Module BIC-0015:
Financial Accounting

Module Facts

Run by Marketing: Bangor International College

10 Credits or 5 ECTS Credits

Semester 1 & 2

Organiser: Mrs Laura McKenzie

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

Grade D

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

Grade B

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

Grade A

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 a knowledge of basic terms and concepts of financial accounting

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

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

  6. Demonstrate how ICT supports the contemporary accounting function

Assessment Methods

Type Name Description Weight
COURSEWORK Coursework 1

Individual assignment assessing topics studied up to midterm point. Specific and task relevant assessment criteria.

 30
EXAM Final exam

Unseen examination with specific task relevant assessment criteria.

 40
COURSEWORK Coursework 2

Individual assignment assessing topics studied up to midterm point. Specific and task relevant assessment criteria.

 30

Teaching and Learning Strategy

Hours
Private study

Private Study – reading time, preparing and taking assessments
50 hours

 50
Seminar

50 hours of seminar style classes – 5 hours a week through a 10-week term

 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

Reading list

Dyson,J. & Franklin,E.(2017) Accounting for Non-Accounting students (9th edition) Pearson Education Limited: Harlow

McLaney, E. and Atrill, P. (2018). Accounting and Finance: An Introduction, 9th ed. Pearson

Courses including this module

Compulsory in courses: