Financial Accounting 1
Rhedir gan Bangor Business School
10.000 Credydau neu 5.000 Credyd ECTS
Trefnydd: Dr Sara Closs-Davies
NOTE: If you are registered for BA/BSc Accounting and Finance, you must achieve a grade of at least 40% in this module in order to proceed to Year 3.
To provide advanced coverage of financial accounting and financial reporting, by examining the objectives and contents of selected key international accounting and financial reporting standards. The focus will be on the presentation of financial statements for publication, consolidated financial statements for groups of companies, equity accounting for associated companies, and tangible and intangible non-current and current assets. In each case current international accounting standards will be critically examined in the context of the range of accounting methods available.
Presentation of financial statements under international accounting standards; accounting for, and costing, inventory; property, plant & equipment, including investment property; government grants; intangible assets; impairment of assets; legal requirements of group accounting and preparation of financial statements for groups; accounting for associated companies.
D- to D+ (40-49%): No major omissions or inaccuracies in the deployment of information/skills. Some grasp of theoretical/conceptual/practical elements. Integration of theory/practice/information present intermittently in pursuit of the assessed work's objectives.
B- to B+ (60-69%): Very good performance Most of the relevant information accurately deployed. Good grasp of theoretical/conceptual/practical elements. Good integration of theory/practice/information in pursuit of the assessed work's objectives. Evidence of the use of creative and reflective skills.
A- to A+ (70%+): Outstanding Performance. The relevant information accurately deployed. Excellent grasp of theoretical/conceptual/practice elements. Good integration of theory/practice/information in pursuit of the assessed work's objectives. Strong evidence of the use of creative and reflective skills.
C- i C+
C- to C+ (50-59%): Much of the relevant information and skills mostly accurately deployed. Adequate grasp of theoretical/conceptual/practical elements. Fair integration of theory/practice/information in the pursuit of the assessed work's objectives. Some evidence of the use of creative and reflective skills.
Apply a critical and analytical approach to accounting and the development of accounting and financial reporting standards.
Understand the objective, development and application of international accounting and financial reporting standards in relation to the presentation of financial statements, non-current assets, and inventory.
Prepare consolidated financial statements, including associates, in accordance with international accounting and financial reporting standards.
Understand the different types of relationships that can exist when a company invests in another company, including associates and subsidiaries, and apply the appropriate accounting methods.
|EXAM||End of semester exam||
The exam assess any aspect of the module's syllabus, and will mainly require computationally-based answers.
|CLASS TEST||Online class test mid-semester||
Online test multiple-questions test which assesses the topics discussed during the first six lectures.
Strategaeth addysgu a dysgu
Workshops are an opportunity to work through practice questions and discuss elements of the module's syllabus. There are five workshops during the semester.
One 2-hour lecture per week which will include the use of worked examples to demonstrate accounting computations.
Self-study, to include: - reading; - preparation towards lectures and tutorials; - practising and working on lecture and tutorial material; - practising and answering additional questions, including past exam papers and class tests, textbooks etc.; and - preparation towards the exam and class test.
- Literacy - Proficiency in reading and writing through a variety of media
- 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 sentistevely with others
- Critical analysis & Problem Solving - Able to deconstruct and analyse problems or complex situations. To find solutions to problems through analyses and exploration of all possibilities using appropriate methods, rescources and creativity.
- Argument - Able to put forward, debate and justify an opinion or a course of action, with an individual or in a wider group setting
- Self-awareness & Reflectivity - Having an awareness of your own strengths, weaknesses, aims and objectives. Able to regularly review, evaluate and reflect upon the performance of yourself and others
Sgiliau pwnc penodol
- knowledge of some of the contexts in which accounting can be seen as operating (examples of contexts include the legal, ethical, social and natural environment; the accountancy profession; the business entity; the capital markets; the public sector)
- knowledge of the main current technical language and practices of accounting (for example, recognition, measurement and disclosure in financial statements; managerial accounting; auditing; taxation) in a specified socio-economic domain
- knowledge of some of the alternative technical languages and practices of accounting (for example, alternative recognition rules and valuation bases, accounting rules followed in other socio-economic domains, alternative managerial accounting approaches to control and decision-making)
- skills in recording and summarising transactions and other economic events; preparation of financial statements; analysis of the operations of business (for example, decision analysis, performance measurement and management control); financial analysis and projections (for example, analysis of financial ratios, discounted cash flow analysis, budgeting, financial risks)
- knowledge of contemporary theories and empirical evidence concerning accounting in at least one of its contexts (for example, accounting and capital markets; accounting and the firm; accounting and the public sector; accounting and society; accounting and sustainability) and the ability to critically evaluate such theories and evidence age
- An ability to understand financial statements, and a basic appreciation of the limitations of financial reporting practices and procedures (eg financial statement analysis; the relation between cash flow accounting and accrual accounting; discretionary accounting practices).
- Ability to work with people from a range of cultures.
- Self-management: a readiness to accept responsibility and flexibility, to be resilient, self-starting and appropriately assertive, to plan, organise and manage time.
- Self reflection: self-analysis and an awareness/sensitivity to diversity in terms of people and cultures. This includes a continuing appetite for development.
Goblygiadau o ran adnoddau ar gyfer myfyrwyr
Students are advised to purchase the core textbook for the course.
Rhestr ddarllen Talishttp://readinglists.bangor.ac.uk/modules/asb-2515.html
Core textbook: Elliott, B. & Elliott, J. 2019. Financial Accounting and Reporting. 19th Edition, Pearson.
Rhagofynion a Chydofynion
Rhagofynnol ar gyfer:
Cydofynnol ar gyfer:
Cyrsiau sy’n cynnwys y modiwl hwn
Gorfodol mewn cyrsiau:
- NR43: BA Accounting/Italian year 2 (BA/AIT)
- NR44: BA Accounting/Spanish year 2 (BA/ASP)
- NR41: BA French/Accounting year 2 (BA/FRA)
- NR42: BA German/Accounting year 2 (BA/GA)
- NN44: BSc Accounting and Banking with International Experience year 2 (BSC/ABIE)
- NN43: BSc Accounting and Banking year 2 (BSC/ACCB)
- NN46: BSc Accounting and Banking (4 year with Incorp Found) year 2 (BSC/ACCB1)
- NN3F: BSc Accounting and Banking year 2 (BSC/ACCBF)
- NN3P: BSc Acc & Banking with Place Yr year 2 (BSC/ACCBP)
- NL41: BSc Accounting and Economics year 2 (BSC/ACCEC)
- NL4B: BSc Accounting and Economics (4 year with Incorp Foundation) year 2 (BSC/ACCEC1)
- NL4F: BSc Accounting and Economics year 2 (BSC/ACCECF)
- NL4P: BSc Accounting and Economics with Placement Year year 2 (BSC/ACCECP)
- NN4J: BSc Accounting and Finance (4 year with Incorp Found) year 2 (BSC/ACCF1)
- NN4H: BSc Accounting and Finance year 2 (BSC/ACCFIN)
- NN4F: BSc Accounting and Finance year 2 (BSC/ACCFINF)
- N402: BSc Accounting & Finance (with International Experience) year 2 (BSC/ACCFINIE)
- NN4P: BSc Accounting and Finance with Placement Year year 2 (BSC/ACCFINP)
- NL42: BSc Accounting and Economics with International Experience year 2 (BSC/AEIE)
- N406: BSc Accounting and Finance (Bangor International College) year 2 (BSC/BICAF)
- N203: BSc Business Man with Acc (Bangor Uni International College) year 2 (BSC/BICBMA)
- NN24: BSc Management with Account (Bangor International College) year 2 (BSC/BICMNA)
- N2ND: BSc Business Management with Accounting year 2 (BSC/BMA)
- N2NF: BSc Business Man with Account (4 yr with Incorp Foundation) year 2 (BSC/BMA1)
- N3NF: BSc Business Management with Accounting year 2 (BSC/BMAF)
- N2NP: BSc Business Management with Accounting with Placement Year year 2 (BSC/BMAP)
- M1N4: LLB Law with Acc and Finance year 2 (LLB/LAF)
- M1NB: LLB Law with Accounting & Finance (4yr with Incorp Found) year 2 (LLB/LAF1)
- M103: LLB Law with Accounting & Finance (Intl Exp) year 2 (LLB/LIA)
Opsiynol mewn cyrsiau:
- N107: BA Business year 2 (BA/BUS)
- L190: BSc Business Economics year 2 (BSC/BEC)
- L19B: BSc Business Economics (4 year with Incorporated Foundation) year 2 (BSC/BEC1)
- L19F: BSc Business and Economics year 2 (BSC/BECF)
- L191: BSc Business Economics with International Experience year 2 (BSC/BECIE)
- L19P: BSc Business Economics with Placement Year year 2 (BSC/BECP)
- L192: BSc Business Economics (Bangor International College) year 2 (BSC/BICBE)
- N2N5: BSc Business Management and Marketing year 2 (BSC/BMM)
- N2NC: BSc Business Man & Marketing (4 yr with Incorp Foundation) year 2 (BSC/BMM1)
- N5NF: BSc Business Management and Marketing year 2 (BSC/BMMF)
- N5NP: BSc Business Management and Marketing with Placement Year year 2 (BSC/BMMP)
- NNM1: BSc Business Studies & Marketing with Intl Experience year 2 (BSC/BSMIE)
- NN1M: BSc Business Studies and Marketing year 2 (BSC/BSMKT)
- NN1K: BSc Business Studies & Marketing (4 year with Incorp Found) year 2 (BSC/BSMKT1)
- IN00: BSc Computer Information Systems for Business year 2 (BSC/CISB)
- IN0B: BSc Computer Information Sys for Bus (4 year w Incorp Found) year 2 (BSC/CISB1)
- IN02: BSc Computer Information Systems for Business (Franchised) year 2 (BSC/CISBF)