The University of Southampton
Courses

MANG1001 Financial Accounting 1

Module Overview

- Introduction. - Conceptualising Financial Statements. - Introduction to Double Entry & Accounting Equation & Trial Balance. - Adjustments: Accruals, Prepayments & Bad Debt. - Assets, Inventory, Depreciation and Revaluation. - Sources of finance and Capital Structure. - Interpretation of accounts and the Business Model.

Aims and Objectives

Module Aims

To give students a good understanding of the way that financial accounts are prepared and used and the concepts underlying those accounts with sufficient practical work to obtain a firm grasp of those concepts. To develop insight into the relationships within financial statements which can help in the interpretation of the accounts. To develop understanding of the accounting theories underlying financial statements as currently prepared and an appreciation of the consequent strengths and limitations of those financial statements. But above all, it is to give you the tools to understand how a business works.

Learning Outcomes

Knowledge and Understanding

Having successfully completed this module, you will be able to demonstrate knowledge and understanding of:

  • The main users of financial statements and their needs.
  • Methods of recording transactions, as a basis of financial statements, and for control within the organisation.
  • The elements and structure of the main financial statements for sole traders, partnerships and companies.
  • Basic principles and accounting concepts underlying the preparation of financial statements.
Subject Specific Intellectual and Research Skills

Having successfully completed this module you will be able to:

  • Prepare simple financial statements from structured and unstructured information.
  • Recognise and discuss measurement problems arising in Financial Accounting
  • Explain frequently used accounting terminology.
  • Appreciate and explain the significance of choices of accounting policies.
  • Read and infer information from simple sets of accounts.
  • Develop intellectual skills associated with analysing, recording, communicating and evaluating financial information, using both qualitative and quantitative techniques, for stewardship and decision making.
Transferable and Generic Skills

Having successfully completed this module you will be able to:

  • Demonstrate learning, numeracy, problem solving and written communication skills.
  • Show developed self-management skills.

Syllabus

- Objectives and users of financial statements. - Accounting for control, the double entry model and control of data. - The Balance Sheet equation. - The Profit and Loss Account, Cash Flow Statement, the Balance Sheet and underlying concepts. - Preparation of accounts from records of transactions for sole traders, partnerships and companies. - Valuation and accounting for assets and liabilities including fixed assets and depreciation, stocks, debtors, and accruals and prepayments. - Sources of finance. - Regulation of financial reporting, strengths and limitations of historical cost accounting. The interpretation of accounts.

Learning and Teaching

Teaching and learning methods

- Lectures. - Weekly classes. - Workshops. - Private Study, including reading and working computational problems.

TypeHours
Wider reading or practice20
Lecture33
Revision15
Seminar11
Follow-up work20
Completion of assessment task25
Preparation for scheduled sessions26
Total study time150

Resources & Reading list

Anne Britton & Chris Waterson (2010). Financial Accounting. 

Wood and Sangster. Business Accounting Vol 1 and Vol 2. 

Weetman, P (2010). Financial and Management Accounting: An Introduction. 

Assessment

Formative

Class discussions

Summative

MethodPercentage contribution
Assessment  (2 hours) 80%
Multiple choice Test 20%

Repeat

MethodPercentage contribution
Assessment  (2 hours) 100%

Referral

MethodPercentage contribution
Assessment  (2 hours) 100%

Repeat Information

Repeat type: Internal & External

Linked modules

Co-Req: MANG1002, Management Accounting 1

Co-requisites

To study this module, you will need to also study the following module(s):

CodeModule
MANG1002Management Accounting 1

Costs

Costs associated with this module

Students are responsible for meeting the cost of essential textbooks, and of producing such essays, assignments, laboratory reports and dissertations as are required to fulfil the academic requirements for each programme of study.

In addition to this, students registered for this module typically also have to pay for:

Textbooks

Recommended texts for this module may be available in limited supply in the University Library and students may wish to purchase the core/recommended text as appropriate.

Please also ensure you read the section on additional costs in the University’s Fees, Charges and Expenses Regulations in the University Calendar available at www.calendar.soton.ac.uk.

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