This module is taught in term three and provides students with an introduction to the principles and techniques of accounting. The module will start with looking at the theory of accounting: assessing organisations and the role of accounting. It will also consider the uses and users of accounting information. The module moves on to discuss "the heart of any business" - financial statements and the accounting equation. It will cover the double entry system as well as accounting for fixed assets, ownership, interest, long term and current debt, stock and depreciation. The module will also discuss the criteria for measuring performance in an accounting environment. The module finishes with analysing the credibility of financial reports as well as the analysis and interpretation of company financial statements.
Module aims
- To describe the role and limitations of financial reporting in providing useful information to decision-makers
- To enable students to prepare a set of financial statements for a sole trader or company from a trial balance, incorporating a variety of simple adjustments
- To equip students with the ability to analyse a set of financial statements and describe the limitations in their techniques of analysis
- To emphasise to students the need for regulating the practice of financial reporting
Learning outcomes - coursework
On successful completion of the module, students will be expected to be able to demonstrate:
- use fundamental accounting concepts and principles
- analyse a specific problem and choose the most appropriate accounting methods and tools for its solution
- apply a rigorous, analytical and numerate approach to a problem
- present accounting ideas and arguments coherently in writing
- use and apply terminology and concepts appropriate to the field of study
- use the ability to identify, evaluate and find effective solutions to problems
Learning outcomes - examination
On successful completion of the module, students will be expected to be able to demonstrate:
- work to a satisfactory standard under examination conditions
- demonstrate the ability to absorb and retain knowledge
- clearly communicate knowledge without immediate recourse to reference material
- apply the most effective and appropriate skills and strategies for the set task
- demonstrate effective time management skills
Module aims
- To describe the role and limitations of financial reporting in providing useful information to decision-makers
- To enable students to prepare a set of financial statements for a sole trader or company from a trial balance, incorporating a variety of simple adjustments
- To equip students with the ability to analyse a set of financial statements and describe the limitations in their techniques of analysis
- To emphasise to students the need for regulating the practice of financial reporting
Learning outcomes - coursework
On successful completion of the module, students will be expected to be able to demonstrate:
- use fundamental accounting concepts and principles
- analyse a specific problem and choose the most appropriate accounting methods and tools for its solution
- apply a rigorous, analytical and numerate approach to a problem
- present accounting ideas and arguments coherently in writing
- use and apply terminology and concepts appropriate to the field of study
- use the ability to identify, evaluate and find effective solutions to problems
Learning outcomes - examination
On successful completion of the module, students will be expected to be able to demonstrate:
- work to a satisfactory standard under examination conditions
- demonstrate the ability to absorb and retain knowledge
- clearly communicate knowledge without immediate recourse to reference material
- apply the most effective and appropriate skills and strategies for the set task
- demonstrate effective time management skills