Institute of Commercial Management | Qualification Subject

Accounting III

Main Topics of Study

Special Accounts

  • ‍Joint ventures
  • Bills of Exchange
  • Consignment accounts
  • Branch accounts
  • Hire Purchase accounts
  • Partnership dissolution
  • The issue of shares
  • Contract accounts

Company Accounts

  • Taxation in accounts
  • Published accounts – profit and loss; balance sheet; accompanying notes / cash flow statements

Regulatory Framework

  • Introduction
  • The ASB / SSAPs and FRSs

Interpretation of Financial Statements

  • Accounting ratios

Group Accounts

  • Introduction
  • Inter-company dealings – indebtedness and unrealised profits in stock
  • Consolidated balance sheet
  • Consolidated profit and loss
  • Associated companies

Issues in Financial Reporting

  • Alternatives to historic cost accounting
  • Social accounting
  • Accounting as an information system

Recommended Reading

Main Text:

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Frank Wood’s Business Accounting 2 – Wood & Sangster (Pitman)

Indicative Text:

Alternative Text and Further Reading:

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Financial Accounting – A R Jennings (DP Publications)Spicer & Pegler’s Bookkeeping & Accounts – P Gee (Butterworth)Accounting & Financial Reporting Standards – Geoff Black (DP Publications)