ACC2066 : Financial Accounting for Business
ACC2066 : Financial Accounting for Business
- Offered for Year: 2024/25
- Module Leader(s): Mr Aidan Beck
- Owning School: Newcastle University Business School
- Teaching Location: Newcastle City Campus
Semesters
Your programme is made up of credits, the total differs on programme to programme.
Semester 1 Credit Value: | 10 |
Semester 2 Credit Value: | 5 |
ECTS Credits: | 8.0 |
European Credit Transfer System | |
Pre-requisite
Modules you must have done previously to study this module
Code | Title |
---|---|
ACC1010 | Introduction to Financial Accounting |
Pre Requisite Comment
Only available to students on NN14 and NN49.
Co-Requisite
Modules you need to take at the same time
Co Requisite Comment
N/A
Aims
1. To introduce the IASB Framework in Accounting
2. To examine current financial reporting practice and how it impacts upon companies
3. To enable students to further develop accounts preparation and interpretation skills
4. To provide an introduction to consolidated accounts
This is an intermediate financial accounting module where financial statements for a range of business transactions will be considered, including accounting for leasing; tangible and intangible non-current assets with revaluation issues; provisions, contingent liabilities and contingent assets; accounting for foreign currency translation and consolidation of companies with reference to international accounting standards. We shall examine the regulatory and IASB frameworks governing the production of financial statements and how these interact with International Accounting Standards.
Outline Of Syllabus
1. IASB Framework in Accounting
2. Financial accounting and reporting concepts
3. Preparation of (single) company financial statements
4. Introduction to consolidated accounts
Learning Outcomes
Intended Knowledge Outcomes
At the end of the module students will be able to
1. Explain the setting process of and need for financial reporting standards and demonstrate how the conceptual framework shapes international financial reporting.
2. Apply the requirements of international financial reporting standards to transactions.
Intended Skill Outcomes
At the end of the module students will be able to
3. Prepare financial statements for single and group companies.
4. Interpret and appraise financial statements of IFRS companies using ratio analysis and narrative.
Teaching Methods
Teaching Activities
Category | Activity | Number | Length | Student Hours | Comment |
---|---|---|---|---|---|
Guided Independent Study | Assessment preparation and completion | 35 | 1:00 | 35:00 | N/A |
Scheduled Learning And Teaching Activities | Lecture | 12 | 2:00 | 24:00 | Whole group lecture sessions - PiP |
Scheduled Learning And Teaching Activities | Lecture | 1 | 2:00 | 2:00 | Semester 2 mock exam - PIP |
Structured Guided Learning | Structured research and reading activities | 47 | 1:00 | 47:00 | N/A |
Scheduled Learning And Teaching Activities | Small group teaching | 6 | 1:00 | 6:00 | Seminar sessions - PIP |
Scheduled Learning And Teaching Activities | Drop-in/surgery | 1 | 1:00 | 1:00 | Semester 2 pre-exam clinic - PIP |
Guided Independent Study | Independent study | 35 | 1:00 | 35:00 | N/A |
Total | 150:00 |
Teaching Rationale And Relationship
The syllabus requires students to master a wide range of accounting principles, rules and techniques, and then to apply them to given accounting scenarios. Helping students acquire this competence is best achieved by examples, supported by significant reading and practice as independent study. Progress tests for self marking and practice questions will help students to structure their studies and receive formative feedback on progress.
Reading Lists
Assessment Methods
The format of resits will be determined by the Board of Examiners
Exams
Description | Length | Semester | When Set | Percentage | Comment |
---|---|---|---|---|---|
PC Examination | 60 | 1 | A | 25 | Online MCQ exam |
Written Examination | 120 | 2 | A | 75 | N/A |
Formative Assessments
Formative Assessment is an assessment which develops your skills in being assessed, allows for you to receive feedback, and prepares you for being assessed. However, it does not count to your final mark.
Description | Semester | When Set | Comment |
---|---|---|---|
Written exercise | 1 | M | Progress Test for self marking |
Written Examination | 2 | M | Progress Test/mock for self marking and practice questions via small group sessions |
Assessment Rationale And Relationship
1 x 1 hour unseen MCQ examination at the end of S1 to check students are progressing and have the knowledge in place to build on in Semester 2.
1 x 2 hour unseen written examination at the end of Semester Two required to ensure students are prepared for stage 3 professional level exam requirements. It is also an appropriate way of assessing knowledge and application of basic principles.
Timetable
- Timetable Website: www.ncl.ac.uk/timetable/
- ACC2066's Timetable
Past Exam Papers
- Exam Papers Online : www.ncl.ac.uk/exam.papers/
- ACC2066's past Exam Papers
General Notes
N/A
Welcome to Newcastle University Module Catalogue
This is where you will be able to find all key information about modules on your programme of study. It will help you make an informed decision on the options available to you within your programme.
You may have some queries about the modules available to you. Your school office will be able to signpost you to someone who will support you with any queries.
Disclaimer
The information contained within the Module Catalogue relates to the 2024 academic year.
In accordance with University Terms and Conditions, the University makes all reasonable efforts to deliver the modules as described.
Modules may be amended on an annual basis to take account of changing staff expertise, developments in the discipline, the requirements of external bodies and partners, and student feedback. Module information for the 2025/26 entry will be published here in early-April 2025. Queries about information in the Module Catalogue should in the first instance be addressed to your School Office.