Financial Accounting 2
- Module Code:
- 151030033
- Credits:
- 15
- FHEQ Level:
- 5
- Year of study:
- Year 2
- Taught in:
- Term 1
This module extends in a substantial way the knowledge gained in the 151030001 Introduction to Accounting module taken by students in the Year 1. The topics covered aim to provide students with a solid background in financial accounting and to prepare them adequately for further studies in accounting, such as ACCA, CPA, and CIMA professional qualifications. The module also emphasises practical applications and demonstration of various international accounting standards.
Objectives and learning outcomes of the module
On successful completion of this module a student will be able to:
- Correct errors in accounts including those that have no effects on the trial balance
- Prepare the consolidated final accounts including income statement, statement of financial position and cash flow statement
- Prepare accounts relevant to a partnership business
- Account for foreign currency transactions
- Translate financial accounts using the functional currency of the reporting entity
- Prepare relevant accounts relating to long-term contracts
- Account for hire purchase and lease agreements
Method of assessment
This module is assessed by:
- 10% by multiple choice test
- 20% by essay
- 70% by one two hour examination
Suggested reading
TBC