HNC Accounting New Framework

HNC Accounting Units Recording Financial Information (RFI) Preparing Final Accounts (PFA) Cost Accounting MAUIT

Recording Financial Information DE5D 34 F7JV 34 1 Record business transactions into a double entry book-keeping system, extract a trial balance and prepare a VAT return. 1 Record financial transactions in books of original entry 2 Record financial transactions in a double entry book-keeping system and extract a trial balance 3 Complete a VAT Return 2 Incorporate control mechanisms into the book-keeping system. 4 Incorporate control mechanisms into a book-keeping system

RFI Outcome 1 separated into 3 Books of Original Entry Ledgers and Trial Balance VAT Return One month only To separate or not to separate Outcome 1 Control Accounts removed from Outcome 4 (2) Time issue

Delivery Schedule Phase 1 Phase 2 Phase 3 RFI Graded Unit 1 PFA Cost Accounting MAUIT

Preparing Final Accounts DE5C 34 F7JT 34 1. prepare final accounts for a partnership and a limited company (for internal use) trading as either a trader or manufacturer 1 Prepare final accounts for business organisations 2. prepare final accounts for a sole trader from incomplete records. 2 Prepare final accounts, for a sole trader, from incomplete records 3. prepare a cash flow statement for a limited company. 3 Prepare a cash flow statement for a limited company 4. analyse the final accounts of a limited company using appropriate accounting ratios. 4 Analyse the final accounts of a limited company using accounting ratios

PFA No change in content Outcomes 3 and 4 can be combined

Cost Accounting DE5F 34 F7JR 34 1. Classify and code costs. 2. Account for and evaluate the effect on profit of material costs 1 Account for material costs 3. Account for labour costs. 2 Account for labour costs 4. Account for overhead costs in a traditional costing system 3 Apportion and allocate overhead costs 5. Determine product costs from various accounting methods 4 Account for product costs (includes coding) 6. Record transactions in a cost accounting system 5 Record transactions in a cost accounting system

Cost Accounting Removal of coding as a distinct Outcome Now included as part of Outcome 4 Coding list included ‘more deliverable’

MAUIT DE9G 34 F7JS 34 1. Prepare a master budget. 1 Prepare budget statements 2. Prepare a basic budgetary control report and a variance analysis. 2 Prepare a basic budgetary control report and a variance analysis 3. Use break-even analysis to show the effect on profits of changing prices. 3 Use break-even analysis for decision making 4. Prepare marginal and absorption costing statements and compare both methods. 4 Prepare profit statements using marginal and absorption costing methods

MAUIT Exemplar 110 pages Inclusion of xl sheets Useful for lecturers delivering for first time Assessment not changed Error tolerance harder for students than 70% pass mark

Error Tolerance Number of tolerated error given for each Outcome Remediation or Re-sit? Remediation if just over threshold Re-sit ‘rule of thumb’ if more than double the threshold limit!