This module has been created to provide students with a comprehensive understanding of how financial statements are prepared to represent the profitability, liquidity and value of a business. The key educational objective of this course is therefore to allow students to full comprehend how the financial statements disclose the performance and position of a business.
On the completion of this module, students will be able to -Understand the key principles underlying financial accounting with an emphasis on understanding, interpreting and using accounting information.-Critically assess the problems and challenges of preparing financial accounts.-Understand the role of accounting information in business organisations and the key information needs of different stakeholder groups.-Prepare a balance sheet, income statement and cash flow statement.-Understand the uses and limitation of the information in financial statements.-Employ simple ratio analysis to analyse and interpret accounting information.
Financial statements are prepared to represent the profitability and value of a business and as a consequence provide vital information to owners, managers and other stakeholders about the financial performance and position of a business. The module is therefore designed to support students in understanding how the financial statements identify, measure and communicate information to permit informed judgments and support a wide range of business decisions.
By the end of the module, students will have developed the skills and knowledge needed to record business transactions, make adjustments and prepare a set of final accounts for a business entity.
The nature of the course is practical and applied. The aim will be to apply the techniques and principles of accounting that are learned to different cases in the realm of business operations. The course is taught through a seminar that demonstrate and apply the accounting concepts and their applications to accounting practice. Classroom techniques used will include interactive teaching, group discussions and lectures to provide explanations and enhanced understanding.
No prior knowledge of accounting is assumed.