ACCT06029 2016 Financial Accounting 1

General Details

Full Title
Financial Accounting 1
Transcript Title
Financial Accounting 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
Caroline McNulty, Gary Reynolds
Programme Membership
SG_BBUSS_B07 201600 Bachelor of Business in Business L7 SG_BEMBE_G07 201600 Bachelor of Business in Embedded award of BB Ab-initio L8 SG_BEMBE_G06 201600 Higher Certificate in Business in Embedded award of BB Ab-initio L8 SG_BBUSI_H08 201900 Bachelor of Business (Honours) in Business L8 (Ab-initio) SG_BACCO_C06 201900 Higher Certificate in Business in Business in Accounting L6 SG_BBUSI_C06 201900 Higher Certificate in Business in Business in Business Studies L6 SG_BOFFI_C06 201900 Higher Certificate in Business in Business in Office Administration SG_BADMN_B07 201900 Bachelor of Business in Business in Business Administration L7 SG_BBUSS_B07 201900 Bachelor of Business in Business in Business L7 SG_BINTE_B07 202000 Bachelor of Business in International Tourism with Event Management SG_BTOUR_H08 202000 Bachelor of Business (Honours) in Tourism with Event Management SG_BMARK_B07 202000 Bachelor of Business in Marketing SG_BMARK_H08 202000 Bachelor of Business (Honours) in Marketing

Basic Introduction to both Bookkeeping principles and Financial accounting. Students will gain an insight into the fundamental basics of Financial Accounting.

Learning Outcomes

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


Explain the relationship between bookkeeping and accounting


Prepare books of original entry and post transactions to ledgers and extract trial balance


Prepare basic Income Statement and Statement of Financial Position


Understanding and knowledge of key financial accounting terminology and indicators for a business

Teaching and Learning Strategies

Comprises of Lectures & Tutorials

Module Assessment Strategies

Written Exam and/ or Moodle Quiz with theory and numerical content.

Repeat Assessments

Written Exam and/ or Moodle Quiz with theory and numerical content.

Indicative Syllabus

Introduction to history and objectives of financial accounting

Introduction to key financial accounting teminology and indicators of a business

Introduction to double entry bookkeeping , Accounting equation, ledgers and trial balance

Introduction to the books of original entry

Introduction to columnar day books (including Vat)

Preparation of basic Income statement and Statement of financial position


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 Multiple Choice Class Quizzes/ MCQ Continuous Assessment Multiple Choice 0 % Week 4 1,2,3,4
2 Continuous Assessment Written assessment Continuous Assessment Assignment 20 % Week 9 1,2,3,4

End of Semester / Year Assessment

Title Type Form Percent Week Learning Outcomes Assessed
1 Final Exam Final Written exam Final Exam UNKNOWN 80 % End of Term 1,2,3,4

Full Time Mode Workload

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

Required & Recommended Book List

Recommended Reading
2015-10-15 Frank Wood's Business Accounting Pearson Education Limited
ISBN 1292084669 ISBN-13 9781292084664

'An excellent book, well written with each chapter building logically on the last, allowing students to build their knowledge in manageable steps.' Stephen McNamee, University of Ulster The world's best-selling textbook on book-keeping and accounting, Business Accounting Volume 1 continues to provide an indispensable introduction for students and professionals across the globe. It is renowned for its clarity, with easy-to-understand language and a plethora of examples to aid your understanding. In the 13th edition, which is fully compliant with International Financial Reporting Standards (IFRS), all topics have been fully updated, including areas such as computerised accounting, banking, and accounting concepts and assumptions. With a brand new Chapter 2 on double entry, and more than 100 new review questions and activities, this edition contains all you need to understand and consolidate the key concepts in accounting. Please note that the product you are purchasing does not include MyAccountingLab. MyAccountingLab Join over 11 million students benefiting from Pearson MyLabs. This title can be supported by MyAccountingLab, an online homework and tutorial system designed to test and build your understanding. Would you like to use the power of MyAccountingLab to accelerate your learning? You need both an access card and a course ID to access MyAccountingLab. These are the steps you need to take: 1. Make sure that your lecturer is already using the system Ask your lecturer before purchasing a MyLab product as you will need a course ID from them before you can gain access to the system. 2. Check whether an access card has been included with the book at a reduced cost If it has, it will be on the inside back cover of the book. 3. If you have a course ID but no access code, you can benefit from MyAccountingLab at a reduced price by purchasing a pack containing a copy of the book and an access code for MyAccountingLab (ISBN:9781292088549) 4. If your lecturer is using the MyLab and you would like to purchase the product...Go to to buy access to this interactive study programme. For educator access, contact your Pearson representative. To find out who your Pearson representative is, visit

Module Resources

Other Resources


Additional Information

In semester 2 students must select either of the following modules as a mandatory module: Module Ref: Acct06030 Financial accounting 2 or Module ref:Acct06033 Accounting & Payroll