• ## Essential Units for OTHM Level 4 5 6 Diploma in Accounting & Business
• Accounting Principles & Concepts** • •Accounting Cycle: A step-by-step process of recording, classifying, and summarizing financial transactions to provide information for decision-making.
• Double-Entry System: A method of recording financial transactions in two separate accounts: debit and credit.
• Financial Statements: A set of financial documents (balance sheet, income statement, cash flow statement) that provide a snapshot of a company's financial position and performance at a specific point in time.
• Accounting Standards: International and national standards used by companies to ensure transparency and consistency in financial reporting.
• Accounting Ethics: The moral principles and standards that accountants should adhere to, including objectivity, integrity, and confidentiality.
• Financial Accounting** • •Financial Statements: The main component of financial accounting, providing a detailed record of a company's financial position and performance.
• Assets: The resources a company owns, including cash, investments, and property.
• Liabilities: The obligations a company owes to its creditors, such as loans and mortgages.
• Owner's Equity: The residual interest in the company after deducting liabilities.
• Financial Statements: A comprehensive and transparent report used for various purposes, including raising capital, making investment decisions, and assessing the company's financial health.
• Management Accounting** • •Cost Accounting: The process of tracking, analyzing, and allocating costs to products or services to determine their cost.
• Profitability Analysis: A method used to evaluate a company's profitability by calculating its net income and return on investment.
• Internal Control: A system of policies and procedures designed to ensure the accuracy, completeness, and reliability of financial records and reporting.
• Financial Planning: The process of forecasting future financial needs and activities to make informed decisions about resource allocation.
• Financial Reporting: The process of preparing and submitting financial statements to regulatory authorities and shareholders.
• Accounting Software & Technology** • •Introduction to Accounting Software: Software designed to automate and manage accounting tasks, such as data entry, financial reporting, and analysis.
• Accounting Software Features: Different modules within accounting software that handle various aspects of financial management, including accounting, financial planning, and reporting.
• Cloud Accounting: A method of storing and managing accounting data in a remote cloud-based environment, providing accessibility from multiple devices.
• Data Analytics: The process of analyzing and interpreting accounting data to identify trends, patterns, and insights for better decision-making.
• Accounting Software Training: The process of learning and using accounting software to ensure efficient and accurate financial management.

Assessment

The assessment is done via submission of assignment. There are no written exams.