Gwybodaeth Modiwlau
Course Delivery
Delivery Type | Delivery length / details |
---|---|
Lecture | 14 Hours. |
Seminars / Tutorials | 5 Hours. |
Practical | 2 Hours. |
Practical | 2 Hours. |
Assessment
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
- 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.
Reading List
Recommended TextAteril, P. and McLaney, E. (2003) Accounting and Finance for Non-specialists 4th edition Prentice Hall Primo search Davies, T and Pain, B Business Accounting and Finance McGraw Hill Primo search Dyson, J R (2004) Accounting for Non-Accounting Students 6th edition Prentice Hall Primo search
Notes
This module is at CQFW Level 4