This is an archived handbook for a previous year. The current undergraduate and postgraduate handbooks can be viewed using the links above.
Undergraduate Handbook 2021-2022 (archived)
Module ACCT1041: INTRODUCTION TO FINANCIAL ACCOUNTING
Department: Accounting
ACCT1041: INTRODUCTION TO FINANCIAL ACCOUNTING
| Type | Level | Credits | Availability | Module Cap | Location |
|---|---|---|---|---|---|
| Tied | 1 | 20 | Available in 2021/2022 | None. | Durham |
Tied To
- N204: Accounting and Management with Placement Year
- N206: Accounting and Management with Study Abroad
- N302: Accounting and Finance with Placement Year
- N304: Accounting and Finance with Study Abroad
- N305: Finance
- N306: Finance with Placement Year
- N307: Finance with Study Abroad
- NN42: Accounting and Management
- NN43: Accounting and Finance
Pre-requisites
- None.
Corequisites
- None.
Excluded Combinations
- None.
Aims
- To introduce the basic concepts of financial accounts' preparation and to enable students to understand the financial accounting reports.
- To investigate the different treatments of financial statements’ components.
Content
- Definition of Accounting and its objectives.
- Income determination and difference between income and cash.
- Accounting concepts and statements.
- Financial statements preparation, including cash flow statement.
- Interpretation of accounts using ratio analysis.
Learning Outcomes
Subject-specific Knowledge
- By the end of this module, student should be able to:
- explain the context and purpose of financial reporting.
- understand the users of financial statements and their needs.
- define basic accounting concepts.
- demonstrate a knowledge of accounting systems.
Subject-specific Skills
- Students will be able to:
- Produce a trial balance.
- Prepare basic financial statements for incorporated and unincorporated entities.
- Interpret financial statements.
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, directed study, and independent study.
- Formative assessment is by means of online tests.
- Summative assessment is by means of a written examination of two hours duration.
Teaching Methods and Learning Hours
| Activity | Number | Frequency | Duration | Total Hours | Attendance Monitored |
|---|---|---|---|---|---|
| Workshops | 20 | 1 per week | 2 hours | 40 | Yes |
| Revision Workshops | 2 | 1 per week in Term 3 | 2 hours | 4 | |
| Preparation and Reading | 156 | ||||
| Total | 200 |
Summative Assessment
| Component | Component Weighting | Element | Length/Duration | Element Weighting | Resit Opportunity |
|---|---|---|---|---|---|
| Examination | 100% | One written examination | 2 hours | 100% | same |
Formative Assessment
Online tests
Students who do not attend monitored activities shown under Teaching Methods
and Learning Hours, or who fail to complete the summative or formative
assessment(s) specified above, may be subject to the Academic Progress
procedures defined in the University's General Regulation V, and may be
required to leave the University.