Accounting and Finance BSc Hons 2023 24 Entry Birmingham City University

retail versus service accounting entry

When comparing the two different accounting methods, accrual accounting is superior to cash basis accounting when gauging the genuine state of a company’s financial position. The difference between accrual and cash accounting is how companies account for sales and purchases. Cash basis accounting records expenses or income only when a payment is made or cash is received. Students study advanced topics in financial and management accounting and auditing. By the end of this year, you’ll normally have completed the accreditation requirements for professional accountancy bodies, provided you have taken the classes prescribed for the accredited pathway. Stage 1 will provide an introduction to the core principles of accounting and finance.

  • To establish an awareness of some of the advantages and limitations of financial accounting to help decision making.
  • This module will also help develop your skills in ratio analysis and interpretation.
  • The normal tax point rules apply for determining when the supply is made and received.
  • However, the reverse charge still applies for these supplies from 1 July 2022.
  • Students may be eligible for external funding however this is not guaranteed; the University of Strathclyde will continue to participate in the Erasmus programme until May 2023 however are also participating in UK’S Turing Scheme.

Whilst offers are made primarily on the basis of an applicant meeting or exceeding the stated entry criteria, admission to the University is granted on the basis of merit, and the potential to succeed. As such, a range of information is considered in determining suitability. A range of assessment techniques are used including business reports, case studies, essays, presentations, individual and group projects, learning journals and peer assessments. You develop knowledge and skills in key areas of management, and team-working, communication and decision-making skills, all of which are highly sought-after by employers. Drawing on classical and recent debates in theory and practice including, but not limited to commercial concerns, learners will be equipped with an understanding of the foundational principles and developments of the subject. This area of expertise can help to reduce costs, increase revenues, improve customer service, increase efficiency and can even save lives.

Guidance for International students

ICAS is a professional body for world class business people who work in the UK and around the world. Their members have all achieved the internationally recognised and respected CA qualification . Exemptions may be available from five out of six papers from the Test of Competence level depending on modules taken. Students choosing a period of paid work placement or study abroad as a part of their course should be aware that there may be additional travel and living costs, as well as tuition fees. However applicants who provide evidence of previous relevant successful study may be considered for entry to Level 5 of the programme.

retail versus service accounting entry

Trade receivables – These include all money owed to you as a direct result of the goods or services you provided (hence the name ‘trade’). Accounts receivable – sometimes called trade receivable – is any money that your customers or clients owe you for a service or product they bought on credit. A credit note is also known as a credit memo, which is short for “credit memorandum.” It’s a document sent by a seller to the buyer, notifying them that a credit has been added to the customer’s account for goods returned. The GDPR, Data Protection Act 2018 and ISO standard regulate how companies should act when it comes to records management. Read on for more information about the requirements and what they aim to achieve. Depending on whether the relevant account is on the asset side or the liability side of the balance sheet, you’ll apply the corresponding basic rules for the calculation.

Accounting & Finance (1 year entry)

Where courses require achievement in GCSE Maths, we would normally look for a grade B6 or higher in Maths. Please see the Approved Qualifications table on theEnglish Languagepage for further details. For students taking theBagrut,we would require students to have studied at least 21 study units. Typical offers will be based on average percentage real estate bookkeeping from 3 best 5-unit level subjects with requirements ranging from78%to92%depending on the course. Please note that we do not use the Optimal Average and do not consider bonus points as part of our offers. Where courses have specific subject requirements, a score of between70%and90%would normally be required in a higher level exam.

Selective receivables finance – Here, you can choose which receivables you’d like to sell for early payment, and the funder will pay the full amount of each upfront. Rates are often more competitive, the funders are less involved with the customers or clients, and this agreement is not recorded on your balance sheet as debt. In these instances, and to ensure their business isn’t jeopardised, they might apply for accounts receivable financing. On a balance sheet, accounts receivable is always recorded as an asset, hence a debit, because it’s money due to you soon that you’ll own and benefit from when it arrives. Unlike accounts receivable, where clients or customers owe you money, accounts payable is when you owe someone money, e.g. your suppliers. It helps you manage your cash flow by understanding what you’re owed and when – and also helps you plan around frustrating late-payers and non-payers.

Insolvency Service disqualifies 450 BBL fraudsters

You will learn about the wealth management process and be able to develop investment policy statements for individuals given their unique goals, constraints and circumstances. In addition, you will develop a thorough understanding of the different global tax regimes. You will also develop analytical skills in estate planning and risk management of personal investments.

Pass in Foundation Degree in Accounting with an overall mark of 55%, plus a minimum of 55% in each final year module, excluding Work Based Learning for year 2 entry. Ulster recognises a number of other English language tests and comparable IELTS equivalent scores. CCC or grades CCD to include grade C in undertaking one Advanced Scottish Highers from Mathematics, Economics, Physics or Accounting. Full-time attendance is up to four days per week with teaching hours per week, depending on level. We know that choosing to study at university is a big decision, and you may not always be able to find the information you need online.