Course Details

1. List the aids used in evaluating the financial statements of an organisation by management or any other user group mainly for decision making purposes.
2. Explain the concepts of voyage accounting, cost elements, allocation of indirect voyage costs, apportionment of administrative costs and their usefulness in budgeting and forecasting mainly for decision making purposes.
3. Describe the terms of standard costing and variance analysis with examples from the shipping industry.
4. Assess the need for budgetary control, how budgets are prepared in particular in the shipping industry paying particular attention to cash budgets preparation and how these are used for forecasting by management.
5. Critically examine and compare the capital investment appraisal methods such as R.O.C.E., A.R.R., D.C.F., N.P.V., I.R.R., and apply in the shipping industry mainly for decision making.
6. Introduce and explain various shipping accounting reports such as on/off hire statements, port disbursement accounts, voyage estimates and their use in decision making and port-voyage audit at a management level.
7. Introduce and briefly explain the theory of foreign exchange, the freight and exchange restrictions, how to account for foreign branches and subsidiaries and possible income tax credits for foreign subsidiaries concentrating mainly on the shipping sector and at a management level.

Generate an overall understanding of the accounting techniques the management of any organisation in the shipping industry uses as tools for profit maximisation and financial wealth.

Introduce and describe the basic principles of Shipping Managerial Accounting in each segment of shipping.

Familiarise the students with various shipping accounting reports and managerial techniques using real life examples thus applying theory to practice.

Embody to the students the concept of economic efficiency and its need for any organisation to be considered successful.

• Wood Frank, Business Accounting Vol 1 & 2, 8th Edition, Pitman 1998
• Wood Frank, Business Accounting Vol 1 & 2, 8th Edition, Pitman 1998

• M.Knapp, Financial Accounting, West Publishing Co., 1996
• Drucy C., Management and Cost Accounting, 4th Edition, Mc Millanbress, 1996
• L.W.J Owler & J.L. Brown, Costing Simplified, 1985
• MWE Glantier & B Underdown, Accounting Theory and Practice 3rd Edition, Pitman,1998.
• Emile Woolf, Auditing & Investigations, 1992
• M S Sholl, How to pass accounting, LCCI 1996.
• William V Packard, Voyage Estimating, Fairplay Publications, 1981
• Wiilliam V. Packard, Laytime Calculations, Fairplay Publication 1979.
• Brief Notes: Notes on fundamental concepts will be given to the students by the Lecturer.