Financial Accounting 2
Unit Code: EFIM 20001
Sponsored by KPMG 
- Level: 2
- Credit point value: 20
- Unit Director: Richard Tutin.
- Lecturer: Richard Tutin
- Teaching blocks: 1 & 2
- Prerequisites: EFIM10002 Financial Accounting 1 and EFIM10004 Managerial Finance; or ACCG10052 Introduction to Accounting; or 60% in 25 Principles of Accounting (University of London External Diploma)
- Number of Lectures:: 20 Lectures plus 20 Exercise Lectures plus 20 optional Drop-in sessions
- Number of tutorials:: 11
Description of the Unit
This unit aims to equip participants with a good understanding of the principles and techniques of Financial Reporting, Corporation Tax, Income Concepts (Valuation) and Auditing, providing a useful and interesting foundation from which you may further your education and develop your careers.
It's a technical unit which students tend to find difficult during term-time, but stick with it and do the work set and you'll find that you get rewarded; in 2006, 33% of students achieved first class results in the exam and 26% got 2.1s. The highest grade was 98%.
As an indication of workload, you should expect to spend about 8 hours a week on Financial Accounting: 2 ½ hours contact time (tutorials are fortnightly) + ½ hour reviewing the lecture material + 2 hours reading + 3 hours working through tutorial questions and exercises.
Assessment Methods
3 hour closed book examination in May/June.Required Course Work
- 20 Tutorial Questions (including 3 essays) for submission
- 16 Exercises to prepare in advance of Exercise Lectures - samples of these will be taken in for marking.
Main Texts
- Alexander, Britton and Jorissen International Financial Reporting and Analysis
- Peter Rowes Corporation Tax
- Iain Gray and Stuart Manson The Audit Process
Syllabus
- Leases
- Provisions, contingent liabilities and contingent assets
- Property, Plant and Equipment
- Intangible assets
- Impairment of assets
- Group accounts
- Corporation Tax
- Economic concepts of income
- Valuation in financial reporting
- Auditing