Accounting P2 | November 2020 | Revision – VirtualX MasterClass | Complete Course

Accounting P2 | November 2020 | Revision – VirtualX MasterClass Series

Master Accounting Proficiency: Unlock the essential principles of accounting with “Accounting P2 | November 2020 | Revision – VirtualX MasterClass Series.” This module provides students with crucial techniques for mastering VAT calculations, creditors reconciliation, manufacturing costs, and budgeting strategies. By integrating complex topics with practical applications, this course ensures learners not only comprehend but also apply these foundational concepts effectively in real-world scenarios. This course is your pathway to proficiency in accounting.

Course Highlights:
• VAT Calculation: Learn to calculate VAT amounts based on prices including and excluding VAT.
• Creditors Reconciliation: Understand the importance of comparing business records with supplier statements to ensure accurate balances.
• Manufacturing Costs: Explore the structure of manufacturing industries, including direct material, labor costs, and overheads.
• Budgeting Mastery: Gain insights into advanced budgeting strategies for optimal cash flow management.
• Stock Valuation: Understand the intricacies of the weighted average, FIFO, and specific identification methods.

Course Objectives:
By the end of this module, you will be able to:
• Perform precise VAT calculations that ensure compliance and proper budgeting.
• Reconcile creditors’ accounts accurately by comparing business records with supplier statements.
• Analyze manufacturing costs and prepare detailed production cost statements.
• Develop and implement advanced budgeting strategies for effective financial planning.
• Apply various stock valuation methods to manage inventory effectively.

What You Will Learn:
• VAT Calculations: Techniques to calculate VAT amounts accurately for various pricing scenarios.
• Creditors Reconciliation: Skills to reconcile accounts and ensure accurate financial records.
• Cost Accounting: Methods to analyze and report manufacturing costs and overheads.
• Advanced Budgeting: Strategies to manage budgets and optimize cash flow.
• Stock Valuation Methods: Understanding of weighted average, FIFO, and specific identification methods for inventory management.

Course Outcome:
Students will gain a comprehensive understanding of VAT, creditors reconciliation, manufacturing costs, and budgeting techniques, equipping them with the knowledge to effectively manage and analyze business operations.