positions to higher managerial roles such as:
- Manager
- Senior Manager
- Head of Department
- Director etc. of any organisation both in the private and public sector.
How you’ll be assessed
The course comprises:
- Evening classes for part-time courses.
- Classes held throughout the day for full-time courses.
- Guided learning, presentations, comprising synchronous online discussions, tutorials and/or videos.
- Self-study hours comprising research, reading and assignment work.
Assessment
Assessment is carried out via two mandatory components:
- Modular Assessment
- Summative Assessment
The programme includes different forms of assessment which allow for and promote students’ critical engagement. The formative and summative assessment tasks may include an in-class assignment and/or a home-based written assignment using diverse assessment tools which may take the form of online and in-class discussions, examinations, case studies, reports, proposals, essays, and presentations, etc., as applicable to the diverse modules.
Additional Info
Upon successful completion of this course, students will be eligible for a 70% refund of the cost through the ‘Get Qualified’ scheme.**
Due to the modular structure of the course, you may also opt to take individual modules as stand-alone. The entry requirements still apply.***
*Prices are applicable to students who reside in Malta at the time of applying.
Learning Outcomes
Competences:
At the end of the module/unit the learner will have acquired the responsibility and autonomy to:
- Follow accepted accounting principles in the preparation of company statements.
- Be responsible to standardise, regulate accounting definitions and methods applied by own company.
- Measure the economic activity of own company and identify its place in the market.
- Collect data that show the financial activities of own business for audit purposes.
- Ensure that the company’s accounting policies are listed in the financial statements.
- Ensure that accounting information provide is always reliable, objective and can be easily verified.
Knowledge:
At the end of the module/unit the learner will have been exposed to the following:
- Accounting Cycles.
- Current Assets.
- Investments.
- Liability and Employer Obligations.
- Financial Information.
- Budgeting.
- Decisions.
- Rules and Concepts of Accounting.
- Financial Accounting Standards Board.
- Balance Sheets.
- Economic Activity.
- P& L.
- Accounting standards.
- Cash-flows.
Skills:
At the end of the module/unit the learner will have acquired the following skills:
- Apply the accounting cycles in own company.
- Follow the basic accounting principles and guidelines set by the financial accounting standards board.
- Use the accrual basis of accounting for own company accounts.
- Create a balance sheet showing the company’s accounts according to guidelines and standards.
- Prepare the company’s financial statements using the correct method and presentation.
- Create databases to store relevant financial information in case of audits.
Judgment Skills and Critical Abilities:
The learner will be able to:
- Estimate the income that the company will make in given periods.
- Check the value of the company’s assets.
- Measure the future economic benefit of own company.
- Identify the revenues of the product or services that have been sold.
Module-Specific Digital Skills and Competences:
The learner will be able to:
- Navigate through the online learning platform to benefit from assignments, discussion boards, literature, tutorials etc.