Module ACCT1061: Financial Accounting

Department: Accounting

ACCT1061: Financial Accounting

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
• N408: Accounting
• N409: Accounting with Placement Year
• N410: Accounting with Study Abroad
• NN42: Accounting and Management
• NN43: Accounting and Finance

Pre-requisites

Corequisites

Excluded Combinations

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

• 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

• 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

Summative Assessment

Formative Assessment

Online MCQs and supplemented by questions in class