BMGT 18025 · Year 1 course unit

Financial Accounting

5 credits6 units · 26 topicsFinal examination

Prep tip

Most marks come from calculations: practise full final accounts (sole trader, manufacturer, partnership, company) with adjustments, and ratio questions with comments. Always show your workings and check that the statement of financial position balances.

Suggested order: Unit I, then II, then III, then IV, then V, and VI last.

Units

Unit I0 of 3 read

Foundations of financial accounting

3 sheets · about 22 min reading

Nature and scope of financial accounting6 min The accounting equation and business transactions8 min Accounting principles, concepts, standards and policies8 min

Unit II0 of 4 read

The recording process and the accounting cycle

4 sheets · about 31 min reading

Debit and credit: the rules of double entry6 min Recording in the journal9 min The ledger and the trial balance10 min The accounting cycle6 min

Unit III0 of 5 read

Adjusting the accounts

5 sheets · about 44 min reading

Timing and the accrual basis: why accounts are adjusted6 min Accruals and prepayments in practice10 min Depreciation of non-current assets10 min Bad debts and the allowance for doubtful debts8 min The adjusted trial balance10 min

Unit IV0 of 5 read

Manufacturing accounts and sole-proprietor financial statements

5 sheets · about 51 min reading

Manufacturing costs: direct and indirect costs7 min Cost of goods manufactured and the manufacturing account10 min Income statement of a sole proprietor12 min Statement of financial position of a sole proprietor10 min Statement of changes in owner's equity and statement of cash flows12 min

Unit V0 of 4 read

Accounting for partnerships

4 sheets · about 39 min reading

Forming a partnership: capital, current accounts and appropriation10 min Goodwill in partnerships9 min Revaluation of assets on admission or retirement10 min Dissolution of a partnership: the realisation account10 min

Unit VI0 of 5 read

Limited companies and ratio analysis

5 sheets · about 56 min reading

Limited companies and the issue of shares10 min Debentures and the redemption of preference shares and debentures10 min Dividends, retained earnings and company financial statements12 min Ratio analysis I: profitability and efficiency ratios12 min Ratio analysis II: liquidity, gearing and investor ratios12 min

The exam

Graded A+ (85-100) to E (0-24) on a 12-step scale; GPA is credit-weighted (5 credits per course unit).

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