OverviewThis module aims to give students a better understanding of the importance of accounting in the modern world, and how accounts are produced and regulated to produce meaningful information to all stakeholders in a business.
The key topics of the module are:
1) Role and evolution of accounting
2) Single entry accounting; double entry bookkeeping
3) Financial reporting conventions
4) Recording transactions and adjusting entries
5) Principal financial statements; monetary items; purchases and sales, and bad and doubtful debts
6) Stock valuation; fixed assets, and depreciation methods
7) Liabilities and provisions
8) Accounting for sole traders and Limited Companies
9) Cash flow statements
This module appears in:
Two lectures of one hour and one seminar/workshop of one hour each week
Total hours: 150
Method of assessment
Examination – two- hour unseen and closed book
Financial Analysis Report – 1,000 words
Benedict, A. and Elliott, B. (2011) Financial Accounting: An Introduction. London: Prentice Hall
Further indicative readings:
Britton, A. and Waterston, C. (2010) Financial Accounting. London: Pearson
McLaney, E.J. and Atrill, P. (2012) Accounting an Introduction. London: Pearson
Thomas, A. and Ward, A.M. (2011) An Introduction to Financial Accounting. London: McGraw Hill
Intended Subject specific learning outcomes:
8.1 Demonstrate knowledge and understanding of the professional and regulatory environments within which financial statements are prepared and used.
8.2 Demonstrate knowledge and understanding of the alternative technical language,
concepts and practices proposed for use in the preparation of financial statements.
8.3 Manipulate and analyse financial data and financial performance.
8.4 Record and summarise economic events through double entry bookkeeping and prepare
The intended generic learning outcomes.
On successfully completing the module students will be able to:
9.1 Demonstrate the ability to undertake independent and self-managed learning.
9.2 Demonstrate the ability to use various forms of communication and understand the business/accounting software used in modern day businesses.
9.3 Demonstrate the ability to critically evaluate arguments and evidence.
9.4 Communicate a range of information, ideas and solutions effectively and at an
appropriate level for the audience.