Undergraduate Programme and Module Handbook 2023-2024

Module ACCT1061: Financial Accounting

Department: Accounting

ACCT1061: Financial Accounting

Type	Tied	Level	1	Credits	20	Availability	Available in 2023/24	Module Cap	None.	Location	Durham

Tied to	N408
Tied to	N409
Tied to	NN43
Tied to	N302
Tied to	N304
Tied to	NN42
Tied to	N204
Tied to	N206
Tied to	N305
Tied to	N306
Tied to	N307

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
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

■ 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