Description
Introduction to Financial Accounting
Module title | Introduction to Financial Accounting |
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Module code | INT1008 |
Academic year | 2022/3 |
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) | 84 |
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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 BEA1008.No prior knowledge of accounting is needed 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
ILO: Discipline-specific skills
On successfully completing the module you will be able to...
- 8. Apply accounting principles, concepts and conventions in practical situations
- 9. 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...
- 10. Demonstrate basic problem solving 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.
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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60 | 90 | 0 |
Details of learning activities and teaching methods
Category | Hours of study time | Description |
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Scheduled learning and teaching activities (synchronous) | 20 | Lecture + workshop activities |
Scheduled learning and teaching activities (synchronous) | 20 | Seminar these will be teacher led. You should prepare for each seminar based on the related lecture |
Formative assessed activities (asynchronous) | 20 | Working on case studies; problem solving activities; short essays; online activities |
Guided Independent Study | 35 | Reading and research |
Guided Independent Study | 35 | Practice of techniques |
Guided Independent Study | 20 | Web-based activities |
Assessment
Formative assessment
Form of assessment | Size of the assessment (eg length / duration) | ILOs assessed | Feedback method |
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Problem solving activities, small group work, short essays | 1-2 hours | 1-10 | Verbal, written and available on ELE |
Summative assessment (% of credit)
Coursework | Written exams | Practical exams |
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40 | 60 | 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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Coursework - Online assessment simulations | 25 | 2 hours | 2, 3 | Solutions online |
Group and Individual Reports | 15 | 900 words | 1 | Teacher feedback on ELE |
Written Examination (open book) | 60 | 2 hours | 1, 2, 4-10 | Suggested solution on ELE, performance outcomes |
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0 |
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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Written Examination (open book) | Written examination (open book), 2 hours (deferral), 2.5 hours (referral) | 1-10 | Next assessment opportunity |
Re-assessment notes
Deferral – if you miss an assessment for reasons judged legitimate by the Mitigation Committee, the applicable assessment will normally be deferred. See ‘Details of reassessment’ for the form that assessment usually takes. When deferral occurs there is ordinarily no change to the overall weighting of that assessment.
Referral – if you have failed the module overall (i.e. a final overall module mark of less than 40%) you will be required to take a re-sit exam. Only your performance in this exam will count towards your final module grade. A grade of 40% will be awarded if the examination is passed.
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. (2019) Introduction to Financial Accounting (9th Ed) McGraw Hill
Indicative learning resources - Web based and electronic resources
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? | Yes |
Origin date | July 2011 |
Last revision date | 09/08/2021 |