Module Details

Module Code: ACCT6023
Title: Financial Accounting Concepts
Long Title: Financial Accounting Concepts
NFQ Level: Fundamental
Valid From: Semester 1 - 2016/17 ( September 2016 )
Duration: 1 Semester
Credits: 5
Field of Study: 3440 - Accounting, Auditing and Accountability
Module Delivered in: 1 programme(s)
Module Description: This module provides students with an introduction to financial accounting and an opportunity to develop the basic concepts and principles of the disipline
 
Learning Outcomes
On successful completion of this module the learner will be able to:
# Learning Outcome Description
LO1 Discuss basic accounting concepts
LO2 Record financial transactions using books of first entry and the double entry system
LO3 Prepare financial statements for sole traders
LO4 Calculate and interpret financial ratios
LO5 Apply financial control techniques.
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
Accounting Systems
Form and content of accounting records, books or first entry, double entry, preparation of trial balance, Accounting for depreciation, bad debts, accruals and prepayments, inventory
Accounts Preparation
Preparation of income statements and statements of financial position for sole traders
Financial Accounting Controls
Sales and purchase ledger control accounts, bank reconciliations
Interpretation of Financial Statements
Ratio analysis of accounting statements of sole traders, Interpretation and explanation of ratios used.
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
In class exam focusing on financial calculations for the double entry system.
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 Formal 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 Formal Lecture Every Week 2.00 2
Independent & Directed Learning (Non-contact) Non Contact Self study, reading. Every Week 5.00 5
Total Hours 7.00
Total Weekly Learner Workload 7.00
Total Weekly Contact Hours 2.00
Workload: Part Time
Workload Type Contact Type Workload Description Frequency Average Weekly Learner Workload Hours
Lecture Contact Formal Lecture Every Week 2.00 2
Independent & Directed Learning (Non-contact) Non Contact Self Study, reading 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
  • M. D'arcy. (2015), An Introduction to Financial Accounting, Chartered Accountants Ireland, Dublin, [ISBN: 9781907214615].
Supplementary Book Resources
  • A. Sangster. Frank Woods, Business Accounting 1, Thirteenth Edition. Prentice Hall, UK, [ISBN: 9781292084664].
  • John R. Dyson.. (2010), Accounting for non-accounting students., 8th Edition Ed.. Financial Times/Printice Hall,, Harrow, [ISBN: 9780273722977].
This module does not have any article/paper resources
Other Resources
 
Module Delivered in
Programme Code Programme Semester Delivery
CR_BMNGT_7 Bachelor of Business in Management 1 Mandatory