To ensure that students comprehend the basic concepts of bookkeeping in particular trial balance, profit & loss accounts and balance sheets in order to:
Accounting systems and structures to report to management, shareholders and to comply with statutory requirements and the financial data required to satisfy these needs.
The business entity; distinction between the business and its owners; money as a measurement medium and unit of account. Conventions including going concern, accruals, consistency, prudence and recommended practices
Statutory requirements concerning preparation of Annual Report and Accounts; preparation of Trading Account, Trial Balance, Profit & Loss Account, Balance Sheet, Cash Flow Statement.
Annual accounts; financial press; ratio analysis; inter-company comparison.
Preparation of Trading Account, Profit & Loss Account, Balance Sheet.
Need for budgetary control; preparation of budgets; using budgets for forecasting, forward planning; cost behaviour – variable, mixed, fixed; variance analysis.
Preparation of Cash Flow Statements and Working Capital Requirements; debtor analysis; credit control; taking/Giving credit; factoring.
Appraisal methods; depreciation and replacement of assets; return on capital employed.
Methods including borrowing, leasing, retaining funds, sale & leaseback, financial institution loans, stock exchanges.
On/Off hire statements; port disbursement accounts; voyage estimates and port-voyage audit; foreign currency transactions. The role of the computer in accounting.
