Module ACCT1061: Financial Accounting

Department: Accounting

ACCT1061: Financial Accounting

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

• 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

• 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

• 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

Summative Assessment

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