Module Descriptors
FINANCIAL ACCOUNTING
XXXX46906
Key Facts
Faculty of Business, Education and Law
Level 4
30 credits
Hours of Study
Scheduled Learning and Teaching Activities: 72
Independent Study Hours: 228
Total Learning Hours: 300
Assessment
- ASSIGNMENT weighted at 30%
- EXAMINATION - UNSEEN IN EXAMINATION CONDITIONS weighted at 70%
Module Details
Module Indicative Content
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 then study the nature and significance of fixed and current assets, current liabilities and long term debt, 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 and true 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, depreciation and bad debts. The effects of different methods of financial accounting on the measurement of profit and business valuation are explored.
This leads on to the preparation of profit and loss accounts and balance sheets for sole traders, partnerships and limited companies, manufacturing accounts and cash flow statements (per FRS1 and FRS3). The control techniques associated with maintaining accounts are also studied. This comprises control accounts, suspense accounts, bank reconciliations and the preparation of final accounts from incomplete records.
The module concludes with simple interpretation of accounts, utilising profitability, efficiency and liquidity ratios.
You will also be introduced to computerised accounting systems.
You will then study the nature and significance of fixed and current assets, current liabilities and long term debt, 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 and true 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, depreciation and bad debts. The effects of different methods of financial accounting on the measurement of profit and business valuation are explored.
This leads on to the preparation of profit and loss accounts and balance sheets for sole traders, partnerships and limited companies, manufacturing accounts and cash flow statements (per FRS1 and FRS3). The control techniques associated with maintaining accounts are also studied. This comprises control accounts, suspense accounts, bank reconciliations and the preparation of final accounts from incomplete records.
The module concludes with simple interpretation of accounts, utilising profitability, efficiency and liquidity ratios.
You will also be introduced to computerised accounting systems.
Module Learning Strategies
48 hours of formal lectures/large group activity
24 hours of tutorial
228 hours of directed independent study
The lecture / tutorial pattern may vary with some activities taking place in medium sized workshop groups.
There will be formative assessment to monitor progress during the module, in addition to the summative assessments (computer based assessment and exam/test)
24 hours of tutorial
228 hours of directed independent study
The lecture / tutorial pattern may vary with some activities taking place in medium sized workshop groups.
There will be formative assessment to monitor progress during the module, in addition to the summative assessments (computer based assessment and exam/test)
Module Resources
Study pack
The University Library and learning resources including on-line databases
Electronic data such as EBSCO
The module website
The University Library and learning resources including on-line databases
Electronic data such as EBSCO
The module website
Module Texts
Berry A & Jarius R, (2006) Acounting in a Business Context, 4th ed, Thompson
Thomas, A. (2003) An Introduction to Financial Accounting, McGraw Hill
Wood, F and Sangster A. (2005) Business Accounting, 10th ed, Pitman
Thomas, A. (2003) An Introduction to Financial Accounting, McGraw Hill
Wood, F and Sangster A. (2005) Business Accounting, 10th ed, Pitman
Module Additional Assessment Details
Semester 1
An individual 1000 word assignment weighted at 30% covers learning outcomes 1, 2 and 5.
The assignment requires the student to demonstrate understanding and application of basic double entry book keeping and the preparation and interpretation of financial statements.
Semester 2
2 hour examination weighted at 70% covers learning outcomes 3, 4 and 6.
No more than 20% of the marks of this examination will be MCQs