Overview

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 Strategy

-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

• Demonstrate a knowledge of basic terms and concepts of financial accounting

• Demonstrate an understanding of basic theory and practice of financial accounting

• Demonstrate how ICT supports the contemporary accounting function

• Explain the value of financial accounting process to a business

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

• Use key ratios to interpret Statement of Financial Position and Income Statement