Financial Accounting 2

Description

The objective of FA2 is to build upon material introduced in first year in order to develop students' technical skills in financial statement preparation. Students will gain an appreciation of the regulatory framework for financial reporting. They will examine the usefulness of financial statement information, by looking at the form and content of accounts produced by public limited companies. Students will explore how to account for basic transactions through the implementation of current accounting standards and apply their knowledge in both the manual and the computerised environment, the latter through the SAGE accounting package. Format, content and preparation of key financial statements with public limited companies the main focus. Introduction to the regulatory and conceptual framework for external financial reporting. Knowledge and understanding of the content, purpose and limitation of financial reporting standards relating to key financial statement elements.