Financial Accounting 2023-24
Bangor University International College (Department)
Module - Semester 1 & 2
This module introduces you to the theory and practice of financial accounting and management accounting in order to help you to understand the importance of financial accounting procedures in running a business effectively. It also prepares you for your degree studies in Business Management and Accounting & Finance.
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) Identifying and understanding the Balance Sheet / Statement of Financial Position and its usefulness to stakeholders
Threshold (40-49% / D- to D+): Student has made sufficient progress in the study of this module to achieve the lowest level of pass allowing for progression onto an undergraduate degree.
Satisfactory (50 – 59% / C- to C+): Student demonstrates reasonably comprehensive coverage of learning outcomes, indicating generally accurate understanding, based on lecture material and some core readings. Some gaps in knowledge and/or understanding evident.
Good (60-69% / B- to B+): Student has displayed a sound basic knowledge and understanding of much of the material studied in this module and achieved a high enough grade to indicate a clear ability to cope with the demands of an undergraduate level degree.
Excellent (70% + / A- to A*): Student has engaged consistently well with all aspects of the module and strong achievement in assessments indicates the ability to perform effectively at undergraduate degree level.
- Demonstrate a knowledge and understanding of basic terms, theories, and practice of financial accounting
- 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 Statements of Financial Position and Income Statements
Class test assessing topics studied up to week 3.
Class test assessing topics studied from week 4 to week 7.
Final exam Unseen examination with specific task relevant assessment criteria.