ACCT6005 - Accounting for Small Business

Module Details

Module Code: ACCT6005
Title: Accounting for Small Business
Long Title: Accounting for Small Business
NFQ Level: Fundamental
Valid From: Semester 1 - 2022/23 ( September 2022 )
Duration: 1 Semester
Credits: 5
Field of Study: 3440 - Accounting, Auditing and Accountability
Module Delivered in: 1 programme(s)
Module Description: This module will provide an introduction to the principles of accounting and their application. Fundamental financial and management accounting principles will be covered. It is designed to help the owner or manager of a small business understand their basic financial position.
 
Learning Outcomes
On successful completion of this module the learner will be able to:
# Learning Outcome Description
LO1 Distinguish between financial and cost accounting.
LO2 Prepare double entry bookkeeping and basic accounting records.
LO3 Prepare the relevant ledger accounts and reconcile them.
LO4 Complete the final accounts of sole traders.
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 Fundamentals
The Accounting Equation: Debits and Credits. Accounting Concepts.
Accounting Systems
The Trial Balance. Preparation of Financial Statements from a Trial Balance. Accruals Accounting. Non-Current Assets and Depreciation. Bad and Doubtful Debts. Year end adjustments.
Accounts Preparation
Preparation and presentation of final accounts for sole traders.
Reconciling Bank Balances
Prepare cash and bank accounts, reconcile ledgers with statements.
Module Content & Assessment
Assessment Breakdown%
Coursework100.00%

Assessments

Coursework
Assessment Type Short Answer Questions % of Total Mark 30
Timing Every Second Week Learning Outcomes 1,2,3,4
Assessment Description
Examination of theory and computational accounting questions including through the use of MS Excel
Assessment Type Practical/Skills Evaluation % of Total Mark 40
Timing Week 11 Learning Outcomes 1,2,3,4
Assessment Description
Canvas Quiz
Assessment Type Project % of Total Mark 30
Timing Week 13 Learning Outcomes 2,3,4
Assessment Description
Team project to prepare a set of accounts from set up to final accounts
No End of Module Formal Examination
Reassessment Requirement
Coursework Only
This module is reassessed solely on the basis of re-submitted coursework. There is no repeat written examination.

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
Lab Contact Using computer packages to prepare accounts Every Week 1.00 1
Independent & Directed Learning (Non-contact) Non Contact Self study and reading Every Week 4.00 4
Total Hours 7.00
Total Weekly Learner Workload 7.00
Total Weekly Contact Hours 3.00
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 and 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
  • Frank Wood and Alan Sangster. (2015), Frank Wood's Business Accounting 1, 13th. 1-28, Financial Times/Prentice Hall, New York, [ISBN: 0-273-68149-4].
  • Warren, Jones and Tayler. (2022), Financial & managerial Accounting, 16th. Cengage, US, [ISBN: 9780357714041].
Supplementary Book Resources
  • Pauline Weetman. (2019), Financial and Management Accounting, 8th. Pearson, UK, [ISBN: 9781292244419].
  • Hillary Fortes. (2011), Accounting Simplified, Financial Times Prentice Hall, [ISBN: 027373446].
This module does not have any article/paper resources
This module does not have any other resources
 
Module Delivered in
Programme Code Programme Semester Delivery
CR_BBTCO_7 Bachelor of Business in Business Technology and Communications 1 Mandatory