Financial Accounting

Kingston University

Course Description

  • Course Name

    Financial Accounting

  • Host University

    Kingston University

  • Location

    London, England

  • Area of Study

    Accounting, Economics

  • Language Level

    Taught In English

  • Course Level Recommendations

    Lower

    ISA offers course level recommendations in an effort to facilitate the determination of course levels by credential evaluators.We advice each institution to have their own credentials evaluator make the final decision regrading course levels.

    Hours & Credits

  • Credits

    4
  • Recommended U.S. Semester Credits
    4
  • Recommended U.S. Quarter Units
    0
  • Overview

    CONTENT:

    This module is designed to provide an introduction to financial accounting. The purpose and importance of financial accounting will be explained and you will learn how to produce financial statements from the original source documents through the recording of transactions to the final production of a profit and loss account and balance sheet for a non-complex business. The module will also explicate the subjective nature of financial accounting with its need for professional judgement and you will be introduced to the concepts and principles that underlie financial accounting and reporting. You will also
    gain practical experience of inputting data into Sage accounting software and using spreadsheets to prepare financial information.

    Topics covered include:

    • The purpose of financial accounting, users and uses of financial statements, different
    • types of business organisations
    • Accounting concepts, the accounting equation, principles of double-entry
    • bookkeeping, the conceptual framework
    • The regulatory framework, regulatory bodies, accounting standards, legal
    • requirements
    • Double-entry bookkeeping, recording transactions, depreciation, bad and doubtful
    • debts, control accounts, suspense accounts, valuation of stocks and stock accounts,
    • extended trial balance
    • Financial statements: balance sheet and profit and loss account for: sole traders,
    • partnerships, limited companies
    • The role of computers in accounting: advantages of computer systems, main factors to
    • be considered in the design, operation and management of computer systems,
    • limitations of computer systems
    • The different accounting roles in business: financial accountant, management
    • accountant, external and internal auditor, tax accountant and forensic accountant.

    Autumn semester:

    • Introduction to financial accounting and the financial statements
    • Transactions and bookkeeping
    • Balancing the accounts and preparing the trial balance and financial statements
    • Use of spreadsheets and computerized packages
    • Fixed (Non-current) assets and depreciation/disposals
    • Bad (irrecoverable) and doubtful debts
    • Accruals and prepayments
    • Valuation of stocks (Inventories)
    • Post trial balance adjustments

    Spring semester:

    • Day books and control accounts
    • Trial balance errors and suspense accounts
    • Bank reconciliations
    • Incomplete records
    • Partnership accounting
    • Accounting principles, concepts and regulatory bodies
    • The nature of limited companies and their capital
    • Financial statements of limited companies

    TEACHING:
    2-hour lecture, 1-hour workshop, 2-hour tutorial weekly

    ASSESSMENT:

    • Study Option 1:
      • Coursework (30%)
      • Examination (70%)
    • Study Option 2: Short Exam (100%)

Course Disclaimer

Courses and course hours of instruction are subject to change.

Eligibility for courses may be subject to a placement exam and/or pre-requisites.

Some courses may require additional fees.

Credits earned vary according to the policies of the students' home institutions. According to ISA policy and possible visa requirements, students must maintain full-time enrollment status, as determined by their home institutions, for the duration of the program.

Please reference fall and spring course lists as not all courses are taught during both semesters.

Please note that some courses with locals have recommended prerequisite courses. It is the student's responsibility to consult any recommended prerequisites prior to enrolling in their course.