Course Details
Course Information Package
Course Unit Title | SHIPPING ACCOUNTING | ||||||
Course Unit Code | ATSA101 | ||||||
Course Unit Details | |||||||
Number of ECTS credits allocated | 5 | ||||||
Learning Outcomes of the course unit | By the end of the course, the students should be able to:
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Mode of Delivery | Face-to-face | ||||||
Prerequisites | ABSA101 | Co-requisites | NONE | ||||
Recommended optional program components | NONE | ||||||
Course Contents | Understanding the Industry – An Overview
Function of Shipping
Operations of Shipping Industry
Tramp Shipping
Liner Service
Port and Terminal Operations
Organization of the Shipping Company
2. The subject of Shipping Accounting
Accounting and its main functions
Accounting Systems - Sequence of Accounting
The main financial accounting data and the needs of its users
3. Balance Sheet - Assets Accounting
Fixed Assets: Vessel ; Cost of Vessels (Newbuilding & Second Hand); Distinction between asset and expense items; Re-valuations; Depreciation of vessels; Disposal of vessels; Extended life programs.
Current Assets: Bank and cash accounts; Accounts receivable; Master’s current account; Inventories; Prepayments; Charterers.
4. Balance Sheet - Liability and Capital Accounting
Current Liabilities: Supplies; Accruals; Voyage suspense; Provisions;
Short term (less than a year) loans and leases
Long Term Liabilities: Long term (more than a year) loans and leases
Equity: Share capital; Loan capital; Revaluation reserve; Revenue reserve
5. Profit on vessel’s trading (Profit and Loss a/c)
Revenues: Freight Revenue; Passenger revenue; Other revenue
Cost Elements: Voyage Costs; Running costs.
Voyage Accounting; Treatment of incomplete voyage.
6. Master General Accounts
a. Cash Statement (Vessel’s Cash Box Account)
b. Payroll Accounts
c. Food Account
d. Slopchest Account
7. Agency Accounting
Characteristics and Operation of an Agency
Agency Accounting - Disbursements Accounts
Cash to Master
8. Financial Software Systems and Data Reporting Processes
a. IT Impact in Accounting Processes and Administrative Efficiency
b. Financial and Managerial Report
c. Clients (Vessels’ Owner) Reports
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Recommended and/or required reading: | |||||||
Textbooks |
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References |
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Planned learning activities and teaching methods | Lectures, discussions, presentations, problems solving and assignments | ||||||
Assessment methods and criteria |
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Language of instruction | English | ||||||
Work placement(s) | NO |