Description
Introduction to Financial Accounting
Module title | Introduction to Financial Accounting |
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Module code | INT1008 |
Academic year | 2018/9 |
Credits | 15 |
Module staff | Debbie Stevens (Convenor) |
Duration: Term | 1 | 2 | 3 |
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Duration: Weeks | 12 | 0 | 0 |
Number students taking module (anticipated) | 90 |
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Description - summary of the module content
Module description
This is an introductory financial accounting module that is aimed at students who intend to progress to an accounting degree in their undergraduate studies. This module will teach students the skills needed to evaluate the financial performance and position of a business. The module aims to give students a good grounding in financial reporting through both a conceptual and procedural approach. This will enable students to complete financial statements using an understanding of the accounting equation and on a transactional basis using double entry bookkeeping.
This module is equivalent to Module BEA 1008.No prior knowledge of accounting is assumed for this module.
Module aims - intentions of the module
The aim of this module is to introduce the skills needed to evaluate the financial performance and position of a business. The module aims to give students a good grounding in financial reporting through both a conceptual and procedural approach. This will enable students to complete financial statements using an understanding of the accounting equation and on a transactional basis using double entry bookkeeping.
Intended Learning Outcomes (ILOs)
ILO: Module-specific skills
On successfully completing the module you will be able to...
- 1. Describe the nature, uses and purposes of financial accounting, and outline both the conceptual frameworks that govern the preparation and reporting of financial information
- 2. Explain the accounting equation and its link with financial statements and illustrate the impact of economic transactions on the accounting equation
- 3. Describe and apply the transactions recording process from source documentation to financial statements via the books of prime entry, ledgers and the trial balance. Apply to the manual system and explain the production of accounts using computerised systems
- 4. Explain and apply the recognition and measurement principles relating to: non-current assets (including depreciation), inventories (and cost of sales) and other current assets and liabilities (including receivables and bad debts, prepayments and accruals etc) in accordance with IFRSs
- 5. Explain and apply the recognition and measurement principles relating to non-current liabilities and equity in accordance with IFRSs
- 6. Explain the nature and purposes of control accounts and apply appropriate correcting techniques for errors and omissions
- 7. Explain the characteristics of a range of types of entity and prepare financial statements for these entities
- 8. Describe the relevance of cash flow information and prepare a statement of cash flow
ILO: Discipline-specific skills
On successfully completing the module you will be able to...
- 9. Apply accounting principles, concepts and conventions in practical situations
- 10. Aggregate accounting data for a range of entities into meaningful statements
ILO: Personal and key skills
On successfully completing the module you will be able to...
- 11. Demonstrate basic problem solving skills
- 12. Demonstrate an ability to undertake independent study and to manage time
- 13. Demonstrate basic written and numerical skills
Syllabus plan
Syllabus plan
- The accounting conceptual framework.
- The accounting equation and the analysis of transactions.
- Recording of external transactions and internal transactions.
- Preparation of financial statements and closing entries, including income statements, recognised gains and losses.
- Inventory and cost of sales.
- Property, plant and equipment.
- Account receivable / Cash and bank.
- Non-current and current liabilities.
- Accounting for sole traders, companies and partnerships.
- Statement of cash flows.
Learning and teaching
Learning activities and teaching methods (given in hours of study time)
Scheduled Learning and Teaching Activities | Guided independent study | Placement / study abroad |
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48 | 102 | 0 |
Details of learning activities and teaching methods
Category | Hours of study time | Description |
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Scheduled learning and teaching activities | 24 | Lecture |
Scheduled learning and teaching activities | 24 | Seminar these will be teacher led. You should prepare for each seminar based on the related lecture |
Study Clinic | 12 | Optional sessions to reinforce key skills |
Guided Independent Study | 52 | Reading and research |
Guided Independent Study | 14 | Practice of techniques |
Guided Independent Study | 24 | Web-based activities |
Assessment
Formative assessment
Form of assessment | Size of the assessment (eg length / duration) | ILOs assessed | Feedback method |
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Weekly seminars for discussion | 3 hours preparation by student / 3 hours in-class discussion | 1-13 | In class |
Summative assessment (% of credit)
Coursework | Written exams | Practical exams |
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20 | 80 | 0 |
Details of summative assessment
Form of assessment | % of credit | Size of the assessment (eg length / duration) | ILOs assessed | Feedback method |
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In-class test | 20 | 1 Hour | 3, 9 , 11 & 13 | Examiners report on ELE |
Written exam | 80 | 2 hours | 1,2,4,5,6,7,8,9,10,11,12 & 13 | Suggested solution on ELE |
Re-assessment
Details of re-assessment (where required by referral or deferral)
Original form of assessment | Form of re-assessment | ILOs re-assessed | Timescale for re-assessment |
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All | Written exam | 1 - 13 | Up to 12 weeks |
Re-assessment notes
Where you have been referred/deferred for the module you will have the opportunity to take a second exam in the reassessment period. This will constitute 100% of the marks for the module. The questions set for re-assessment will ensure that all the ILOs are met. A referred exam will be capped at 40%.
Resources
Indicative learning resources - Basic reading
Basic reading: Schemes of work are given to students at the beginning of the module with suggested text as preparatory reading.
Thomas, A. & Ward, A. (2015) Introduction to Financial Accounting (8th Ed) McGraw Hil
Indicative learning resources - Web based and electronic resources
ELE will have copies of lecture notes, PowerPoint presentations, and a number of relevant articles. Students will make use of the discussion forum posted on ELE, in addition to other resources (online quizzes).
MyAccountingLab
Module has an active ELE page
Indicative learning resources - Other resources
Other resources: Frank Wood's business accounting (electronic link to University library)
Extra handouts
Credit value | 15 |
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Module ECTS | 7.5 |
Module pre-requisites | None |
Module co-requisites | None |
NQF level (module) | 4 |
Available as distance learning? | No |
Origin date | July 2011 |
Last revision date | 27/07/2018 |