Global Opportunities

ACC1010 : Introduction to Financial Accounting

Semesters
Semester 1 Credit Value: 10
Semester 2 Credit Value: 10
ECTS Credits: 10.0

Aims

To provide a basic foundation of knowledge and skill in financial accounting in order to

1.       Record business transactions using double-entry book-keeping.

2.       Define financial accounting concepts.

3.       Identify characteristics of different types of business entity.

4.       Apply financial accounting concepts to transactions within the framework of financial reporting.

5.       Report on the financial performance and position of different types of business entity.

6.       Interpret financial statements of businesses.

Outline Of Syllabus

•       The basic structure of accounting and double-entry book keeping
•       An introduction to the regulatory framework of accounting, with particular reference to International Financial Reporting Standards for Company reporting
•       Accounting for assets and liabilities, including an introduction to VAT
•       Accounting for sole traders, partnerships and companies.

Teaching Methods

Teaching Activities
Category Activity Number Length Student Hours Comment
Scheduled Learning And Teaching ActivitiesLecture301:0030:00In person lectures
Guided Independent StudyAssessment preparation and completion160:0060:00Time to complete formative and summative assessments
Guided Independent StudyDirected research and reading166:0066:00Estimated 3 hours per teaching week of directed reading and activities
Scheduled Learning And Teaching ActivitiesSmall group teaching61:006:00Assigned group seminars, 3 pip per semester
Guided Independent StudyIndependent study138:0038:00N/A
Total200:00
Teaching Rationale And Relationship

Small group teaching sessions will be used to examine, explore and develop topics covered by the programme of in person lectures as well as guided independent study to develop subject specific skills.

Students are expected to interact and discuss issues relating to the computational aspects of accounting. Sessions will also develop interpersonal communication skills and students should be prepared to discuss their work.

Problem solving and numeracy skills are further developed as part of the assessed work requirements.
Learning is supported by this module's core text for essential reading as well as the virtual learning environment's provision of additional questions with supporting suggested solutions.

Assessment Methods

The format of resits will be determined by the Board of Examiners

Exams
Description Length Semester When Set Percentage Comment
PC Examination601A20Invigilated PC based multiple choice questions sat on campus.
PC Examination1202A80Invigilated PC based assessment
Formative Assessments
Description Semester When Set Comment
Prob solv exercises1MPractice questions provided
Prob solv exercises2MPractice questions provided
Prob solv exercises1MMCQs for self-marking
Assessment Rationale And Relationship

The course is designed to provide an understanding, at an introductory level, of the business context of accounting, financial reporting and related issues. Topics are covered in person and are supported by small group sessions, guided reading and activities intended to provide students with practice in solving related numerical problems and to provide an understanding of the underlying concepts.

The keys skills developed through interaction in small group sessions include communication and numeracy skills.

The PC based MCQ assessment (worth 20% of the overall module mark) at the end of semester 1 encourages students to gain a firm foundation of the underlying principles of double entry bookkeeping. The PC examination at the end of semester 2 (worth 80% of the overall module mark) assesses the students' intended knowledge and skills outcomes as well as problem solving and numeracy.

In the case of alternative assessments being necessary due to circumstances, the module leader will, in the first instance, consult with the DPD as to the requirements of the professional accrediting body to discuss possible acceptable alternatives.

Reading Lists

Timetable