Financial Accounting 2

Key information

Start date
End date
Year of study
Year 2
Duration
Term 2
Module code
151030033
FHEQ Level
5
Credits
15
Department
School of Finance and Management

Module overview

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

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