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ACCT1061: Financial Accounting
Aims
- To enable students to have a sound understanding of the techniques of double entry accounting and apply its principles in recording transactions, adjusting financial records and preparing non-complex financial statements.
Content
- Maintaining financial records
- Adjustments to accounting records and financial statements
- Preparing financial statements
- Interpretation of accounts using ratio analysis
Learning Outcomes
Subject-specific Knowledge:
- On completion of this module students should:
- Have knowledge of the use of double entry accounting techniques and the maintenance of accounting records
- Be familiar with the processes of accounting cycle completion and making adjustments to accounting records and financial statements
- Have knowledge of the key factors to take into account when preparing primary financial statements, including balance sheets and income statements
- Have knowledge of the difference between UK GAAP and International financial reporting standards as alternative contexts for the preparation of financial statements
Subject-specific Skills:
- On completion of this module students should:
- Be able to identify and correct omissions and errors in accounting records and financial statements
- Be able to specify the components of financial statements and prepare and present noncomplex accounts for sole traders, partnerships and limited companies
- Be able to identify the international context in which financial statements are prepared
Key Skills:
- Written communication
- Planning, organisation and time management
- Problem solving and analysis
- Numeracy
Modes of Teaching, Learning and Assessment and how these contribute to the learning outcomes of the module
- Learning takes place through attendance at, preparation for and participation in workshops, and independent study.
- Formative assessment is by means of online MCQs and in-class questions.
- Summative assessment is by means of a timed, invigilated examination.
Teaching Methods and Learning Hours
| Activity | Number | Frequency | Duration | Total/Hours | |
|---|---|---|---|---|---|
| Workshops | 20 | 2 per week | 2 hours | 40 | ■ |
| Revision webinar | 1 | Once | 2 hours | 2 | |
| Preparation, Reading and Independent Study | 158 | ||||
| Total | 200 |
Summative Assessment
| Component: Examination | Component Weighting: 100% | ||
|---|---|---|---|
| Element | Length / duration | Element Weighting | Resit Opportunity |
| In-person Written Examination | 2 hours | 100% | same |
Formative Assessment:
Online MCQs and questions in class