Principles of accounting - NTSLibrary
Principles of accounting
J. Ireland
2790025
2005
Undergraduate study in
Economics, Management,
Finance and the Social Sciences
This guide was prepared for the University of London External Programme by:
Jennifer Ireland, Department of Accounting and Finance, London School of Economics
and Political Science.
This is one of a series of subject guides published by the University. We regret that due
to pressure of work the author is unable to enter into any correspondence relating to,
or arising from, the guide. If you have any comments on this subject guide, favourable
or unfavourable, please use the form at the back of this guide.
This subject guide is for the use of University of London External students registered for
programmes in the fields of Economics, Management, Finance and the Social Sciences
(as applicable). The programmes currently available in these subject areas are:
Access route
Diploma in Economics
BSc Accounting and Finance
BSc Accounting with Law/Law with Accounting
BSc Banking and Finance
BSc Business
BSc Development and Economics
BSc Economics
BSc (Economics) in Geography, Politics and International Relations, and Sociology
BSc Economics and Management
BSc Information Systems and Management
BSc Management
BSc Management with Law/Law with Management
BSc Mathematics and Economics
BSc Politics and International Relations
BSc Sociology.
The External Programme
Publications Office
University of London
34 Tavistock Square
London WC1H 9EZ
United Kingdom
Web site: londonexternal.ac.uk
Published by: University of London Press
? University of London 2005
Printed by: Central Printing Service, University of London, England
Contents
Contents
Introduction
The study of accounting
Aims of the unit
Learning outcomes
Reading
Structure of the subject guide
How to use the subject guide
Examination advice
List of abbreviations used in this subject guide
Chapter 1: Accounting in context
Aims and learning objectives
Essential reading
Further reading
Introduction
What is accounting?
Accounting theory and practice
Accounting information and its uses
Financial accounting
Management accounting
Summary
Sample examination question
Chapter 2: Fundamentals of financial accounting
Aims and learning objectives
Essential reading
Further reading
Introduction
An introduction to the financial statements
Accounting concepts, bases and policies
Summary
Sample examination question
Chapter 3: Data processing
Aims and learning objectives
Essential reading
Further reading
Introduction
One transaction: two effects
Recording transactions: books of prime entry
Getting it right: internal control
Double-entry bookkeeping
Trial balance
Summary
Sample examination question
Chapter 4: Preparing financial statements 1
Aims and learning objectives
Essential reading
Further reading
Introduction
Inventory, purchases and sales
Accruals and prepayments
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i
Principles of accounting
Bad and doubtful debts
Depreciation of fixed assets
Disposal of fixed assets
Summary
Examination questions
Chapter 5: Preparing financial statements 2
Aims and learning objectives
Essential reading
Introduction
Preparing the balance sheet and profit and loss account
Incomplete information
A note on suspense accounts
Summary
Sample examination question
Chapter 6: Preparing financial statements 3
Aims and learning objectives
Essential reading
Further reading
Introduction
Different formats for different purposes
Preparing company accounts
Preparing the cash flow statement
Summary
Sample examination questions
Chapter 7: Using and understanding financial statements
Aims and learning objectives
Essential reading
Further reading
Introduction
Ratio analysis
Writing a report
Summary
Sample examination question
Chapter 8: Alternative valuation approaches
Aims and learning objectives
Essential reading
Introduction
Accounting profit and economic income
Historic cost accounting and current values
Summary
Sample examination question
Chapter 9: Fundamentals of management accounting
Aims and learning objectives
Essential reading
Introduction
Planning and co-ordination
Control, communication and motivation
Information for decision-making
Summary
Chapter 10: Cost accounting
Aims and learning objectives
Essential reading
Further reading
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Contents
Introduction
Understanding costs
Stock valuation ¨C marginal costing
Stock valuation ¨C full costing
Effects of different stock valuation methods
Summary
Sample examination questions
Chapter 11: Making decisions 1
Aims and learning objectives
Essential reading
Further reading
Introduction
Cost-volume-profit analysis
Relevant costs
Limiting factors
Summary
Sample examination questions
Chapter 12: Making decisions 2
Aims and learning objectives
Essential reading
Further reading
Introduction
Capital investments
Payback period
Accounting rate of return (ARR)
Summary
Sample examination question
Chapter 13: Making decisions 3
Aims and learning objectives
Essential reading
Further reading
Introduction
Discounted cash flow techniques
Summary
Sample examination questions
Chapter 14: Planning for the future
Aims and learning objectives
Essential reading
Further reading
Introduction
Goals and objectives
Budgets and forecasts
Working capital management
Summary
Sample examination question
Chapter 15: Budgets for control
Aims and learning objectives
Essential reading
Further reading
Introduction
Standard costs
Behavioural effects of using budgets
Variance analysis ¨C an introduction
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