To ensure that students comprehend the basic concepts of bookkeeping in particular trial balance, profit & loss accounts and balance sheets in order to:

• Understand the accounts of companies in the shipping business.
• Communicate intelligently with professional accountants on matters of management accounts, statutory accounts and methods of financing.

• See our recommended book list
• Click here for the exam timetable
• Most recent past paper and examiners report

This course will not be available online. We are able to provide the hard copy of the text book however…

ACCOUNTING SYSTEMS AND STRUCTURE

Accounting systems and structures to report to management, shareholders and to comply with statutory requirements and the financial data required to satisfy these needs.

CONCEPTS AND CONVENTIONS

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

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

FINANCIAL REPORTS

Statutory requirements concerning preparation of Annual Report and Accounts; preparation of Trading Account, Trial Balance, Profit & Loss Account, Balance Sheet, Cash Flow Statement.

INTERPRETATION OF FINANCIAL INFORMATION

Annual accounts; financial press; ratio analysis; inter-company comparison.

MANAGEMENT ACCOUNTS BUDGETING AND FORECASTING

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.

CASH FLOW MANAGEMENT

Preparation of Cash Flow Statements and Working Capital Requirements; debtor analysis; credit control; taking/Giving credit; factoring.

INVESTMENT APPRAISAL

Appraisal methods; depreciation and replacement of assets; return on capital employed.

FINANCING

Methods including borrowing, leasing, retaining funds, sale & leaseback, financial institution loans, stock exchanges.

SHIPPING ACCOUNTS FREIGHT AND HIRE COLLECTIONS

On/Off hire statements; port disbursement accounts; voyage estimates and port-voyage audit; foreign currency transactions.
The role of the computer in accounting.