Overview

This standard is about collecting and recording information for preparing accounts and maintaining effective records on a production. It involves identifying the types of information required, recording it, making calculations, adjustments and maintaining records. Income is usually in the form of funds into the company’s bank accounts that have been secured prior to the production beginning, they do not relate to sales.

 

Performance Criteria

You must be able to:

  1. record all production expenditure and correctly code all transactions
  2. confirm that expenditure is allocated to the correct cost accounts
  3. maintain a list of assets according to the protocols established for the production
  4. identify discrepancies between assets and lists of assets and either resolve the discrepancy or escalate to the designated person
  5. collate information for the preparation of final accounts
  6. prepare accounts and reconciliations to allow for preparation of final accounts
  7. identify production information and record it correctly
  8. assess business transactions in line with production requirements
  9. identify discrepancies and unusual transactions and either resolve or refer them to the designated person
  10. prepare the trial balance and, where necessary, open and reconcile a suspense account
  11. comply with the production’s policies, regulations, procedures and timescales in relation to preparing extended trial balances
  12. enter totals from the general ledger or other records on the extended trial balance
  13. identify and trace errors disclosed by the trial balance and refer them to the appropriate authority
  14. enter adjustments not dealt with in the ledger accounts correctly on the extended trial balance
  15. ensure that the extended trial balance is accurately extended and totalled
  16. comply with the production’s organisation’s policies, regulations, procedures and timescales relating to final accounts
  17. prepare the final accounts for the production audit

 

Knowledge Criteria

You need to know and understand:

  1. how to allocate expenditure to the correct control accounts
  2. the process to set up and maintain asset lists including items owned by the production and items leased/hired by the production
  3. the funding the production receives
  4. sources of information such as ledgers, bank reconciliations and creditors reconciliations
  5. how to deal with accruals and prepayments
  6. how to identify and correct different types of errors
  7. the process to make adjustments for including accruals and pre-payments
  8. principles of double entry accounting
  9. what constitutes capital expenditure and the distinction between capital and revenue expenditure
  10. function and form of a trial balance, suspense accounts, cost reports and known accruals to present to the company accountant
  11. the ways in which the accounting systems of a production are affected by its organisational structure, its administrative systems and procedures and the nature of its business transactions
  12. how to produce final accounts for the production audit