ACCT06045 2022 Introduction to Financial accounting

General Details

Full Title
Introduction to Financial accounting
Transcript Title
Intro to Financial Accounting
Code
ACCT06045
Attendance
N/A %
Subject Area
ACCT - Accounting
Department
MKTS - Marketing, Tourism & Sport
Level
06 - NFQ Level 6
Credit
05 - 05 Credits
Duration
Semester
Fee
Start Term
2022 - Full Academic Year 2022-23
End Term
9999 - The End of Time
Author(s)
Aileen Brennan, Caroline McNulty
Programme Membership
SG_BAPPL_B07 202200 Bachelor of Business in Applied Sport with Business SG_BINTE_H08 202200 Bachelor of Business (Honours) in International Marketing and Languages SG_BSALE_B07 202200 Bachelor of Business in Marketing and Sales
Description

Basic introduction to financial accounting. Students will gain an insight into the fundamentals of financial accounting including preparing financial statements for sole traders and understanding the various users of accounts and their information requirements.

Learning Outcomes

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

1.

Identify items affected by transactions and complete the double entry to record the transactions.

2.

Prepare a basic statement of profit or loss and statement of financial position.

3.

Prepare a bank reconciliation statement

4.

Explain the users of financial reports, their information requirements, accounting concepts and difference between sole trader and club accounts.

Teaching and Learning Strategies

Lectures supplemented by regular formative and continuous assessment.

Learning and assessment is on a piecemeal basis.

 

Formative assessment and continuous assessment throughout the semester will scaffold knowledge and encourage students to engage and participate on a regular basis.  Quizzes e.g. WIRIS allow multiple versions of questions to be generated by randomising variables, thus allowing the student unlimited practice and ensuring they learn the process involved in a calculation, at their own pace.

Module Assessment Strategies

Three Moodle exams.

These will be in class and supervised.

Material will be covered and examined on a piecemeal basis.

Repeat Assessments

Opportunity to repeat failed elements if overall 40% not achieved when final result for all elements released.

Indicative Syllabus

LO No. 1: Identify items affected by transactions and complete the double entry to record the transactions.

Introduction to history and objectives of financial accounting

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

Errors not affecting trial balance agreement

LO No.2: Prepare a basic statement of profit or loss and statement of financial position

Accounts of sole traders with inventory adjustment.

Lo No. 3: Prepare a bank reconciliation statement

Common items, differences due to timing differences, correct cash book/bank account, prepare bank reconciliation statement.

LO No. 4:  Explain the users of financial reports, their information requirements, accounting concepts and difference between sole trader and club accounts.

Users of financial statements and information needs,

Comparison of terminology used in club accounts and sole trader financial statements, review accounts of not for profit entities, 

Explain accounting concepts e.g. accruals, prudence, consistency, materiality, going concern etc

Ethics

Capital -v revenue expenditure

Coursework & Assessment Breakdown

Coursework & Continuous Assessment
100 %

Coursework Assessment

Title Type Form Percent Week Learning Outcomes Assessed
1 Moodle Exam Continuous Assessment Closed Book Exam 30 % Week 6 1
2 Moodle quiz using questions generated with WIRIS and MCQs Continuous Assessment Closed Book Exam 20 % Week 9 3,4
3 Final Accounts Questions Continuous Assessment Closed Book Exam 50 % Week 13 2,4

Full Time Mode Workload


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

Required & Recommended Book List

Required Reading
2021 Frank Wood's Business Accounting
ISBN 1292365439 ISBN-13 9781292365435

Frank Wood's Business Accounting Volume 1, the world's best-selling textbook on book-keeping and accounting, continues to provide an indispensable introduction for students and professionals across the globe.

Module Resources

Non ISBN Literary Resources

Frank Wood's Business Accounting 15th Edition 2021 Alan Sangster and Lewis Gordon, Pearson

Journal Resources
URL Resources
Other Resources

None

Additional Information

Useful to be timetabled to computer labs once a week for practice questions.