Introduction to Accounting
This module is intended for Business and Management 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. explain the accounting cycle and the flow involved in processing the information required
- 3. explain the purpose of the statements of profit and loss, changes in equity and financial position
- 4. explain who the users of the financial statements are and what their financial information needs would be
- 5. explain the purpose of and demonstrate how to draw up simple journal entries and general ledger accounts
- 6. explain the purpose of a trial balance and the errors which a trial balance will not identify
- 7. explain, discuss and 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. interpret the information contained in simple financial statements, with regard to the financing of companies and the presentation of simple company accounts.
- 10. explain the purpose and the basic principles on which a cash flow statement is constructed.
- 11. discuss the profitability and liquidity of a business using ratio analysis
- 12. distinguish between fixed and variable costs, demonstrate how to calculate the break-even point
- 13. apply absorption costing methods and calculate a simple activity-based cost.
ILO: Discipline-specific skills
- 14. use accounting concepts and conventions to apply accounting principles in practical situations;
- 15. explain how accounting data is used by diverse stakeholder groups;
- 16. 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
- 17. demonstrate basic written communication skills;
- 18. demonstrate basic problem solving skills;
- 19. 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|
|Scheduled Learning and Teaching Activity||2||Revision Lecture|
|Scheduled Learning and Teaching Activity||10||Tutorials|
|Guided Independent Study||120||Reading and preparation for lectures, tutorials, and assessments|
|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||60||1 hours||1-15||Mark awarded. Indicative answers posted on line.|
|In term test, week 5||20||1 hour||1-6 & 9-15||Mark awarded. Indicative answers posted on line.|
|In term test, week 10||20||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|
|In-term test Week 5 (20%)||1 hour Test 20%||1-15||August/September Reassessment Period|
|In-term test Week 10 (20%)||1 hour Test 20%||1-15||August/September Reassessment Period|
|Examination (60%)||1 hour Examination 60 %||1-15||August/September Reassessment Period|
Should a re-sit be required for either of the tests or examination for this module, it will be by means of one hour tests accounting for 20% each or a one-hour examination accounting for 60% module marks, as relevant.
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
Management Accounting, fixed and variable costs, absorption and activity-based costs
Indicative learning resources - Basic reading
Carey, M., & Knowles, C., (2020). Accounting a Smart Approach (4th ed.). Oxford: Oxford University Press.
Scott, P. (2019). Accounting for business (3rd ed.). Oxford: Oxford University Press.
Atrill, P. & McLaney, E. (2019). Accounting and finance for non-specialists (11th ed.). Harlow: Pearson Education.
Dyson, J.R., & Franklin, E. (2017). Accounting for non-accounting students (9th ed.). Harlow: Pearson Education.
Module has an active ELE page?
Indicative learning resources - Web based and electronic resources
ELE – College to provide hyperlink to appropriate pages
Last revision date