This is an archived handbook for a previous year. The current undergraduate and postgraduate handbooks can be viewed using the links above.
Undergraduate Handbook 2022-2023 (archived)
Module ACCT1061: Financial Accounting
Department: Accounting
ACCT1061: Financial Accounting
| Type | Level | Credits | Availability | Module Cap | Location |
|---|---|---|---|---|---|
| Tied | 1 | 20 | Available in 2022/2023 | None. | Durham |
Tied To
Pre-requisites
- None
Corequisites
- None
Excluded Combinations
- 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
- 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
- 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
- Learning takes place through attendance at, preparation for and participation in workshops, and independent study.
- Formative assessment is by means of a mock exam.
- Summative assessment is by means of a written examination.
Teaching Methods and Learning Hours
| Activity | Number | Frequency | Duration | Total Hours | Attendance Monitored |
|---|---|---|---|---|---|
| Workshops | 20 | 2 per week | 2 hours | 40 | Yes |
| Preparation, Reading and Independent Study | 160 | ||||
| Total | 200 |
Summative Assessment
| Component | Component Weighting | Element | Length/Duration | Element Weighting | Resit Opportunity |
|---|---|---|---|---|---|
| Examination | 100% | Written examination | 2 hours | 100% | same |
Formative Assessment
Mock exam
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.