Main Aim(s) of the Unit:

The aim of this unit is to broaden students understanding of different accounts and to develop their ability to interpret accounts and report information in line with accepted accounting practices.

Main Topics of Study:

Special Accounts

• Joint Ventures
• Bills of Exchange
• Consignment Accounts
• Branch Accounts
• Hire Purchase Accounts
• Partnership Dissolution
• The Issue of Shares
• Contract Accounts

Company Accounts

• Taxation in Accounts
• Published Accounts – Profit & Loss; Balance Sheet; Accompanying Notes / Cash Flow Statements

Regulatory Framework

• Introduction
• The ASB / SSAPs and FRSs

Interpretation of Financial Statements

• Accounting Ratios

Group Accounts

• Introduction
• Inter-Company Dealings – Indebtedness & Unrealised Profits in Stock
• Consolidated Balance Sheet
• Consolidated Profit & Loss
• Associated companies

Issues in Financial Reporting

• Alternatives to Historic Cost Accounting
• Social Accounting
• Accounting as an Information System
  

Learning Outcomes for the Unit

At the end of this Unit, students will be able to:

1. Distinguish between a range of accounts and their applications
2. Understand and apply a variety of accounting ratios
3. Demonstrate awareness and understanding of regulatory frameworks at play
4. Explain and apply different forms of financial reporting

Learning and teaching  methods/strategies used to enable the achievement of learning outcomes:

Learning takes place on a number of levels through lectures, class discussion including problem review and analysis.  Formal lectures provide a foundation of information on which the student builds through directed learning and self managed learning outside of the class.  The students are actively encouraged to form study groups to discuss course material which fosters a greater depth learning experience.

Assessment methods which enable student to demonstrate the learning outcomes for the Unit:

Examination: 3 hours duration

Indicative Reading for this Unit:

Main Text:
Frank Wood’s Business Accounting 2 – Wood & Sangster (Pitman)

Alternative Texts and Further Reading:
Financial Accounting – A R Jennings (DP Publications)
Spicer & Pegler’s Bookkeeping & Accounts – P Gee (Butterworth)
Accounting & Financial Reporting Standards – Geoff Black (DP Publications)

Guideline for Teaching and Learning Time (10 hrs per credit)

50 hours Lectures / Seminars / Tutorials / Workshops:
Tutorial support includes feedback on assignments and may vary by college according to local needs and wishes.

50 hours Directed learning:
Advance reading and preparation / Class preparation / Background reading / Group study / Portfolio / Diary etc

100 hours Self managed learning:
Working through the course text and completing assignments as required will take up the bulk of the learning time.  In addition students are expected to engage with the tutor and other students and to undertake further reading using the web and/or libraries.