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

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

Knowledge & Understanding, Communication

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, Analysis, Enquiry & Communication

1. On-line Test (45 mins) 20% (LO 2)

2. Written Exam (2 hours) plus 10 mins reading time (80%) (LOs 1, &, 3)

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, and control accounts.

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.

The learning strategy for the module requires students to commit 200 learning hours (including assessment) of which there will be 48 hours of tutor-led learning and 152 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.



In-class sessions play a crucial role in the learning process, where formative assessments are essential for providing ongoing feedback to both students and the teaching team. Examples of formative assessments include quizzes, class exercises, draft submissions, and peer reviews, all of which help gauge students' understanding of the course material. These assessments enable instructors to identify areas where students may need additional support and adjust teaching strategies as needed. This practical implementation ensures that even in a remote learning environment, students receive the necessary support and preparation for their summative assessments.



Feedback and feedforward on this module in the dual award program would follow the steps implemented:

Cross-Institution Moderation: Implement a moderation process where a sample of feedback from both institutions is reviewed collaboratively. This allows for adjustments to be made to ensure that the quality and tone of feedback are aligned.

Shared VLE: Use a shared Virtual Learning Environment (VLE) to submit assignments and deliver feedback. This ensures that all feedback is stored in one place, allowing both institutions to monitor and align the feedback provided.

Structured Feedforward: Both institutions would follow a consistent approach to feedforward, providing clear, actionable advice on how students can improve in future assessments. This helps students apply feedback effectively across all their modules.

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

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

Computer-based quizzes