Details : Semester 1 - The individual 1000 word assignment weighted at 30% will assess Learning Outcomes 1, 2 and 3. It requires the student to demonstrate understanding and application of basic double entry book-keeping and the preparation and interpretation of financial statements.
Semester 2 - The 2 hour examination, weighted at 70% assesses Learning Outcomes 4, 5 and 6. No more than 20% of the marks of this examination will be MCQs.

This module introduces you to the regulatory framework of accounting, the role of financial accounts, the users of financial information and the relevance of financial statements to them.
You will study the double entry system in relation to fixed and current assets, current liabilities and long term liabilities., the elements of capital, income and expenditure, receipts and payments, profit and loss, reserves and cash flows.
Basic accounting concepts and principles are reviewed. You will study the going concern, matching, prudence, consistency, materiality an dtrue and fair concepts. You will also learn how to record transactions using double entry book-keeping, produce trial balances, and make adjustments for accruals, prepayments, debtor accounts, depreciation and bad debts. This leads on to the preparation of profit and loss accounts and balance sheets for sole traders, partnerships and limited companies.
The control techniques associated with maintaining accounts are also studied. This comprises control accounts and bank reconciliations.
The module concludes with simple interpretation of accounts, utilising profitability, efficiency and liquidity ratios.

1. UNDERSTAND THE LANGUAGE AND CONTEXT OF FINANCIAL ACCOUNTING, FUNDAMENTAL CONCEPTS AND PRINCIPLES
KNOWLEDGE AND UNDERSTANDING

2. APPLY THE DOUBLE ENTRY SYSTEM FOR ASSETS, LIABILITIES AND CAPITAL
APPLICATION

3. PROCESS COMMON TRANSACTIONS AND ADJUSTMENTS USING THE DOUBLE ENTRY SYSTEM AND PRODUCE A SET OF ACCOUNTS FOR A SOLE TRADER
APPLICATION

4. UNDERSTAND THE BASIC RELATIONSHIPS BETWEEN BOOKS OF PRIME ENTRY AND LEDGERS AND UTILISE SUITABLE CONTROLS TO PREVENT FRAUD
KNOWLEDGE AND UNDERSTANDING
PROBLEM SOLVING

5. PREPARE FINANCIAL STATEMENTS FOR DIFFERENT TYPES OF BUSINESSES OTHER THAN SOLE TRADER
APPLICATION

6. APPLY RATIO ANALYSIS TO EVALUATE THE FINANCIAL PERFORMANCE OF A SOLE TRADER BUSINESS
ANALYSIS
APPLICATION
REFLECTION

Study pack
The University Library and learning resources including online databases
Electronic data such as EBSCO
The module website

FOR INTERNATIONAL COLLABORATIVE PARTNERS ONLY

Berry A & Jarius R (2006) Accounting in a Business Context, 4th edition. Thompson
Thomas A (2003) An Introduction to Financial Accounting. McGraw Hill
Wood F & Sangster A (2008) Business Accounting, 11th edition (IFRS version) Pitman. ISBN 9780273712121

The learning strategy for this module is based around students committing a total of 300 hours of activities towards achieving the learning outcomes. These will be split between 78 hours of direct contact with a tutor and 222 hours of directed, guided and self-study, together with preparation for and completion of the assessment tasks. Learning support material will be provided for the module.
The module will draw upon a mixture of activities including lectures, web-based activities, case study analysis, relevant videos and in-class discussions, individual and group problem solving and self-directed learning.