This module is designed to introduce the student to the fundamental concepts and practices of financial accounting.It treats accounting as the manifestation of various social and political pressures and thus considers it in its social context. By learning how to measure financial performance and financial position, the student will appreciate accounting as forming the basis for financial decision-making.

This module introduces the student to the fundamental concepts and practices of financial accounting. Accounting is presented as a manifestation of various social and political pressures, which required that techniques be developed to account for trading and wealth. The topics covered include accounting in its political, regulatory, historical, social, economic, corporate governance and international contexts; introduction to the theoretical, conceptual and regulatory frameworks of accounting; traditional accounting model; capital, income and profit and measurement; principles of double entry bookkeeping; books of prime entry, ledgers, trial balance, internal controls, use of computers in recording and control of data, construction of final accounts for sole traders, partnerships and limited companies; accruals, prepayments and adjustments; depreciation and stocks; distribution of profits; profit and loss accounts and balance sheets, cashflow statements; nature, purpose, scope and framework of auditing. The ability of accounting to provide public accountability forms the basis for intergrating ethics into the subject matter.

Complete the process of collecting, measuring and recording the economic transactions of a business to facilitate financial reporting; Demonstrate how financial performance impacts financial position; Apply the accounting approach that is appropriate for each of the forms, sole trader, partnership and corporate forms of business; Explain how the concepts of Going concern and Accrual basis form the "bedrock of accounting".

Recognise the responsibility of accounting to address society's need for public accountability and ethical behaviour; Embrace the fundamentals of accounting as a key skill in becoming a business professional.

Process a set of related accounting data along the accounting cycle to culminate in the issuance of financial statements.

Module will be taught through a series of lectures and tutorials accompanied by a case study that will emphasise a practical application of knowledge acquired. The tutorial will explore the students' understanding of financial performance and financial position by means of quantitative problem solving and discussions on the key accounting concepts. The practical application of the the case study will provide experiential learning. Underpinning the module is the role of accounting in facilitating public accountability and as the student's knowledge grows, the need for an accountant to be a responsible and ethical professional emerges. While the module is a fundamental course of study for those students intent on a career in accounting, the emphasis is on preparing all students to contribute in mainstream decision-making. Accordingly, enabling the students to articulate what it is that they understand is a key aim of the module.