ACC2002L Financial & Management Accounting

On completion of the module, students will be able to:

Part 1: Financial Accounting
Describe the role of financial accounting in providing information to a variety of user groups.
Define assets, liabilities and equity.
Explain the accounting equation and describe the statement of financial position (balance sheet).
Explain the accruals principle and describe the income statement (profit and loss account).
Record basic transactions using the double-entry accounting system.
Calculate depreciation and describe the treatment of non-current assets in the accounting system. Record additions and disposals of non-current assets and the depreciation charge.
Describe the treatment of impaired receivables, accruals and prepayments in the accounting system. Record accruals, prepayments, impairments and changes in the allowance for credit losses.
Explain the souorces of finance available to a limited company and their accounting treatment. Record issues of share capital, issues and repayments of loans and dividend payments. Record corporation tax liabilities and payments, and transactions involving VAT and PAYE.
Prepare a trial balanxe, and present the income statement and statement of financial position for a small company under International Financial Reporting Standards (IFRS) regulation.
Analyse a statement of financial position and an income statement. Calculate basic accounting ratios and interpret the ratios in the context of a particular business. Evaluate the profitability, liquidity and gearing of a company.
Prepare and interpret a statement of cash flows.
Identify and discuss accounting aspects of current business news and events.

Part 2 Management Accounting
Understand and appreciate the information eeds of managers, and the role of management accounting information for strategic decision-making, planning and control of operations.
Understand the key concepts, techniques and methods used in management accounting.
Prepare cost information for product/service costing, budgeting and control.
Understand how management accounting information affects behaviour.
Be familiar with recent develppments in management accounting.

Not applicable to this module.

• Group/class feedback, post-assessment

General feedback is provided to students on all their submitted assessment components.