LAC1010 : Introduction to Financial Accounting
- Offered for Year: 2019/20
- Module Leader(s): Mr Frank Madray
- Owning School: Newcastle University Business School
- Teaching Location: London
|Semester 1 Credit Value:||10|
|Semester 2 Credit Value:||10|
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 Control accounts for Payroll, Sales ledger and Purchase ledger; Bank reconciliation.
• The need for accounting codes through the Chart of accounts.
|Guided Independent Study||Assessment preparation and completion||60||1:00||60:00||N/A|
|Scheduled Learning And Teaching Activities||Lecture||12||2:00||24:00||N/A|
|Scheduled Learning And Teaching Activities||Lecture||6||1:00||6:00||N/A|
|Guided Independent Study||Directed research and reading||50||1:00||50:00||N/A|
|Scheduled Learning And Teaching Activities||Small group teaching||10||1:00||10:00||N/A|
|Guided Independent Study||Independent study||50||1:00||50:00||N/A|
Teaching Rationale And Relationship
Workshops will be used to examine, explore and develop topics covered by the programme of lectures as well as guided reading and to develop subject specific skills.
In workshops, students are fully expected to discuss issues relating to the design and use of accounting information as well as gaining experience in the computational aspects of accounting.
Interpersonal communication skills are developed through seminar work and presentation of students' work in these workshops.
Problem solving and numeracy skills are further developed as part of the assessed work requirements.
Learning is supported by the provision of an external CBL programme, which students are recommended to use, as well as Blackboard provision of past questions with supporting suggested solutions.
The format of resits will be determined by the Board of Examiners
|Module Code||Module Title||Semester||Comment|
|ACC1010||Introduction to Financial Accounting||1||N/A|
|Prob solv exercises||1||M||Seminar questions provided|
|Prob solv exercises||2||M||Seminar questions provided|
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 lectures and essential reading, supported by workshops intended to give the students practice in solving related numerical problems and to provide an understanding of the underlying concepts.
The keys skills developed are oral communication in workshops, written communication and numeracy through the module's examinations and the ability for independent management of learning and time.