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.
Linked modules
co-req: MANG1045
Aims and Objectives
Learning Outcomes
Subject Specific Intellectual and Research Skills
Having successfully completed this module you will be able to:
- appreciate and explain the significance of choices of accounting policies;
- appreciate and explain the significance of choices of accounting policies;
- recognise and discuss measurement problems arising in Financial Accounting;
- explain frequently used accounting terminology;
- prepare simple financial statements from structured and unstructured information;
- develop intellectual skills associated with analysing, recording, communicating and evaluating financial information, using both qualitative and quantitative techniques, for stewardship and decision making.
Knowledge and Understanding
Having successfully completed this module, you will be able to demonstrate knowledge and understanding of:
- methods of recording transactions, as a basis of financial statements, and for control within the organisation;
- the main users of financial statements and their needs;
- 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.
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.
- 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.
- Private Study, including reading and working computational problems.
Type | Hours |
---|---|
Completion of assessment task | 25 |
Lecture | 33 |
Revision | 15 |
Seminar | 11 |
Preparation for scheduled sessions | 26 |
Follow-up work | 20 |
Wider reading or practice | 20 |
Total study time | 150 |
Resources & Reading list
Internet Resources
Accounting Study Manual and Question Bank 2017.
Textbooks
Anne Britton & Chris Waterson (2010). Financial Accounting. FT Prentice Hall.
Weetman, P (2010). Financial and Management Accounting: An Introduction. FT Prentice Hall.
Wood and Sangster. Business Accounting Vol 1 and Vol 2. Pearson.
Assessment
Formative
This is how we’ll give you feedback as you are learning. It is not a formal test or exam.
Examination Class discussionsSummative
This is how we’ll formally assess what you have learned in this module.
Method | Percentage contribution |
---|---|
Examination | 100% |
Referral
This is how we’ll assess you if you don’t meet the criteria to pass this module.
Method | Percentage contribution |
---|---|
Examination | 100% |
Repeat
An internal repeat is where you take all of your modules again, including any you passed. An external repeat is where you only re-take the modules you failed.
Method | Percentage contribution |
---|---|
Examination | 100% |
Repeat Information
Repeat type: Internal & External