Summary of Mandatory Units

Summary of Mandatory Units

HNC Accounting

Summary of Mandatory Units

Unit / Outcome / Summary of Outcome Requirements / Assessment Conditions / Statement of Standards
(tolerance of maximum number of errors) / Time Guideline
RFI / 1 / Books of original entry / Closed book supervised / 3 arithmetic
2 errors of principle / 1 hour
2 / Double entry and trial balance / Closed book supervised / 3 arithmetic
4 errors of principle / 1 hour
3 / VAT Return / Open book supervised / 3 arithmetic
2 errors of principle / 1 hour
4 / Control mechanisms – bank reconciliation; errors and suspense / Open book supervised / 3 arithmetic
2 errors of principle / 1 hour
UFAS / 1 / Set up and amend records / Open book supervised / 1 error / ½ hour
2 / Process financial transactions / Open book supervised / 4 errors / 1½ hours
3 / Year-end adjustments and final accounts / Open book supervised / 1 error / ½ hour
4 / Reports / Open book supervised / No tolerance / ½ hour
PFA / 1 / Final accounts for limited company or manufacturing partnership / Supervised conditions with access restricted to a pro forma layout for relevant set of final accounts only / 3 arithmetic
3 errors of principle / 1½ hours
2 / Final accounts for sole trader from incomplete records / Supervised conditions with access restricted to a pro forma layout for final accounts only / 2 arithmetic
2 errors of principle / 1 hour
3 / Cash flow statement / Open book supervised / 2 arithmetic
1 error of principle / 1 hour
4 / Analysis using accounting ratios / Open book supervised / 2 arithmetic
1 error of principle / 2 hours
COST / 1 / Material costs / Supervised conditions with access restricted to pro-forma documentation and formulae only / 3 arithmetic / 1½ hours
2 / Labour costs / Supervised conditions with access restricted to pro-forma documentation only / 3 arithmetic
2 errors of principle / 2 hours
3 / Overhead costs / Supervised conditions with access restricted to pro-forma documentation and formulae only / 3 arithmetic
2 errors of principle / 1½ hours
4 / Product costs – coding, job cost statement, service cost statement / Closed book supervised / For Job Cost Statement:
3 arithmetic
2 errors of principle
For Service Cost Statement: 2 arithmetic
1 error of principle / 2 hours
5 / Record transactions in cost accounting system / Open book supervised / 2 arithmetic
1 error of principle / 2 hours
MAUIT / 1 / Budget statements / Functional budgets – supervised conditions
Master budget – supervised with access restricted to functional budget templates only / 4 errors / 1½ hours
2 / Budgetary control report and variance analysis / Supervised conditions with access restricted to blank templates only / 3 errors / 1½ hours
3 / Break-even analysis / Open book supervised / 2 errors / 1½ hours
4 / Profit statements using marginal and absorption costing / Closed book supervised / 4 errors / 2 hours

HND Accounting 2nd Year

Summary of Mandatory Units

Unit / Outcome / Summary of Outcome Requirements / Assessment Conditions / Statement of Standards
(tolerance of maximum number of errors) / Time Guideline
FRA / 1 / Concepts and accounting standards / Open book supervised / 4 errors / 1 hour
2 / Financial statements for a limited company for publication / Supervised conditions with access restricted to a partially completed set of financial statements, including the layout for the profit and loss account and balance sheet, only / 4 arithmetic
6 errors of principle / 1½ hours
3 / Consolidated balance sheet / Closed book supervised / 3 arithmetic
3 errors of principle / 1 hour
4 / Analysis using accounting ratios and long term sources of finance / Open book supervised / 5 errors / 2 hours
AST / 1 / Shares and debentures / Closed book supervised / 4 arithmetic
4 errors of principle / 1½ hours
2 / Leasing and hire purchase / Closed book supervised / 3 arithmetic
3 errors of principle / 1½ hours
3 / Long-term contracts / Supervised conditions with access restricted to formulae for the calculation of interim profits, turnover and cost of sales only / 3 arithmetic errors
3 errors of principle / 1½ hour
BUSTAX / 1 / Income tax legislation
Capital allowances, taxable trading profits, income tax calculation / 1st K&S open book.
Remaining K&S open book supervised / 1st K&S no tolerance
Other K&S:
2 arithmetic
2 errors of principle / 2 combined assessments:
Open book – at home no time stated
Open book supervised assessment – 2 hours
2 / Income tax legislation for selection of complex trading circumstances / Open book supervised / 2 arithmetic
2 errors of principle
3 / Corporation tax legislation and taxable trading profits / Open book supervised / 2 arithmetic
2 errors of principle
4 / Corporation tax legislation for selection of complex trading circumstances / Open book supervised / 2 arithmetic
2 errors of principle
5 / VAT / Open book / No tolerance
MAPC / 1 / Cost statements using absorption costing and activity based costing / Closed book supervised / 4 arithmetic
1 error of principle / 1½ hours
2 / Working capital management / Supervised conditions with access restricted to formulae only / 4 arithmetic
2 errors of principle / 1½ hours
3 / Variance analysis / Supervised conditions with access restricted to formulae only / 5 arithmetic
2 errors of principle / 2 hours
MADM / 1 / Cost and revenue statements / Closed book supervised / 2 arithmetic
1 error of principle / 1 hour
2 / Marginal costing to evaluate options / Closed book supervised / 2 arithmetic
1 error of principle / 1½ hours
3 / Marginal costing for short-run decisions / Closed book supervised / 2 arithmetic
1 error of principle / 1½ hours
4 / Product mix decisions using limiting factor analysis / Open book supervised / 2 arithmetic
1 error of principle / 1½ hours
5 / Capital investment appraisal / Open book supervised / 2 arithmetic
2 errors of principle / 1½ hours