Financial Accounting

Course details

None is required. This module provides students with an introduction to a range of practical accounting methods commonly used in business. No prior knowledge is required. Students will receive practical experience in using accounting software for the purpose of preparing and interpretating financial statements

Module Description/Aims:

• Provide students with an appreciation of the role of acccounting in business and an understanding of the information content of financial statements.
• Provide a thorough understanding of the concepts and processes involved in the preparation of financial statements using a manual st of accounting records.
• Develop and enhance compentence in the production, interpretation and communication of financial information provided.

Description/Learning Outcomes

• Explain the role of accounting in business.
• Assess the information content of financial statements.
• Apply accounting concepts and conventions in the preparation of financial statements.
• Prepare financial statements using manual accounting records for a sole trader.

Learning Strategies

• This module involves both development of competence in both theory and practical applications of accounting.
• This module will be delivered using lectures and computer laboratories using Excell .

Content

The financial accounting environment.

• The nature and functions of financial accounting.
• Accounting as an information system.
• Users of financial accounting and their information needs.

Business transactions and documentation.

• Introduction to double entry bookeeping.
• Preparation of daybooks from source documents, sales purchases, payments and cash receipts.
• Preparation of debtors and creditors ledgers.
• Preparation of journal entries.
• Posting of journal entries to ledger accounts and account balancing.

Preparation of final accounts of sole trader.

• Preparation of a trial balance.
• Computation and application of adjustments for final accounts, accruals ,prepaid expenses, stock, depreciation and bad debts.
• Preparation of final accounts.

Assessment Strategies

• Knowledge and comprehension of module concepts will be assessed by written examination at the end of the semester.
• Laboratory Practical learing outcomes will be assessed once ( CA ) in laboratory practice assessment.