Undergraduate Programme and Module Handbook 2020-2021 (archived)

Module ACCT1061: Financial Accounting

Department: Accounting

ACCT1061: Financial Accounting

Type	Tied	Level	1	Credits	20	Availability	Available in 2020/21	Module Cap	None.	Location	Durham

Tied to	N408
Tied to	N409

Prerequisites

None

Corequisites

None

Excluded Combination of Modules

None

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

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

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

Key Skills:

Take responsibility for own studies
Undertake and manage independent investigation
Communication

Modes of Teaching, Learning and Assessment and how these contribute to the learning outcomes of the module

Teaching is by lectures and seminars. Learning takes place through attendance at lectures, preparation for and participation in seminars and independent study.
Formative assessment is by means of a practice test.
Summative assessment is by means of a written examination.

Teaching Methods and Learning Hours

Activity	Number	Frequency	Duration	Total/Hours
Lectures	20	2 per week	2 hours	40
Seminars	8	Weekly	1 hour	8	■
Preparation, Reading and Independent Study				152
Total				200

Summative Assessment

Component: Examination		Component Weighting: 100%
Element	Length / duration	Element Weighting	Resit Opportunity
Written examination	2 hours	100%	same

Formative Assessment:

Practice test

■ Attendance at all activities marked with this symbol will be monitored. Students who fail to attend these activities, or to complete the summative or formative assessment specified above, will be subject to the procedures defined in the University's General Regulation V, and may be required to leave the University