Financial Accounting 1

Module overview

Financial accounting relates to the measurement and recording of business transactions. It underlies the annual reports published by companies which shareholders and other stakeholder use to assess the past performance of the business and make decisions about the future. We will consider how these reports are prepared and the ways in which management might influence the recording and presentation of the underlying transactions.

Aims and Objectives

Learning Outcomes

Knowledge and Understanding

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

Current controversies in financial accounting.
The regulatory framework surrounding financial reporting, including the value and limitations of statutory audit;
The published financial reports of companies in different industries;
The effects on financial results of management decisions, corporate transactions and the adoption of different accounting policies;
The underlying principles and regulations to various items within financial accounts;

Subject Specific Intellectual and Research Skills

Having successfully completed this module you will be able to:

Apply accounting principles and theories to current issues in financial accounting.

Transferable and Generic Skills

Having successfully completed this module you will be able to:

Communicate complex ideas and arguments fluently and effectively in a range of different formats to a variety of different audiences.
Demonstrate numeracy and problem solving skills;

Learning and Teaching

Teaching and learning methods

The course will commence with a workshop revising assumed knowledge. The following six weeks will include a mix of lectures, discussion and exercises. Selected exercises will be used to provide formative feedback to students. Additional exercises and reading will be set for private study. The course will conclude with a revision workshop.

Study time
Type	Hours
Teaching	32
Independent Study	118
Total study time	150

Resources & Reading list

Textbooks

Holmes, Sugden and Gee (2008). Interpreting Company Reports and Accounts. FT Prentice Hall.

Alexander, Britton, Jorissen, et al (2014). International Financial Reporting and Analysis. Cengage Learning.

Elliot & Elliot (2015). Financial Accounting and Reporting. Prentice Hall.

Assessment

Formative

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

Set exercises - practical exam

Assessment Type: Formative
Feedback: This will be marked and feedback provided, so that students not only practice applying technical knowledge but also learn about presentation of examination answers. Other exercises require students to present answers in class and verbal feedback is provided at the time. Further exercises are provided each week for self-study. Solutions are provided, allowing students to check their own progress.
Final Assessment: No
Group Work: No

Summative

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

Breakdown
Method	Percentage contribution
Examination	100%

Referral

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

Breakdown
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.

Breakdown
Method	Percentage contribution
Examination	100%

Repeat Information

Repeat type: Internal & External