Module overview
- Introduction.
- Conceptualising Financial Statements.
- Introduction to Double Entry & Accounting Equation & Trial Balance.
- Adjustments: Accruals, Prepayments & Bad Debt.
- Assets, Inventory, Depreciation and Disposal.
- Sources of finance and Capital Structure.
- Interpretation of accounts and the Business Model.
Linked modules
Pre-requisite; MANG1046
Aims and Objectives
Learning Outcomes
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.
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.
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;
- develop intellectual skills associated with analysing, recording, communicating and evaluating financial information, using both qualitative and quantitative techniques, for stewardship and decision making.
- prepare simple financial statements from structured and unstructured information;
- explain frequently used accounting terminology;
- recognise and discuss measurement problems arising in Financial Accounting;
- read and infer information from simple sets of accounts;
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.
- 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 |
---|---|
Follow-up work | 20 |
Completion of assessment task | 25 |
Preparation for scheduled sessions | 26 |
Lecture | 24 |
Wider reading or practice | 20 |
Seminar | 10 |
Revision | 15 |
Total study time | 140 |
Resources & Reading list
Textbooks
Weetman (2019). Financial accounting : An introduction. Pearson.
Andrew Thomas, Anne Marie Ward (2019). Introduction to Financial Accounting. McGraw-Hill,.
Financial Accounting (2023). Financial Accounting. McGraw Hill.
Assessment
Formative
This is how we’ll give you feedback as you are learning. It is not a formal test or exam.
Report
- Assessment Type: Formative
- Feedback: Individual audio feedback, and general feedback session during lectures.
- Final Assessment: No
- Group Work: No
Mock Examination
- Assessment Type: Formative
- Feedback: You will receive feedback during seminars.
- Final Assessment: No
- Group Work: No
Class discussions
- Assessment Type: Formative
- Feedback: Classes and office hours
- Final Assessment: No
- Group Work: No
Mock Examination
- Assessment Type: Formative
- Feedback: You will receive feedback during seminars.
- Final Assessment: No
- Group Work: No
Summative
This is how we’ll formally assess what you have learned in this module.
Method | Percentage contribution |
---|---|
Examination | 80% |
Examination | 20% |
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