ACCT06037 2016 Introduction to Financial Accounting

General Details

Full Title
Introduction to Financial Accounting
Transcript Title
Intro to Financial Accounting
N/A %
Subject Area
ACCT - Accounting
BUS - Business
06 - NFQ Level 6
10 - 10 Credits
Start Term
2016 - Full Academic Year 2016-17
End Term
9999 - The End of Time
Caroline McNulty, Gary Reynolds
Programme Membership
SG_BBUSO_C06 201600 Higher Certificate in Business in Business in Business SG_BACCO_C06 201700 Higher Certificate in Business in Business in Accounting and Marketing SG_BBSOL_C06 202000 Higher Certificate in Business

Introduce the bookeeping principles,  the key principles and concepts of financial accounting and how they are applied in the preparation of financial statements.

Students will gain an insight into the fundamentals of financial accounting and how financial accounting principles are applied to the preparation of Financial statements .


Learning Outcomes

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


Explain the importance of and application of ethical principles within the business environment


Prepare Income Statement and Statement of Financial Position 


Apply best practice in the preparation of financial statements for sole traders


Explain relationship of 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.

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 principles and concepts within financial accounting

Introduction to Double entry bookkeeping , Accounting equation, Daybooks, ledgers, Vat and trial balance

Introduction to books of original entry

Introduction to columnar day (including Vat) 

Correction of trial balance adjustments and errors; journal entries, control accounts, depreciation, accruals, prepayments, bad debts and doubtful debts provisions. 

Prepare a Bank Reconciliation

Preparation of Income statement and Statement of financial position


Coursework & Assessment Breakdown

Coursework & Continuous Assessment
40 %
End of Semester / Year Formal Exam
60 %

Coursework Assessment

Title Type Form Percent Week Learning Outcomes Assessed
1 Multiple Choice Quizzes/ MCQ Continuous Assessment UNKNOWN 0 % OnGoing 1,2,3,4,5,6
2 Continuous Assessment Continuous Assessment UNKNOWN 40 % OnGoing 1,2,3,4,5,6

End of Semester / Year Assessment

Title Type Form Percent Week Learning Outcomes Assessed
1 Final Exam Final Exam UNKNOWN 60 % End of Term 1,2,3,4,5,6

Part Time Mode Workload

Type Location Description Hours Frequency Avg Workload
Lecture Flat Classroom Lecture 3 Weekly 3.00
Independent Learning UNKNOWN Personal Study 2 Weekly 2.00
Total Part Time Average Weekly Learner Contact Time 3.00 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

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Additional Information