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Module

ACC1010 : Introduction to Financial Accounting

  • Offered for Year: 2021/22
  • Module Leader(s): Dr Andrew Holden
  • Lecturer: Mr Christopher Soan, Mr Stephen Rodgers, Mr Aidan Beck
  • Owning School: Newcastle University Business School
  • Teaching Location: Newcastle City Campus
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 using ratio analysis and narrative.

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, including the preparation and interpretation of financial statements.
•       Preparation of simple statements of cash flows
•       Use of Bank reconciliations

Teaching Methods

Teaching Activities
Category Activity Number Length Student Hours Comment
Structured Guided LearningLecture materials161:0016:008 hours of online lecture material spread over each semester
Scheduled Learning And Teaching ActivitiesLecture141:0014:007 x 1 hour pip lectures each semester
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
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 and structured guided learning sessions 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 written and multiple choice type 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 Examination601A25This will be a Canvas based MCQ
Written Examination1202A75This will be a present in person invigilated exam
Formative Assessments
Description Semester When Set Comment
Prob solv exercises1MPractice questions provided
Prob solv exercises2MPractice questions provided
Prob solv exercises1MMCQs for self-marking through Canvas
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 present in person and pre recorded lectures supported by small group sessions, guided reading and structured 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, written communication and numeracy through the module's examination and the ability for independent management of learning and time.

The online MCQ assessment (worth 25% 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 formal present in person invigilated examination at the end of semester 2 (worth 75% of the overall module mark) assesses the students' intended knowledge and skills outcomes as well as problem solving, numeracy and written communication skills.

In the case of an alternative semester 2 assessment (worth 75% of the overall module mark) 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. In 2020/21 this alternative was a 24 hour take home exam delivered online, and it is envisioned that if circumstances do not allow a present-in-person timed exam at the end of semester 2, and the professional body agrees, than this may well be an example of the type of alternative assessment which could be put in place.

Reading Lists

Timetable