Learning outcomes

• describe and explain the conventions which underpin financial accounting
• describe, compare and contrast the different forms of UK business organisations
• explain, apply and illustrate and rules by which assets, liabilities, income and expense are determined for insertion into financial accounts
• describe and evaluate the financial recording procedures followed by organisations
• interpret a trial balance and thence prepare a set of accounting statements
• prepare partnership accounts
• describe, explain, apply, interpret and criticise the common simple methods of financial statement analysis
• use accounting computer software to record business transactions

Brief description

Objectives

The module also aims to assist the development of a variety of personal transferable skills by encouraging students to:

• identify and distil key features covered by lectures, tutorials and recommended readings
• develop basic information accessing and research skills; discriminate between relevant and irrelevant information for the purposes of decision making; analyse data, apply judgement and solve problems
• communicate effectively both orally and in writing; participate actively in tutorials either by leading discussions or responding to issues raised; and work under pressure and meet deadlines

Outline syllabus

• context and purposes of financial reporting in the UK
• regulatory framework and standars for financial reporting
• accounting concepts, policies and treatments
• recording business transactions
• preparation of financial staments (profit and loss account, balance sheet and cash flow statement)
• interpretation and analyis of financial statements
• use of accounting software

Reading Lists