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Study information

Introduction to Accounting

Module titleIntroduction to Accounting
Module codeBEA1013
Academic year2024/5
Credits15
Module staff

Dr Peta Myers (Convenor)

Duration: Term123
Duration: Weeks

11

Number students taking module (anticipated)

450

Module description

Summary:

This module is intended for  Business and Management students who would like an introduction to the role of accounting from the perspective of the modern manager.

Additional information:

Internationalisation

The internationalisation of accounting standards and management accounting practices is emphasised in the teaching of the module. This would allow students not only to get an understanding of working abroad in accounting and general business departments, but also to consider the development and future prospects of related developments.

Sustainability

Sustainable and unsustainable practices will be discussed throughout the module. Corporate accounting is examined as a whole, not only looking at the financial elements, but also trying to identify patterns and explain the social and environmental ones.

Employability

Since students will be taught current national and international corporate accounting practices, they will acquire an understanding of basic accounting knowledge that is necessary for working in accounting or general business departments in the UK or abroad. They will also be able to develop their transferable skills in basic writing, problem solving, numeracy, communication, and time management

Module aims - intentions of the module

This module aims to provide students with a broad understanding of the fundamentals of recording transactions, the content of financial reports, the scope of financial reporting in the UK and the basics of the interpretation of published accounting information.

Intended Learning Outcomes (ILOs)

ILO: Module-specific skills

On successfully completing the module you will be able to...

  • 1. explain and apply the financial accounting principles and the concepts which underpin the IASB accounting framework
  • 2. explain the accounting cycle and the flow involved in processing the information required
  • 3. explain the purpose of the statements of profit and loss, changes in equity and financial position
  • 4. explain who the users of the financial statements are and what their financial information needs would be
  • 5. explain the purpose of a trial balance and the errors which a trial balance will not identify
  • 6. explain, discuss and carry out the adjustments required to ensure that the financial statements are prepared on the accrual basis and the implications of this on the entity's financial statements;
  • 7. use the information provided to construct simple statements of profit and loss, changes in equity and financial position
  • 8. interpret the information contained in simple financial statements, regarding the financing of companies and the presentation of simple company accounts.
  • 9. explain the purpose of and the basic principles on which a cash flow statement is constructed
  • 10. discuss the profitability, liquidity and efficiency of a business using ratio analysis
  • 11. distinguish between fixed and variable costs, demonstrate how to calculate the break-even point
  • 12. apply absorption costing methods and calculate a simple activity-based cost and budget.
  • 13. discuss reasons for and identify opportunities for improving a business’ sustainability

ILO: Discipline-specific skills

On successfully completing the module you will be able to...

  • 14. use accounting concepts and conventions to apply accounting principles in practical situations;
  • 15. explain how accounting data is used by diverse stakeholder groups;
  • 16. explain the concepts on which financial statements are prepared and to be able to prepare and interpret simple financial statements, taking into account relevant adjustments, based on the IFRS principles.

ILO: Personal and key skills

On successfully completing the module you will be able to...

  • 17. demonstrate basic written communication skills;
  • 18. demonstrate basic problem solving skills;
  • 19. demonstrate time-management skills.

Syllabus plan

The accounting world, principles and rules?  

The accounting equation and financial statements  

Users of financial statements and their accounting needs  

Adjusting financial statements: accruals, prepayments, depreciation and bad debts  

Ratio Analysis 

Management Accounting, fixed and variable costs, absorptioncosting, activity-based costing and budgeting 

Sustainability. Understanding the reasons for, andidentify opportunities to improve a business’ sustainable future

Learning activities and teaching methods (given in hours of study time)

Scheduled Learning and Teaching ActivitiesGuided independent studyPlacement / study abroad
421080

Details of learning activities and teaching methods

CategoryHours of study timeDescription
Scheduled Learning and Teaching Activity22Lectures
Scheduled Learning and Teaching Activity10Optional weekly revision workshop
Scheduled Learning and Teaching Activity10Weekly Workshops
Guided Independent Study120Reading and preparation for lectures, workshops, and assessments

Formative assessment

Form of assessmentSize of the assessment (eg length / duration)ILOs assessedFeedback method
Audience Response SystemsOnline Multiple Choice self check questions1-15In-class (lectures)
Weekly workshops for discussion 3 hrs preparation by student / 1 hr in class discussion1-19In-class (lectures)

Summative assessment (% of credit)

CourseworkWritten examsPractical exams
01000

Details of summative assessment

Form of assessment% of creditSize of the assessment (eg length / duration)ILOs assessedFeedback method
Examination601 hours1-19Mark awarded. Indicative answers posted on line.
In term test, week 5201 hour1-5, 14 Mark awarded. Indicative answers posted on line.
In term test, week 10201 hour1- 11 & 13-19Mark awarded. Indicative answers posted on line.
0

Details of re-assessment (where required by referral or deferral)

Original form of assessmentForm of re-assessmentILOs re-assessedTimescale for re-assessment
In-term test Week 5 (20%)1 hour Test – 20%1-19August/September Reassessment Period
In-term test Week 10 (20%) 1 hour Test – 20%1-5, 14 August/September Reassessment Period
Examination (60%)1 hour Examination – 60 %1- 11 & 13-19August/September Reassessment Period

Re-assessment notes

Should a re-sit be required for either of the tests or examination for this module, it will be by means of one hour tests accounting for 20% each or a one-hour examination accounting for 60% module marks, as relevant.

Indicative learning resources - Basic reading

Core Texts: As advised on the module ELE page.. 

Recommended Reading: As advised 

Web-based and electronic resources:  

Indicative learning resources - Web based and electronic resources

ELE – College to provide hyperlink to appropriate pages

Key words search

Introductory accounting, basic accounting, business accounting, accounting.

Credit value15
Module ECTS

7.5

Module pre-requisites

None

Module co-requisites

Not to be taken with BEA1008 or BEA1009.

NQF level (module)

4

Available as distance learning?

Yes

Origin date

02/05/2014

Last revision date

14/05/2024