This week’s topics
Introduction to Business Records and Accounting
- Reasons for keeping financial records
- Purpose of accounting for internal and external stakeholders
- Accounting frameworks and legal requirements for sole traders, partnerships, and limited companies
- Key Concepts on Financial and Management Accounting
- Limited Company or Sole Trader / Partnership
- Webinar: Choosing the right legal structure for your business
- Running a small business
What you will be able to do
- 1.1 Explain why a business would keep financial records.
- 1.2 Explain the purpose of business accounting.
- 1.3 Explain the accounting requirements of different types of business.
Activity
Start with this week’s 4 videos, then: Seminar, guided reading and a short written task: explain why a business would keep financial records.
Study materials
Videos
- Key Concepts on Financial and Management Accounting · YouTube · Galton College · 10 min · for registered students
- Limited Company or Sole Trader / Partnership · YouTube · Merit Accountants · 11 min · for registered students
- Webinar: Choosing the right legal structure for your business · YouTube · Companies House · 31 min · for registered students
- Running a small business · Oak National Academy, Key Stage 3 (lower secondary level) · for registered students
Further resources
- Choose a legal structure for a new business (GOV.UK) · Reading · GOV.UK, guidance · for registered students
- Principles of Accounting Vol. 1, ch. 1.2: Users of accounting information · PDF · OpenStax, textbook chapter; pp. 14–16 · for registered students
- Financial Accounting, ch. 1: Why Is Financial Accounting Important? · PDF · Saylor Academy, textbook chapter; pp. 6–30 · for registered students
Materials marked “for registered students” open in the student portal, which is set up as soon as you receive final acceptance.
