Institute of Commercial Management | Qualification Subject

Accounting

Main Topics of Study

Introduction to Accounting

  • What is accounting?Business organisations and sources of finance
  • Introducing financial statements: the profit and loss account and the balance sheet
  • The role of the accountant and the accounts office

Supply Information for Management Control

  • The purpose of management information
  • The use of cost centres and coding of costs
  • Providing comparisons on costs and income
  • A brief introduction to wages
  • Control accounts: sales and purchase ledger control

The Construction of Financial Statements

  • Financial statements: the calculation of profits
  • Adjustments: accruals, prepayments and drawings
  • Adjustments: bad debts and provisions for debtors
  • Depreciation of fixed assets
  • Partnership accounts
  • Company accounts
  • Accounts of clubs and societies
  • The extended trial balance

Using Accounting Information

  • Accounting ratios and preparing reports
  • Accounting standards: Statements of Standard Accounting Practice and Financial Reporting Statements (SSAPs and FRSs)
  • Accounting for stocks
  • Manufacturing accounts
  • Marginal costing
  • Budgeting

Recommended Reading

Main Text:

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Finance & Accounting – R Giles (ICM) – Chapters 1-4, 17-21, 22-27, 29-30, 31-33, 35-37 and 40

Indicative Text:

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Frank Wood’s Business Accounting 1 – Wood & Sangster (Pitman)

Alternative Text and Further Reading: