Unit 11 - Drafting Financial Statements relevance to skills tests

Beth

Hi,

I am taking the Unit 6 Evaluating Costs and Revenues exam in June (Advanced Certificate level) and was considering taking Unit 11 - DFS too, although I have not yet finished the skills tests for the advanced certificate level.

I was wondering whether the skills learnt in units 31 (Accounting Work Skills) and unit 15 (Operating Cash Management and Credit Control) are necessary (or even just very useful) for me to successfully complete unit 11.

Would anyone who has completed unit 11 (or even in the process of studying for it) be able to give me some advice!

Thank you

Richard

Unit 11 is more closely linked to Unit 5, than the units you have mentioned.

You need to be confident with your knowledge of double-entry, p&l accounts and balance sheets, as DFS moves on from preparation of accounts for sole traders/partnerships, and deals with limited company accounts and all of the accounting standards that apply.

You will probably find more of an overlap with units 6 and 15 with unit 33 (Management Accounting) if you are doing the Diploma route.