Undergraduate Programme and Module Handbook 2024-2025
Module ACCT1061: Financial Accounting
Department: Accounting
ACCT1061: Financial Accounting
| Type | Tied | Level | 1 | Credits | 20 | Availability | Available in 2024/2025 | Module Cap | None. | Location | Durham |
|---|
| Tied to | N408 |
|---|---|
| Tied to | N409 |
| Tied to | N410 |
| 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 supplemented by 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 | ■ |
| Preparation, Reading and Independent Study | 160 | ||||
| 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 supplemented by 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