AC11020 - FINANCIAL ACCOUNTING FOR SPECIALISTS

Module Identifier

AC11020

Module Title

FINANCIAL ACCOUNTING FOR SPECIALISTS

Academic Year

2004/2005

Co-ordinator

Ms Megan R Williams

Semester

Semester 2 (Taught over 2 semesters)

Mutually Exclusive

AC10120

Course delivery

Lecture

18 Hours

Seminars / Tutorials

6 Hours

Assessment

Assessment Type	Assessment Length/Details	Proportion
Semester Exam	3 Hours	70%
Semester Assessment	Class Test - 20%; Coursework 10%	30%
Supplementary Exam		100%

Learning outcomes

Having followed this module a student should be able to:

describe and explain the conventions which underpin financial accounting
describe, compare and contrast the different forms of UK business organisations
explain, apply and illustrate and rules by which assets, liabilities, income and expense are determined for insertion into financial accounts
describe and evaluate the financial recording procedures followed by organisations
interpret a trial balance and thence prepare a set of accounting statements
prepare partnership accounts
describe, explain, apply, interpret and criticise the common simple methods of financial statement analysis
use accounting computer software to record business transactions

Aims

This module aims to give students a thorough grasp of the basics of financial reporting (context, purposes, regulatory framework) and build towards a proficiency in the recording of business transactions, and the preparation and interpretation of the primary financial statements (profit and loss account, balance sheet and cash flow statement). It also aims to build proficiency in the use of accounting computer software.

The module also aims to assist the development of a variety of personal transferable skills by encouraging students to:

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 provides a thorough grounding in the context, purposes and practices of financial reporting, and an intorduction to the interpretation of financial accounts.

NOTE
This is a compulsory module for first year BScEcon Accounting and Finance (single, joint, major and minor) and Business Finance students.

For a student to progress to Part 2 and to remain on a single, joint, major or minor Accounting and Finance degree scheme AC11020, AC10710 and AC10210 MUST be passed with a mark of 40 or better for each module.

Content

context and purposes of financial reporting in the UK
regulatory framework and standars for financial reporting
accounting concepts, policies and treatments
recording business transactions
preparation of financial staments (profit and loss account, balance sheet and cash flow statement)
interpretation and analyis of financial statements
use of accounting software

Reading Lists

Books
** Recommended Text
Britton, A and Waterson, C (2003) Financial Accounting 3rd edition,. Prentice Hall
** Supplementary Text
A Thomas (2002) Introduction to Financial Accounting 4th edition. McGraw-Hill
Bebbington, J., Gray, R. and Laughlin, R. (2001) Financial Accounting Practice and Principles Thomson Learning
Glautier, M.W.E. and Underdown, B. (2001) Accounting Theory and Practice Prentice Hall
Parker, R.H. (1999) Understanding Company Financial Statements Penguin
Attrill, P. & McLaney, E. (2001) Accounting and Finance for Non-Specialists Prentice Hall
Arnold, J., Hope, T., Southworth, A. and Kirkham, L. (1994) Financial Accounting 2nd edition. Prentice Hall
Weetman, P. (1999) Financial Accounting: An Introduction 2nd edition. Prentice Hall

Notes

This module is at CQFW Level 4