FINANCIAL ACCOUNTING

SHE Level 1
SCQF Credit Points 20.00
ECTS Credit Points 10.00
Module Code M1N422837
Module Leader n/a
School Glasgow School for Business and Society
Subject Finance and Accounting
Trimester
  • A (September start)-B (January start)

Pre-Requisite Knowledge

None

Summary of Content

This module seeks to introduce accounting students to bookkeeping principles that underpin financial accounting standards and to enable them to prepare financial statements in various formats for various business types. Those students seeking a career in accounting are required to know the mechanics of recording basic accounting information before applying accounting standards to more complicated scenarios.

Syllabus

Historical development of accounting - from Mesopotamia to 21 st century Historical development of the accounting and auditing professions The nature and objectives of financial accounting, accounting concepts, bases & policies The accounting equation - UK and international Double entry bookkeeping system Single entry & incomplete records The trial balance - both errors affecting and not affecting its balancing Extended Trial Balance & Journal Entries End of period adjustments: bad debts & provisions; depreciation & non-current asset disposal; accruals & prepayments Reconciliation statements: bank & control accounts, errors affecting balancing Purchases & Sales day books, incorporating VAT & the VAT account Preparation of Accounts for sole-traders, partnerships, companies Charities, clubs & societies: Receipts & Payments Account; Statement of Financial Activities; Statement of Affairs - restricted & unrestricted funds Adams Homecraft Case Study & Sage accounting package

Learning Outcomes

On successful completion of this module, the student should be able to:1. Explore the history of accounting, including the relationship between bookkeeping & accounting2. Maintain & reconcile accounting records3. Identify different types of business structure & prepare financial statements in various formats, including not-for-profit organisations4. Assess which accounting principles and rules apply to different business structures 5. Process accounting data in a commercial computer package.

Teaching / Learning Strategy

Lectures are used to introduce concepts and techniques. Seminars provide a forum for students to discuss concepts, but mainly to attempt practical application of the techniques. Labs provide the opportunity for students to gain experience of a widely used accounting software package. GCU Learn is used to support learning activities. GSBS will continue to use the advancement of GCU Learn as a blended learning tool through its teaching and learning as well as through engagement with students. GSBS will ensure that all modules are GCU Learn enabled and with the support of the Learning Technologists at the cutting edge of development of online materials. Academic staff and the Learning Technologists will continue to work together to develop and operate all modules on GCU Learn to ensure student support and information sharing. Students are provided with formative and summative feedback via a variety of mechanisms. Feedback on coursework is provided within 3 working weeks of submission.

Indicative Reading

-567 Books and articles: Wood, F. & Sangster A (latest edition) Business Accounting 1 FT Prentice Hall Weetman, P. (latest edition) Financial Accounting: An Introduction FT Prentice Hall Benedict, A. & Elliott, B. (latest edition) Financial Accounting: An Introduction FT Prentice Hall Thomas, A. & Ward, A.M. (latest edition) Financial Accounting McGraw Hill Thomas, A. (latest edition) Introduction to Financial Accounting McGraw Hill Online sources: My Accounting Lab

Transferrable Skills

By the end of this module students will have gained competence in the following key areas: b7 Analytical skills b7 Written communication skills b7 ICT skills

Module Structure

Activity Total Hours
Assessment (FT) 5.00
Practicals (FT) 9.00
Lectures (FT) 44.00
Seminars (FT) 11.00
Independent Learning (FT) 131.00

Assessment Methods

Component Duration Weighting Threshold Description
Exam 01 1.00 60.00 35% Unseen written exam
Course Work 01 1.00 10.00 35% MVQs - short diagnostic tests delivered via GCU Learn.
Course Work 03 1.00 10.00 35% Sage - completion of workbook and processing of data into accounting package.
Exam (Dept) 01 1.00 20.00 35% Class test - bookkeeping exercise.