Course Resources Archive

This module develops the understanding of financial accounting introduced in FM103/FM104 and aims to provide a framework within which the concepts, conventions and accounting standards can be evaluated.

Concepts of asset valuation, bookkeeping principles; control accounts and incomplete records; financial structures and published statements of limited companies.

i. Knowledge and Understanding
By the end of the module, students should be able to:
a) Understand and apply appropriate accounting concepts and principles to the preparation of the accounts of a business
b) Compile accounting statements for sole proprietors and limited companies, in accordance with International Financial Reporting Standards
c) Understand and apply the broad principles underpinning the consolidation of group accounts, and be able to prepare a balance sheet for a simple group
d) Evaluate the impact of changes or additions to accounting standards, and discuss some of the areas of controversy inherent in the adoption of IFRSs.
e) Interpret a set of financial statements, including a cashflow statement, and be able to explain the financial impact of a company's changing level of gearing
f) Understand the level of subjectivity present in all financial statements and be able to identify and discuss simple earnings management techniques

ii. Skills
By the end of the module students should have developed skills in:
Application of numerical techniques: Use of basic arithmetic, percentages, ratios.
Problem solving: Mini case studies
Communication and literacy: Essay
Information and communications technology: Computer aided learning packages for teaching and assessment of bookkeeping.
Working with others: Small group activities in tutorials.
Specific vocational skills: This module is vocationally specific in that it introduces students to the work of a financial accounting department within organisations of varying sizes.

Staff/student contact: approximately 20%
Student directed study: approximately 80%

The Library Catalogue contains full details of the current reading list for this module. Further details may also be found in the Module Guide.