ACCT06045 2022 Introduction to Financial accounting
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.
On completion of this module the learner will/should be able to;
Identify items affected by transactions and complete the double entry to record the transactions.
Prepare a basic statement of profit or loss and statement of financial position.
Prepare a bank reconciliation statement
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.
Opportunity to repeat failed elements if overall 40% not achieved when final result for all elements released.
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
Capital -v revenue expenditure
Coursework & Assessment Breakdown
|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
|Laboratory Practical||Computer Laboratory||Lecture and formative assessment||1||Weekly||1.00|
|Independent Learning||UNKNOWN||Personal study||3||Weekly||3.00|
Required & Recommended Book List
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.
Frank Wood's Business Accounting 15th Edition 2021 Alan Sangster and Lewis Gordon, Pearson
Useful to be timetabled to computer labs once a week for practice questions.