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Module Code - Title:

AC4213 - FINANCIAL ACCOUNTING

Year Last Offered:

2022/3

Hours Per Week:

Lecture

2

Lab

0

Tutorial

1

Other

0

Private

7

Credits

6

Grading Type:

N

Prerequisite Modules:

Rationale and Purpose of the Module:

The purpose of the module is to equip students with an understanding of the context of financial accounting in the business environment, and to provide fundamental accounting capabilities. This module will be offered on the programme Higher Diploma in Accounting (title to be changed to Professional Diploma in Accounting)

Syllabus:

The purpose of the module is to equip students with a high knowledge of financial accounting in the business environment. Students will obtain an understanding of fundamental accounting capabilities through teamwork, group discussions and assignments. The syllabus covers the following areas: -> Basic accounting principles/definitions, fundamental concepts and valuation bases. -> The regulatory framework of accounting including the role and objectives of the International Accounting Standards Board; the purpose of accounting standards and the standard-setting process. -> The accountant's role in the preparation and reporting process (including possible ethical issues that may arise and the need for a professional and responsible approach to their actions and decisions at work). -> Books of prime entry and the nominal ledger (including the principles of double-entry accounting and the recording of transactions resulting in income, expenses, assets, liabilities and equity). -> Control accounts and the trial balance (including identifying and correcting errors in accounting records and financial statements; preparing Cash book and bank reconciliations). -> The preparation of sole trader accounts including a statement of comprehensive income, statement of financial position and statement of cash flow. -> The preparation of partnership accounts (including partners' capital accounts, changes in profit sharing ratios and the distribution of profits and losses). -> Introduction to company accounts.

Learning Outcomes:

Cognitive (Knowledge, Understanding, Application, Analysis, Evaluation, Synthesis)

Demonstrate an understanding of the fundamental principles which underlie financial accounting Outline the legal & regulatory framework for accounting Record transactions in books of prime entry Extract transactions to the trial balance using double entry bookkeeping Prepare and present sole trader accounts and partnership accounts

Affective (Attitudes and Values)

Support the ethical dimension of the financial accountant's role Question the political role of various bodies in the standard-setting process Respond to the societal demand for public accountability via financial reports

Psychomotor (Physical Skills)

N/A

How the Module will be Taught and what will be the Learning Experiences of the Students:

The module will be delivered through a mix of lectures and tutorials. Recent developments in the Irish/UK and international regulatory and conceptual frameworks are incorporated into the syllabus. Graduate attributes are stimulated as follows: Knowledgeable: Students will develop a confidence to apply financial accounting knowledge to business scenarios by working through practical examples in class Proactive: Students will develop a sense of ambition and commitment to self-directed learning by engaging in independent study of the module Creative: A sense of creativity is fostered through class discussions in which students are expected to propose solutions to given problems Responsible: Elements of professional ethics are incorporated into the module to ensure that students appreciate the significance of responsible business behaviour Collaborative: Students will be expected to work effectively as part of a team through engaging in group discussions and assignments Articulate: The learning environment encourages students to express their ideas in an effective manner by promoting class discussions and presentations

Research Findings Incorporated in to the Syllabus (If Relevant):

Prime Texts:

Connolly, Ciaran (2011) International Financial Accounting and Reporting (3rd Ed) , Gill & Macmillan

Other Relevant Texts:

Hodge, Robert (2008) Accounting: a foundation , Cengage Learning

Programme(s) in which this Module is Offered:

Semester - Year to be First Offered:

Module Leader:

colette.grey@ul.ie