20 credits at level HE5
The aims of this module are:
• To enable students to build upon the knowledge and understanding achieved in financial accounting fundamentals by introducing more advanced accounting practices over a range of topics.
• To develop the students’ ability to construct, use and interpret financial statements.
Partnerships - changes, conversion to companies, dissolution.
Introduction to regulatory framework.
Preparation of final accounts of companies in accordance with current regulations.
Cash flow reporting.
The use and interpretation of financial statements.
Lectures will be used for the formal dissemination of underpinning knowledge.
Seminars/tutorials will be held to allow students to participate in practical work and collaborative discussion.
The module is assessed by way of assignment and examination.The subject matter of the assignment will be such as to enable the learner to undertake research and to make a critical assessment of aspects included. Questions in the examination will include an element of assessment and/or interpretation.
Directed Reading 38
Preparation for Seminars/Tutorials 40
Coursework assignment 20
Examination Preparation 60
Total 200 hours
when you have successfully completed this module you will:
to demonstrate that you have achieved the learning outcome you will:
|1.||Be able to Interpret data required for preparation of financial statements.
||Demonstrate the ability to prepare financial statements.|
|2.||Be able to make necessary accounting entries to account for changing situations.
||Account for changes in partnerships, and conversion of partnerships to Limited Companies.|
|3.||Be able to use and interpret financial statements within the reporting.||
Interpret financial statements and comment on findings.
|4.||Understand the relevance of accounting concepts and theories in relation to the topics covered.||
Explain and assess the concepts and theories in relation to topics covered.
|5.||Understand the need for a regulatory framework||
Assess the need for a regulatory framework, and evaluate the progress being made by the standard setting bodies.
|6.||Construct/adjust accounts and financial statements in accordance with regulations.||
Draw up financial statements in accordance with regulations.
|7.||Present a word processed essay.
||Use a word processing package to achieve an acceptable standard of presentation.|
|8.||Make use of a variety of sources of information.
Communicate information in a comprehensible manner.
Provide evidence of effective uses of sources of information.
Communicate in a way which is comprehensible to others.
Your achievement of the learning outcomes for this module will be tested as follows:
|Description||2,500 word essay||3 hour closed book|
Before taking this module you must have successfully completed the following:
No restrictions apply.
Current editions of:
ASB “Accounting Standards and Guidance for Members”
Blake J, V Lunt “Accounting Standards”, Prentice Hall
Lewis R, Pendrill D, “Advanced Financial Accounting”, Pitman
Dearing Report “The Making of Accounting Standards” CCAB 1988
Elliott B, Elliott J, “Financial Accounting and Reporting”, Prentice Hall
“Statement of Principles for Financial Reporting” ASB 1999
Wood F, “Business Accounting 1 and 2”, Pitman
Appropriate articles in relevant accounting publications such as ‘Accountancy’, ‘Accountancy Age’, Accounting, Organisations and Society, British Accounting Review.
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