This module introduces the fundamentals of financial accounting incorporating international terminology, accounting standards and accounting regulations. It will start with a brief discussion of the regulatory framework of accounting, the role of financial accounts, the users of financial information and the relevance of financial statements to them. This leads to the preparation of Income Statement and Statement of Financial Position.

You will study the need for, and the methods of calculating non-current asset depreciation, bad debts and provision for doubtful debts.

The importance of qualitative characteristics of accounting information will be studied and applied to the preparation of true and fair financial statements.
Understanding and appreciation of the importance and value of accurate and complete financial statements will be examined. The module concludes with simple interpretation of accounts, utilising profitability, efficiency and liquidity ratios.

The use of digital technologies will be explored.

A Written Report consisting of an income statement and statement of financial position plus descriptive narrative. (1500 words. 100%). (Learning Outcomes 1-3)

Elliott B and Elliott J (2015) Financial Accounting and Reporting, 17th edition. Pearson.

Staffordshire University electronic resources and off-campus library facilities.
Module website
Accounting professional bodies
Government Departments and Agencies

1. UNDERSTAND THE LANGUAGE AND CONTEXT OF FINANCIAL ACCOUNTING, FUNDAMENTAL CONCEPTS AND PRINCIPLES.
Knowledge and understanding

2. TO PREPARE AN INCOME STATEMENT AND STATEMENT OF FINANCIAL POSITION.
Application
Knowledge and understanding

3. TO ANALYSE FINANCIAL STATEMENTS AND PREPARE FINANCIAL REPORTS.
Analysis
Communication
Application
Knowledge and understanding

The learning strategy for this module is based around students committing a total of 150 hours of activities towards achieving the learning outcomes. These will be split between 39 hours of direct contact with a tutor and 111 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.