Introduction to Accounting
This module is intended for Business and Management students- students who would like an introduction to the role of financial accounting from the perspective of the modern manager.
The internationalisation of accounting standards and management accounting practices is emphasised in the teaching of the module. This would allow students not only to get an understanding of working abroad in accounting and general business departments, but also to consider the development and future prospects of related developments.
Sustainable and unsustainable practices will be discussed throughout the module. Corporate accounting is examined as a whole, not only looking at the financial elements, but also trying to identify patterns and explain the social and environmental ones.
Since students will be taught current national and international corporate accounting practices, they will acquire an understanding of basic accounting knowledge that is necessary for working in accounting or general business departments in the UK or abroad. They will also be able to develop their transferable skills in basic writing, problem solving, numeracy, communication, and time management
Full module specification
|Module title:||Introduction to Accounting|
Not to be taken with BEA1008 or BEA1009.
|Duration of module:||
Duration (weeks) - term 2: |
This module aims to provide students with a broad understanding of the fundamentals of recording transactions, the content of financial reports, the scope of financial reporting in the UK and the basics of the interpretation of published accounting information.
ILO: Module-specific skills
- 1. Explain and apply the financial accounting principles and the concepts which underpin the IASB accounting framework
- 2. Understand and explain the accounting cycle and the flow involved in processing the information required
- 3. Understand and explain the purpose of the statements of profit and loss, changes in equity and financial position
- 4. Understand who the users of the financial statements are and what their financial information needs would be
- 5. Understand the purpose of and demonstrate how to draw up simple journal entries and general ledger accounts
- 6. Understand the purpose of a trial balance and the error which a trial balance will not identify
- 7. Understand, discuss and be able to carry out the adjustments required to ensure that the financial statements are prepared on the accrual basis and the implications of this on the entities financial statements
- 8. Use the information provided to construct simple statements of profit and loss, changes in equity and financial position
- 9. Understand the purpose of and be able to prepare simple debtors, creditors and bank reconciliation statements
ILO: Discipline-specific skills
- 10. Use accounting concepts and conventions to apply accounting principles in practical situations
- 11. Understand how accounting data is used by diverse stakeholder groups
- 12. Prepare simple journals entries and general ledger accounts, and a trial balance and from these financial statements, taking into account relevant adjustments, based on the IFRS principles
ILO: Personal and key skills
- 13. Demonstrate basic written communication skills
- 14. Demonstrate basic problem solving skills
- 15. Demonstrate time-management skills
Learning activities and teaching methods (given in hours of study time)
|Scheduled Learning and Teaching Activities||Guided independent study||Placement / study abroad|
Details of learning activities and teaching methods
|Category||Hours of study time||Description|
|Scheduled Learning and Teaching Activity||18||Lectures|
|Contact Hours||2||Revision Lecture|
|Form of assessment||Size of the assessment (eg length / duration)||ILOs assessed||Feedback method|
|Audience Response Systems||Online Multiple Choice self check questions||1-15||In-class (lectures)|
|Weekly tutorials for discussion||3 hrs preparation by student / 1 hr in class discussion||1-15||In-class (lectures)|
Summative assessment (% of credit)
|Coursework||Written exams||Practical exams|
Details of summative assessment
|Form of assessment||% of credit||Size of the assessment (eg length / duration)||ILOs assessed||Feedback method|
|Examination||70||2 hours||1-14||Mark awarded. Indicative answers posted on line.|
|In term test, week 5||15||1 hour||1-6 & 9-15||Mark awarded. Indicative answers posted on line.|
|In term test, week 9||15||1 hour||1-6 & 9-15||Mark awarded. Indicative answers posted on line.|
Details of re-assessment (where required by referral or deferral)
|Original form of assessment||Form of re-assessment||ILOs re-assessed||Timescale for re-assessment|
|Examination||1 hr written examination (100%)||1-15||August/September reassessment period|
Should a re-sit be required for this module, it will be by means of one 1-hour examination accounting for 100% module marks.
The accounting world, principles and rules
The accounting equation and financial statements
Users of financial statements and their accounting needs
The accounting cycle: understanding the flow from source document to completed financial statements
Adjusting financial statements: accruals, prepayments, depreciation and bad debts
Debtors, Creditors and Bank reconciliations
Social and environmental accounting
Indicative learning resources - Basic reading
Scott (2016) Accounting for Business [2nd edition] Oxford University Press. (ISBN 978-0-19-871986-1)
Atrill and McLaney (2013) Accounting and Finance for Non-Specialists [8th edition] Pearson Education.
Proctor, R. (2009) Managerial Accounting for Business Decisions [3rd edition] Pearson Education.
Dyson, J. (2010) Accounting for Non-Accounting Students [8th edition] Pearson Education.
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