Module Details

Module Code: ACCT7015
Title: Company&Partnership Accounting
Long Title: Company&Partnership Accounting
NFQ Level: Intermediate
Valid From: Semester 1 - 2016/17 ( September 2016 )
Duration: 1 Semester
Credits: 5
Field of Study: 3440 - Accounting, Auditing and Accountability
Module Delivered in: 5 programme(s)
Module Description: This module encompasses the preparation of financial statements for limited companies and partnerships using generally accepted accounting principles
 
Learning Outcomes
On successful completion of this module the learner will be able to:
# Learning Outcome Description
LO1 Prepare financial statements for single entities and partnerships
LO2 Identify and outline the key elements of a financial accounting statements
LO3 Use international accounting standards to calculate and post entries to the accounting system
LO4 Prepare financial statements for a limited company, incorporating closing adjustments, complying with relevant accounting standards and the provisions of the Companies Acts
LO5 Prepare statutory accounts for partnerships, complying with the relevant provisions of the Partnerships Act
Dependencies
Module Recommendations

This is prior learning (or a practical skill) that is strongly recommended before enrolment in this module. You may enrol in this module if you have not acquired the recommended learning but you will have considerable difficulty in passing (i.e. achieving the learning outcomes of) the module. While the prior learning is expressed as named MTU module(s) it also allows for learning (in another module or modules) which is equivalent to the learning specified in the named module(s).
Incompatible Modules
These are modules which have learning outcomes that are too similar to the learning outcomes of this module. You may not earn additional credit for the same learning and therefore you may not enrol in this module if you have successfully completed any modules in the incompatible list.
No incompatible modules listed
Co-requisite Modules
No Co-requisite modules listed
Requirements

This is prior learning (or a practical skill) that is mandatory before enrolment in this module is allowed. You may not enrol on this module if you have not acquired the learning specified in this section.
No requirements listed
 
Indicative Content
Key elements of financial accounting systems
System specification, ledgers and chart of accounts, transaction recording, financial reports, key accounting principles
Reporting standards - specialised topics
Presentation of Financial Statements incorporating adjustments for Inventories, Property, Plant and Equipment, Government Grants and Taxation
Preparation of Financial Statements
Preparation of financial statements for a single company by adjusting a trial balance by posting necessary journals which incorporate international accounting standards, accruals, prepayments, depreciation, provision for doubtful debts, inventory, property, plant and equipment, government grants and taxation. Preparing the Statement of Profit or Loss Account and Other Comprehensive Income, Statement of Changes in Equity and Statement of Financial Position for a single company
Financial Accounts of Partnership
Fixed and fluctuating capital accounts, current accounts, profit appropriation, goodwill and revaluation of assets. Preparation of final accounts of partnership and dissolution of a partnership and conversion to a limited company
Module Content & Assessment
Assessment Breakdown%
Coursework30.00%
End of Module Formal Examination70.00%

Assessments

Coursework
Assessment Type Short Answer Questions % of Total Mark 30
Timing Week 8 Learning Outcomes 1,2,3
Assessment Description
Short answer questions based on accounting standards
End of Module Formal Examination
Assessment Type Formal Exam % of Total Mark 70
Timing End-of-Semester Learning Outcomes 1,2,3,4,5
Assessment Description
End-of-Semester Final Examination
Reassessment Requirement
Repeat examination
Reassessment of this module will consist of a repeat examination. It is possible that there will also be a requirement to be reassessed in a coursework element.

The University reserves the right to alter the nature and timings of assessment

 

Module Workload

Workload: Full Time
Workload Type Contact Type Workload Description Frequency Average Weekly Learner Workload Hours
Lecture Contact Lecture Every Week 4.00 4
Independent & Directed Learning (Non-contact) Non Contact Review of lecture Every Week 3.00 3
Total Hours 7.00
Total Weekly Learner Workload 7.00
Total Weekly Contact Hours 4.00
Workload: Part Time
Workload Type Contact Type Workload Description Frequency Average Weekly Learner Workload Hours
Lecture Contact Lecture Every Week 2.00 2
Independent & Directed Learning (Non-contact) Non Contact Review of lecture Every Week 5.00 5
Total Hours 7.00
Total Weekly Learner Workload 7.00
Total Weekly Contact Hours 2.00
 
Module Resources
Recommended Book Resources
  • Margaret D'Arcy. (2015), An Introduction to Financial Accounting, 1st. Chartered Accountants Ireland, Dublin, [ISBN: 978-1-907214].
Supplementary Book Resources
  • Course Manual. Repographics, CIT.
  • Alan Melville,. (2015), International Financial Reporting, 4th. FT Prentice Hall, Harlow, Essex, [ISBN: 978-129208623].
  • Wood and Sangster. (2015), Business Accounting 1, 13. Pearsons, [ISBN: 1292084669].
This module does not have any article/paper resources
Other Resources
 
Module Delivered in
Programme Code Programme Semester Delivery
CR_BBUSS_7 Bachelor of Business 3 Group Elective 3
CR_BACCT_8 Bachelor of Business (Honours) in Accounting 3 Mandatory
CR_BACCT_7 Bachelor of Business in Accounting 3 Mandatory
CR_BBUSS_6 Higher Certificate in Business 3 Elective
CR_BACCT_6 Higher Certificate in Business in Accounting 3 Mandatory