Semester 1 and Semester 2

Unit(s) of Assessment	Weighting Towards Module Mark (%)
Final Examination 2 Hours	60%
Financial Accounting Class Test One 45 minutes	20%
Financial Accounting Class Test Two 45 minutes	20%
Qualifying Condition(s)   Good numerical skills ( GCSE Mathematics B)

Accounting, known as ‘the language of Business’ is concerned with measurement and management.  Measurement is concerned with recording past data, and management with the use of that data to make decisions that will benefit the business.

None

The aim of this module is to:  ·              Explain the conceptual and regulatory framework of accounting.  ·              Explain the nature of accounting systems and understand the control of such systems.  ·              Prepare and interpret accounts for a single entity.  ·              Calculate and interpret simple ratios.

On successful completion of this module students will be able to:  ·              Explain and distinguish capital and revenue, cash and profit, income and expenditure, assets and liabilities.  ·              Identify the difference between tangible and intangible fixed assets and basic methods for valuing these assets. Calculate depreciation using each method.  ·              Explain the influence of legislation and accounting standards on the production of published accounting information.  ·              Explain the purpose of accounting records and their role in the accounting system. ·              Prepare simple accounts, journal entries and trial balance.  ·              Explain the purpose and procedures for external and internal audit.  ·              Prepare accounts using accruals and prepayments, accounts for bad debts, accounts from incomplete records, manufacturing accounts and accounts for inventories.  ·              Prepare the income statement, statement of changes in equity and balance sheet from a trial balance.  ·              Prepare Cash Flow Statements  ·              Interpret basic ratios.

·              Users of accounts and their objectives and the qualitative characteristics of financial statements.  ·              Underlying assumptions and policies of financial statements.  ·              The regulatory influence of company law and accounting standards, items in formats for published accounts.  ·              Ledger accounts and double-entry bookkeeping  ·              Bank reconciliations and petty cash  ·              Financial accounting codes and their uses  ·              Internal and external audit, financial controls and audit trails, errors and fraud  ·              Non current asset registers  ·              Methods of valuing inventory  ·              Solvency, profitability, performance and investment ratios

·              Weekly 1 hour lectures to illustrate the principles  ·              Weekly tutorials for students to practice applying the principles  ·              Support of lecture material by directed reading and exercises in selected textbooks  ·              ULearn will be used as an information portal and will contain lecture notes, practical exercises, solutions to practical exercises, past exam papers and model answers and relevant reading ·              Individual feedback will be given in tutorials on coursework, general feedback will be posted on ULearn  Assessment Strategy:

Essential Reading  Fundamentals of Financial Accounting, CIMA Official Learning System, latest edition.  Recommended Reading  Howard, M. Accounting & Business Valuation Methods.  CIMA publishing.  Background Reading  Journals  Financial Management (Journal of the Chartered Institute of Management Accountants)

03/08/2010