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

Example Candidate Response Booklet

Example Candidate Response (ECR) Booklets are a source of crucial information for Centres and Candidates as they use real candidate responses. We ask Senior Examiners to comment on five or more responses in terms of why the mark was awarded with commentary about how to improve the answer (if necessary).

Recommended Reading

Main Text:

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

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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)