Units of Assessment

Weighting Towards Module Mark (%)

 

2 Hour Examination Closed Book

70

Assignment (Team)

30

Qualifying Condition(s) 

A weighted aggregated mark of 40% is required to pass the module.

Accounting 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.

The aim of this module is to:

 ·              Explain the system of recording financial transactions

 ·              Explain the main accounting concepts and accounting adjustments

 ·              Prepare the financial statements for a single entity

On successful completion of the module Students will be able to:

 ·              Explain the purpose of accounting records and their role in the accounting system.

 ·              Prepare accounting entries using double entry bookkeeping

 ·              Explain and distinguish between capital and revenue expenditure, cash and profit, income and expenditure, assets and liabilities.

 ·              Understanding the treatment of fixed assets including the calculation of depreciation

 ·              Prepare accounting entries relating to VAT and bad debts

 ·              Understand and apply accounting concepts (eg accruals, prudence)

 ·              Prepare the profit and loss account balance sheet from a trial balance with relevant adjustments and cashflow statement

 ·              Calculate ratios

·        Users of accounts and their objectives

 ·        Ledger accounts and double-entry bookkeeping

 ·        Accounting concepts and accounting adjustments

 ·        Treatment of Fixed assets

 ·        Preparation of financial statements of a single entity

 ·        Simple cashflow statement

 ·        Interpretation of accounts

The teaching and learning methods include the use of weekly two-hour tutorials to illustrate the theory and allow the student to practice the practical application of such theory with a range of weekly tutorial questions.

 Lecture material will be supported by directed reading and weekly homework exercises will be set to test students’ understanding on an on-going basis.

 U-learn will be used as an information portal and will contain lecture notes, practical exercises and model answers plus past exam papers and model answers.

 Individual feedback will be given in tutorial on the class test and general feedback will be posted on U-learn.

  Assessment Strategy:

 The initial focus of the module is to understand the system of recording financial transactions. Weekly tutorial and homework questions will build a students confidence to undertake the process of entering information into the accounting system.

 As the course progresses students will see how all the individual components are pulled together and be able to prepare trading profit and loss account and balance sheet from trial balance. Students will then understand make adjustments for accruals and prepayments.

 At this stage the students will be ready for the class test to demonstrate their understanding and experience all the elements that comprise an examination type question.

 Following the class test, the focus will be on interpretation of accounts.

  The student will then be able to evaluate businesses for investment purposes. The student will then be in a position to sit the final examination.

   Essential Reading

 A Pearson custom publication to be compiled (based on Frank Wood’s Business Accounting 1)