Module code: EC3076
Module co-ordinator: Jim O'Hare

In this module you will study financial accounting (as opposed to, for instance, management accounting). We will investigate how monetary transactions are recorded by businesses and how those recorded transactions can be transformed into 'financial statements' that will enable a wide range of users to make economic decisions.

The basic approach to recording transactions (book-keeping) has not changed in principle for over 500 years and can easily be applied to any type of business including sole traders, partnerships and limited companies. The important part, however, is not the preparation of the financial statement but the interpretation of those statements, so that good economic decisions can be made that are relevant to the user.

Topics covered

  • Information needed by preparers and users of financial statements
  • Concepts that underlie the practice of financial accounting
  • Record transactions using double entry book-keeping
  • Account for non-current assets, inventories, accruals, prepayments and bad and doubtful debts
  • Income statement and a balance sheet for a sole trader from incomplete records
  • Income statements and balance sheets for partnerships and limited liability companies
  • Cash-flow statements
  • Contents of company annual reports
  • Company performance using ratio analysis and cash-flow statements


  • 20 one-hour lectures
  • 5 one-hour seminars


  • Exam, 2 hours (80%)
  • Coursework x 2 (10% + 10%)