| Module Identifier |
AC11020 |
| Module Title |
FINANCIAL ACCOUNTING FOR SPECIALISTS |
| Academic Year |
2001/2002 |
| Co-ordinator |
Ms Megan Williams |
| Semester |
Semester 1 |
| Mutually Exclusive |
AC10120 |
| Course delivery |
Lecture | 18 Hours |
| |
Tutorial | 6 Hours |
| |
Practical | 4 x CAL (Computer Assisted Learning) sessions |
| Assessment |
Course work | plus a mid-semester test | 30% |
| |
Exam | 3 Hours | 70% |
Brief description
This module provides a thorough grounding in the context, purposes and practices of financial reporting, and an intorduction to the interpretation of financial accounts.
Objectives
This module aims to give students a thorough grasp of the basics of financial reporting (context, purposes, regulatory framework) and build towards a proficiency in the recording of business transactions, and the preparation and interpretation of the primary financial statements (profit and loss account, balance sheet and cash flow statement). It also aims to build proficiency in the use of accounting computer software.
The module also aims to assist the development of a variety of personal transferable skills by encouraging students to:
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identify and distil key features covered by lectures, tutorials and recommended readings
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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
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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
Learning outcomes
Having followed this module a student should be able to:
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describe and explain the conventions which underpin financial accounting
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describe, compare and contrast the different forms of UK business organisations
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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
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interpret a trial balance and thence prepare a set of accounting statements
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prepare partnership accounts
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describe, explain, apply, interpret and criticise the common simple methods of financial statement analysis
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use accounting computer software to record business transactions
Outline syllabus
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context and purposes of financial reporting in the UK
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regulatory framework and standars for financial reporting
-
accounting concepts, policies and treatments
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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
Books
Bebbington, J., Gray, R. and Laughlin, R.. (2001)
Financial Accounting Practice and Principles. Thomson Learning
Glautier, M.W.E. and Underdown, B.. (2001)
Accounting Theory and Practice. Prentice Hall
Weetman, P.. (1999)
Financial Accounting: An Introduction. 2nd edition. Prentice Hall
Arnold, J., Hope, T., Southworth, A. and Kirkham, L.. (1994)
Financial Accounting. 2nd edition. Prentice Hall
** Supplementary Text
Parker, R.H.. (1999)
Understanding Company Financial Statements. Penguin
Attrill, P. & McLaney, E.. (2001)
Accounting and Finance for Non-Specialists. Prentice Hall