Delivery Type	Delivery length / details
Lecture	14 Hours.
Seminars / Tutorials	5 Hours.
Practical	2 Hours.
Practical	2 Hours.

Assessment Type	Assessment length / details	Proportion
Semester Exam	3 Hours	80%
Semester Assessment	1 Hours Objective Test	20%
Supplementary Exam	3 Hours	100%

Learning Outcomes

On successful completion of this module students should be able to:

* Appreciate the extent to which financial statements meet the information needs of stakeholders

* Compare and contrast the various types of business entity

* Describe and explain the conventions which underpin financial accounting

* Explain the logical basis of the accounting equation

* Explain the purpose and structure of the main financial statement

* Identify, define and explain the elements of financial statements

* Explain, apply and illustrate and rules by which assets, liabilities, income and expense are determined for insertion into financial accounts

* Interpret a trial balance and thence prepare a set of accounting statements

* Critically discuss the assumptions underlying the preparation of financial statements

* Evaluate the position and performance of a business using ratio analysis

* Describe, explain and criticise the common simple methods of financial statement analysis

* Demonstrate an understanding of the limitations of current financial reporting practice

Aims

The module will provide non-accounting and finance students with an introduction to the preparation and analyse of the three main financial accounting statements: the balance sheet, profit and loss account and cash flow statement. The module also aims to assist the development of a variety of personal transferable skills by encouraging students to:

Develop a continuing interest in accounting, and obtain satisfaction from its study and practice
Identify and distil key features covered by lectures, tutorials and recommended readings
Develop basic information accessing and research skills; discriminate between relevant and irrelevant information for the purposes of decision making; analyse data, apply judgement and solve problems
Communicate effectively both orally and in writing; participate actively in tutorials either by leading discussions or responding to issues raised; and work under pressure and meet deadlines

Brief description

This module will provide non-accounting and finance students with an introduction to: the assumptions and techniques underlying the preparation of financial statements, the information needs of the various stakeholders, interpretation of financial statements, and current issues in financial reporting.

Content

Introduction to financial accounting and financial reporting; contents of financial reports; users of financial reports.
Valuation of assets and liabilities; recognition of income and expenditure; regulation of financial reporting; accounting conventions; international considerations; limitations of financial accounting.
Financing and structuring of companies; ownership and control; balance sheet equation.
Calculation of profit: stock, prepayments, accruals, depreciation, bad debts, and taxation.
Double entry bookkeeping.
Cashflow statements.
Unincorporated entities: sole traders.
Segmental reporting; inflation; environmental reporting; foreign currency translation.
Interpretation of financial reports; limitation of financial reports; Creative accounting.
Course conclusions and current developments in financial reporting.

Course Delivery

Assessment

Learning Outcomes

Aims

Brief description

Content

Reading List

Notes