ACCT06019 2016 Financial Reporting 1

General Details

Full Title
Financial Reporting 1
Transcript Title
Financial Reporting 1
N/A %
Subject Area
ACCT - Accounting
BUS - Business
06 - NFQ Level 6
05 - 05 Credits
Start Term
2016 - Full Academic Year 2016-17
End Term
9999 - The End of Time
Gary Reynolds, Helen Grady, Beatrice Flavin
Programme Membership
SG_BEMBE_G07 201600 Bachelor of Business Embedded Award BB L7 in Finance and Investment SG_BEMBE_G06 201600 Higher Certificate in Business in Embedded Award BB(Hons) Finance and Investment SG_BACCO_H08 202100 Bachelor of Arts (Honours) in Business in Accounting L8 SG_BFINA_H08 202100 Bachelor of Business (Honours) in Business in Finance and Investment

Introduce students to the principles of Financial Accounting so that they appreciate the importance of business ethics, can process  business transactions and prepare basic financial statements.

Learning Outcomes

On completion of this module the learner will/should be able to;

Explain the importance and application of ethical principles within the business environment
Prepare books of original entry, post transactions to ledgers and extract a trial balance.

Apply best practice in the preparation of financial statements for different types of business structure

Teaching and Learning Strategies

Upon completion of the module students should be able to:

  1. Explain the relationship between bookkeeping and accounting
  2. Prepare books of original entry and post transactions to ledgers and extract trial balance

  3. Prepare basic Income Statement and Statement of Financial Position

Module Assessment Strategies

Written exam which can be theoretical and /or numerical.

Repeat Assessments

Written exam which can be theoretical and /or numerical.

Module Dependencies


Indicative Syllabus

Ethical considerations; general principles and the role of the accountant in this area

Double entry book-keeping -  the Accounting Equation, columnar daybooks (including VAT) , ledgers, trial balance,

Adjustments for depreciation, accruals/prepayments , bad debts and provisions for doubtful debts.

Recording disposals of non current assets

Preparation of a simple Income Statement and a Statement of Financial Position for a sole trader




Coursework & Assessment Breakdown

Coursework & Continuous Assessment
20 %
End of Semester / Year Formal Exam
80 %

Coursework Assessment

Title Type Form Percent Week Learning Outcomes Assessed
1 Class quizzes/MCQ's Formative UNKNOWN - % OnGoing 1,2,3
2 Problem solving practice Formative UNKNOWN - % OnGoing 1,2,3
3 Written assessment including numerical and/or theoretical questions Continuous Assessment UNKNOWN 20 % Week 9 1,2

End of Semester / Year Assessment

Title Type Form Percent Week Learning Outcomes Assessed
1 Final Exam Written examination containing theoretical and/or numerical questions Final Exam UNKNOWN 80 % End of Term 1,2,3

Full Time Mode Workload

Type Location Description Hours Frequency Avg Workload
Independent Learning UNKNOWN Personal study 3 Weekly 3.00
Lecture Flat Classroom Lecture 1 Weekly 1.00
Lecture Flat Classroom Lecture 1 Weekly 1.00
Lecture Flat Classroom Lecture 1 Weekly 1.00
Lecture Flat Classroom Lecture 1 Weekly 1.00
Total Full Time Average Weekly Learner Contact Time 4.00 Hours

Required & Recommended Book List

Recommended Reading
2012-01-01 An Introduction to Financial Accounting McGraw Hill Higher Education
ISBN 9780077132682 ISBN-13 9780077132682

The new seventh edition of Introduction to Financial Accounting by Andrew Thomas and Anne Marie Ward has been fully revised and updated to reflect the very latest developments in this dynamic field and offers contemporary and comprehensive coverage of Financial Accounting today.

Module Resources

Non ISBN Literary Resources

Business Accounting 1 (IFRS edition)  - Frank Wood and Alan Sangster

International Accounting Standards. IASB:

IAS 1 Presentation of Financial Statements        IAS 8    Accounting Policies




Other Resources


Additional Information