Financial Accounting FNAC

This unit provides students with the skills and understanding for drafting the financial statements of single limited companies. Students will have proficient knowledge and understanding of international accounting standards, which will then be applied when drafting financial statements. Students will be able to prepare a statement of profit or loss and other comprehensive income, statement of financial position, statement of changes in equity, and statement of cash flows for a limited company. Students will also have a sound appreciation of the regulatory and conceptual frameworks that underpin the preparation of limited company financial statements. Percentage contribution of this unit to the overall qualification grade: 25%.

Learning outcomes

• Understand the reporting frameworks that underpin financial reporting.
• Understand the accounting process.
• Understand accounting standards for non-current assets.
• Understand other accounting standards.
• Prepare financial statements.
• Interpret financial statements using ratio analysis.