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Level 5 Diploma in Accounting and Business

Principles and Preparation of Control Accounts

AB504 · Financial Reporting — Week 4 of 16

CourseAB504
Week4 of 16
SemesterII
TutorOnline in the course chat

This week’s topics

Principles and Preparation of Control Accounts

  1. Purpose of ledger control
  2. Sales and purchase ledger control accounts
  3. Entries and balance reconciliations
  4. Control Accounts part 1 - ACCA Financial Accounting (FA) Lectures
  5. Control Accounts (part c) - ACCA Financial Accounting (FA) lectures

What you will be able to do

  • 2.1 Explain the purpose and functions of control accounts.
  • 2.2 Prepare control accounts from given data.

Activity

Start with this week’s 2 videos, then: Seminar, guided reading and a short written task: explain the purpose and functions of control accounts.

Study materials

Videos

  • Control Accounts part 1 - ACCA Financial Accounting (FA) Lectures · YouTube · OpenTuition · 26 min · for registered students
  • Control Accounts (part c) - ACCA Financial Accounting (FA) lectures · YouTube · OpenTuition · 16 min · for registered students

Further resources

  • Principles of Accounting Vol. 1, ch. 7.3–7.4: Subsidiary ledgers and control accounts · PDF · OpenStax, textbook chapter; pp. 431–446 · for registered students
Materials marked “for registered students” open in the student portal, which is set up as soon as you receive final acceptance.
Week 3Week 5
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Admitted students ask questions on this week’s page in the student portal: an AI assistant trained on the course answers first, and during the course’s timetabled classes Connect to your tutor brings your tutor into the chat, who may start a call if needed.

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Course plan
  • Week 1: Financial Reporting Frameworks
  • Week 2: Budgeting Approaches and Strategy
  • Week 3: Variance Analysis and Budget Monitoring
  • Week 4: Principles and Preparation of Control Accounts
  • Week 5: Control Account Analysis and Internal Reporting
  • Week 6: Traditional Investment Appraisal
  • Week 7: Discounted Cash Flow and Investment Reporting
  • Midterm: Midterm evaluation
  • Week 9: Financial Analysis: Profitability and Liquidity
  • Week 10: Financial Analysis: Efficiency and Solvency
  • Week 11: Communicating Financial Information
  • Week 12: Applying Financial Reporting in practice: case studies
  • Week 13: Assignment workshop: research, planning and referencing
  • Week 14: Assignment workshop: drafting, feedback and improvement
  • Week 15: Review and coursework completion
  • Final: Final assessment and submission
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