BSc in Maritime Studies / Бакалавр в Области Морских Наук

Course Details

Course Information Package

Course Unit TitleSHIPPING ACCOUNTING
Course Unit CodeATSA101
Course Unit Details
Number of ECTS credits allocated5
Learning Outcomes of the course unitBy the end of the course, the students should be able to:
  1. Have an overall understanding of the component parts of financial statements for shipping enterprises.
  2. Understand the recording, summarizing, and reporting of shipping business transactions.
  3. Deal with the peculiar accounting techniques, practices, and problems of the industry and apply the accounting principles and accounting theory to the shipping business.
  4. Analyze asset, liability and capital accounts and evaluate the importance of financial reporting in a maritime organization.
  5. Use the understanding of accounting to evaluate the performance of shipping companies.
Mode of DeliveryFace-to-face
PrerequisitesABSA101Co-requisitesNONE
Recommended optional program componentsNONE
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

Recommended and/or required reading:
Textbooks
  • A. Thomas et al., Introduction to financial accounting, 6th Edition, McGraw Hill, 2009.
  • F Wood and A Sangster, Business Accounting I, 11th Edition, Financial Times Prentice Hall, 2008.
References
  • F Wood and A Sangster, Business Accounting I, 12th Edition, Pearson, 2012
  • Pauline Weetman, Financial & Management Accounting: An introduction, 4th Edition, 2006, FT Prentice Hall.
  • David Spiceland, Tomas Wayne, Herrmann Don, Financial Accounting, 3rd Edition, McGraw Hill, 2014.
  • Dickie J.W., 21st Century Ship Management, 2014.
  • Martin, Stopford, Maritime Economics, 3rd Edition, Routledge, Oxford, 2009
  • Paul R. Krugman, Maurice Obstfeld, Marc Melitz, International Economics, 10th Edition, Pearson: Boston, 2014
  • Cheng Philip, Steamship Accounting, Maryland 1969.
  • P. Brodie, Dictionary of Shipping Terms, 5th Edition, LLP, 2007.
  • Angelos A. Menelaou, Enhancement of Productivity Through IT Tools and Process Management, LAP Lambert Academic Publishing, 2011
Planned learning activities and teaching methodsLectures, discussions, presentations, problems solving and assignments
Assessment methods and criteria
Mid-tem exam40%
Final Exam60%
Language of instructionEnglish
Work placement(s)NO

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