Financial Accounting 1

Learning Outcomes

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.

Subject Specific Intellectual and Research Skills

Having successfully completed this module you will be able to:

• read and infer information from simple sets of accounts;
• explain frequently used accounting terminology;
• develop intellectual skills associated with analysing, recording, communicating and evaluating financial information, using both qualitative and quantitative techniques, for stewardship and decision making.
• recognise and discuss measurement problems arising in Financial Accounting;
• appreciate and explain the significance of choices of accounting policies;
• prepare simple financial statements from structured and unstructured information;

• 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

Teaching and learning methods

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

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.

Formative

This is how we’ll give you feedback as you are learning. It is not a formal test or exam.

Summative

This is how we’ll formally assess what you have learned in this module.

Referral

This is how we’ll assess you if you don’t meet the criteria to pass this module.

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.

Repeat Information

Repeat type: Internal & External