Module BIC-0015:
Financial Accounting

Module Facts

Run by Marketing: Bangor International College

10 Credits or 5 ECTS Credits

Semester 2

Organiser:

Overall aims and purpose

1) To introduce students to the basic mechanics and processes of financial accounting in both theory and practice and so prepare them for the later years of their degree studies in Business Management and Accounting and Finance

2) To help students to understand the importance of financial accounting procedures in running a business effectively

Course content

This module provides the appropriate foundation in financial accounting to enable students to be successful at Level 4 and beyond in their business-related undergraduate studies.

The main topics covered are:

a) Accounting records and their importance to commercial operations

b) Source materials and their use in preparing journals/day-books and ledger accounts

c) Recording credit and cash transactions using the system of double-entry bookkeeping; checking accuracy and preparing a trial balance

d) Calculation of some key ratios and using these to interpret a basic Statement of Financial Position and Income Statement

e) Trading and profit and loss accounts, depreciation, stock inventories

f) Main applications of ICT in financial accounting

Assessment Criteria

threshold

Student has demonstrated sufficient grasp of the theory and practice of financial accounting to achieve the lowest level of pass that can allow progression to the first year of an undergraduate degree programme.

good

Student has shown a sound, basic understanding of the main theories and practical applications of financial accounting and so demonstrated a clear suitability for undergraduate level study.

excellent

Student has consistently produced a level of attainment which shows a strong understanding of the topics covered in this module, thereby strongly demonstrating the ability to cope with the demands of degree level study.

Learning outcomes

  1. Use key ratios to interpret Statement of Financial Position and Income Statement

  2. Explain the value of financial accounting process to a business

  3. Demonstrate how ICT supports the contemporary accounting function

  4. Demonstrate a knowledge of basic terms and concepts of financial accounting

  5. Demonstrate an understanding of basic theory and practice of financial accounting

  6. Use double-entry bookkeeping to record financial transactions of a company and prepare a trial balance

Assessment Methods

Type Name Description Weight
coursework 40
final exam 60

Teaching and Learning Strategy

Hours
Private study 50
Seminar 50

Transferable skills

  • Numeracy - Proficiency in using numbers at appropriate levels of accuracy
  • Self-Management - Able to work unsupervised in an efficient, punctual and structured manner. To examine the outcomes of tasks and events, and judge levels of quality and importance
  • Exploring - Able to investigate, research and consider alternatives
  • Information retrieval - Able to access different and multiple sources of information
  • Inter-personal - Able to question, actively listen, examine given answers and interact sensitevely with others

Subject specific skills

  • Demonstrate numeracy skills required as a basis for further studies in Economics, Financial Accounting and Management
  • Accurately apply business models to show an understanding of efficiency and external pressures to an organisation

Resources

Resource implications for students

Purchase of set text book

Reading list

Dyson, J. (2010) Accounting for non-accounting students (8th edition) Pearson Education Limited: Harlow

Fortes, H. (2011) Accounting Simplified Pearson Education Limited: Harlow

Wood, F. and Sangster, A. (2008) Business accounting (Revised 10th edition) Pearson Education Limited: Harlow

Courses including this module

Compulsory in courses: