You will learn how to record the accounting entries, record entries to t-accounts, prepare trial balance, and prepare a Statement of Financial Positions and Income Statements.

This module introduces the fundamentals of financial accounting incorporating international terminology, accounting standards and accounting regulations.

You will develop skills in processing a wide range of accounting transactions, adjustments and corrections and action these using the process of duality.

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 will be studied and applied to the preparation of true and fair financial statements.

Supporting calculations will include bank reconciliation, VAT returns and control accounts.

Understanding and appreciation of the importance and value of accurate and complete financial statements will be examined further with the interpretation of financial statements using a range of accounting ratios.

When studied as part of the BA (Hons) Accounting and Finance, Two Year BA (Hons) Accounting and Finance, the successful completion of this module may lead to an exemption from a professional accountancy qualification - for up to date information on accreditation and exemptions please contact the Course Leader.

Online class Test (1 hour) (30%) (LO 1 & 2)

Written Exam (2 hours) plus 10 mins reading time (70%) (LOs 2, 3 & 4)

The learning strategy for the module requires students to commit 200 learning hours (including assessment) of which there will be 52 hours of tutor-led learning and 148 hours of independent and self-directed study.

Concepts, theories and principles will be explored, practised and demonstrated. Practical skills enhanced by recommended videos and talks. LinkedIn Learning will be used to direct self-study learning throughout the study block. Cognitive and personal skills developed in open-ended problem-solving exercises. Oral feedback will be given during sessions. The assessment will examine the wider learning outcomes expressed in the descriptor.

You will undertake ‘formative’ assessments during the module to help you monitor your learning and provide you and us with ongoing feedback on your progress, that helps you prepare for the ‘summative assessment(s) during or at the end of the module.

1. Understand the language of international financial accounting in line with the international accounting standards board (IASB), including the qualitative characteristics of financial information.

Knowledge & Understanding, Learning

2. Apply the double-entry system to the recording of a variety of transactions and events (T accounts and journal entries).

Knowledge & Understanding, Communication.

3. Process common transactions and a range of adjustments using the double-entry system to produce a trial balance, statement of comprehensive income and statement of financial position for a range of business structures.

Problem Solving & Application

4. Reflect on the importance of complete and accurate books of prime entry and the relationship between these and fraud/error-free accounting ledgers.

Learning and Reflection.

Module study guide and handbook

The University Library and Learning Resources - books and academic journals

The module VLE

Learning support materials and booklets

Internet

Microsoft Office Excel

Microsoft Office PowerPoint

Padlet and other digital feedback mechanisms

Computer-based quizzes

Frank Wood's Business Accounting Volume 1; 14th Edition; Alan Sangster, Frank Wood

May 2018, Paperback, 820 pages; ISBN13: 9781292208626; ISBN10: 1292208627

Financial Accounting; An Introduction; 7th Edition; Pauline Weetman; Nov 2015, Paperback, 540 pages

ISBN13: 9781292086699; ISBN10: 1292086696

Financial Accounting and Reporting; 18th Edition; Barry Elliott; Mar 2017, Paperback, 904 pages

ISBN13: 9781292162409; ISBN10: 1292162406

You will learn how to record the accounting entries, record entries to t-accounts, prepare trial balance, prepare a statement of financial positions and Income Statement.