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ACCT1061: Financial Accounting

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Type	Tied
Level	1
Credits	20
Availability	Available in 2023/24
Module Cap	None.
Location	Durham
Department	Accounting

Prerequisites

None

Corequisites

None

Excluded Combinations of Modules

None

Aims

To enable students to have a sound understanding of the techniques of double entry accounting and apply its principles in recording transactions, adjusting financial records and preparing non-complex financial statements.

Content

Maintaining financial records
Adjustments to accounting records and financial statements
Preparing financial statements
Interpretation of accounts using ratio analysis

Learning Outcomes

Subject-specific Knowledge:

On completion of this module students should:
Have knowledge of the use of double entry accounting techniques and the maintenance of accounting records
Be familiar with the processes of accounting cycle completion and making adjustments to accounting records and financial statements
Have knowledge of the key factors to take into account when preparing primary financial statements, including balance sheets and income statements
Have knowledge of the difference between UK GAAP and International financial reporting standards as alternative contexts for the preparation of financial statements

Subject-specific Skills:

On completion of this module students should:
Be able to identify and correct omissions and errors in accounting records and financial statements
Be able to specify the components of financial statements and prepare and present noncomplex accounts for sole traders, partnerships and limited companies
Be able to identify the international context in which financial statements are prepared

Key Skills:

Written communication
Planning, organisation and time management
Problem solving and analysis
Numeracy

Modes of Teaching, Learning and Assessment and how these contribute to the learning outcomes of the module

Learning takes place through attendance at, preparation for and participation in workshops, and independent study.
Formative assessment is by means of online MCQs and in-class questions.
Summative assessment is by means of a timed, invigilated examination.

Teaching Methods and Learning Hours

Activity	Number	Frequency	Duration	Total	Monitored
Workshops	20	2 per week	2 hours	40	Yes
Revision webinar	1	Once	2 hours	2
Preparation, Reading and Independent Study				158
Total				200

Summative Assessment

Component: Examination		Component Weighting: 100%
Element	Length / Duration	Element Weighting	Resit Opportunity
In-person Written Examination	2 hours	100	same

Formative Assessment

Online MCQs and questions in class

More information

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