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
-
Use key ratios to interpret Statement of Financial Position and Income Statement
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Explain the value of financial accounting process to a business
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Demonstrate how ICT supports the contemporary accounting function
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Demonstrate a knowledge of basic terms and concepts of financial accounting
-
Demonstrate an understanding of basic theory and practice of financial accounting
-
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:
- NM1B: BA Business and Law (4 year with Incorporated Foundation) year 0 (BA/BUSLAW1)
- NN46: BSc Accounting and Banking (4 year with Incorp Found) year 0 (BSC/ACCB1)
- NL4B: BSc Accounting and Economics (4 year with Incorp Foundation) year 0 (BSC/ACCEC1)
- NN4J: BSc Accounting and Finance (4 year with Incorp Found) year 0 (BSC/ACCF1)
- L19B: BSc Business Economics (4 year with Incorporated Foundation) year 0 (BSC/BEC1)
- N39B: BSc Banking and Finance (4 year w Incorporated Foundation) year 0 (BSC/BFIN1)
- N10B: BSc Business Studies (4 year with Incorporated Foundation) year 0 (BSC/BS1)
- NN1J: BSc Business Studies and Finance (4 year with Incorp Found) year 0 (BSC/BSFIN1)
- NN1K: BSc Business Studies & Marketing (4 year with Incorp Found) year 0 (BSC/BSMKT1)
- L11B: BSc Financial Economics (4 year w Incorporated Foundation) year 0 (BSC/FINEC1)
- N50B: BSc Marketing (4 year with Incorporated Foundation) year 0 (BSC/MKT1)
- N2NL: BSc Management with Accounting (4 year with Incorp Found) year 0 (BSC/MWACC1)