AF1S523 - Financial Accounting 01 Sep 2020 - 31 Aug 2026 | Version 1
Associated Module Information
| Module Code: | AF1S523 | ||
|---|---|---|---|
| Module Title: | Financial Accounting | ||
| Faculty: | Faculty of Business and Creative Industries | ||
| Faculty Group: | Accounting and Finance | ||
| Faculty Sub Group: | Accounting and Finance | ||
| Module Leader: | Simon Mccarthy | ||
| Module Team: | Kristy Elias, Jared Davies, Louise Miles, Lucie Corcoran | ||
| First Intended Intake: | SEP 2020 | Final Year of Intake: | 2024 |
| Date Closed: | |||
| Credit Value: | 20 | Credit Level: | 4 |
| Language: | English | ||
| Percentage of Module Taught in Welsh: | 0 | ||
| Equivalent Module: | |||
| HECOS codes: | 100105 - accounting | ||
| HECOS Code Weighting: | 100 | ||
Document Version Information
| Version | 1 |
|---|---|
| Valid From | 01 Sep 2020 |
| Valid To | 31 Aug 2026 |
Module Aims
This module aims to provide an introduction to the main technical language and practices of financial accounting and the application of this knowledge to different forms of business organisation.
Content Summary
The introduction to the module will consider the nature and purpose of financial reporting, define the main accounting terminology and technical language and discuss the concepts and conventions that underpin the accounting process.
The module will introduce the accounting equation and the principles of double-entry book keeping for a sole trader business. This will emphasise the purpose and use of books of original entry, journals, ledgers and control accounts to record business transactions.
The procedures for end of period adjustments for depreciation, bad debts and provisions, the transfer of data from the ledgers to the trial balance and the preparation of an end of period profit and loss account and balance sheet are demonstrated.
The preparation of financial reports for businesses that have incomplete accounting records.
The capital structure and financing of partnerships and companies is introduced and the financial reporting of these organisations considered with reference to the International Framework for the Preparation and Presentation of Financial Statements, legal and professional guidelines and standards.
Learning and Teaching Methods
| Activity Type | Hours |
|---|---|
| Practical classes and workshops | 44 |
| Independent Study | 56 |
| Directed Study | 96 |
| Formative Assessment - Scheduled | 4 |
| Total Hours Selected | 200 |
Learning Outcomes
| # | Learning Outcome |
|---|---|
| LO1 | Apply double-entry accounting techniques to record a wide range of business transactions (including identifying and correcting errors) |
| LO2 | Prepare financial statements for incorporated and unincorporated entities |
Module Requisites
N/A
Assessment Criteria
| Assessment Category | Assessment Type | Description | Duration | Word Count | Weight (%) | Best of? | Pass Mark |
|---|---|---|---|---|---|---|---|
| Written Assignment (CW) | Time Constrained Assessment (CW) 2 | In class time constrained exercise preparing a set of company financial statements | 60 | 1000 | 25 | No | 40 |
| Written Assignment (CW) | Time Constrained Assessment (CW) 1 | In class time constrained short question assessment | 180 | 3000 | 75 | No | 40 |
Assessment Matrix
| Assessment Type | Learning Outcomes | ||
|---|---|---|---|
| LO1 | LO2 | ||
| Time Constrained Assessment (CW) 2 | ✔ | ✔ | |
| Time Constrained Assessment (CW) 1 | ✔ | ✔ | |