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Session: 2022/23
Last modified: 08/04/2022 09:22:13
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Title of Module: Financial Accounting 1 |
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Code: ACCT07004 |
SCQF Level: 7
(Scottish Credit and Qualifications Framework) |
Credit Points: 20 |
ECTS: 10
(European Credit Transfer Scheme) |
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| School: | School of Business & Creative Industries |
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| Module Co-ordinator: | Angela
Dunlop |
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| Summary of Module |
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This module, which assumes no prior knowledge of bookkeeping or accounting, provides you with an introduction to double entry bookkeeping and the preparation of accounts for different types of firms. You will investigate the information requirements of differing stakeholder groups and will develop techniques in interpreting and communicating the significance of financial results.
In undertaking this module, you will develop an understanding and application of:
Primary and secondary books of account; the double entry system; extracting a trial balance; post trial balance adjustments; VAT; accounts preparation (profit & loss account, balance sheet) for sole traders and partnerships including the use of accounting software.
Your lecturers bring professional experience and scholarship to the module which will enhance your understanding both from a practical and theoretical perspective.
This module is suitable for delivery overseas.
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| Module Delivery Method |
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| Face-To-Face | Blended | Fully Online | HybridC | HybridO | Work-based Learning |
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Face-To-Face
Term used to describe the traditional classroom environment where the students and the lecturer meet synchronously in the same room for the whole provision.
Blended
A mode of delivery of a module or a programme that involves online and face-to-face delivery of learning, teaching and assessment activities, student support and feedback. A programme may be considered “blended” if it includes a combination of face-to-face, online and blended modules. If an online programme has any compulsory face-to-face and campus elements it must be described as blended with clearly articulated delivery information to manage student expectations
Fully Online
Instruction that is solely delivered by web-based or internet-based technologies. This term is used to describe the previously used terms distance learning and e learning.
HybridC
Online with mandatory face-to-face learning on Campus
HybridO
Online with optional face-to-face learning on Campus
Work-based Learning
Learning activities where the main location for the learning experience is in the workplace.
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| Term(s) for Module Delivery |
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(Provided viable student numbers permit).
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| Term 1 | | Term 2 | | Term 3 | |
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| Learning Outcomes: (maximum of 5 statements) |
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On successful completion of this module the student will be able to:
L1.
Apply the basic principles in the recording and summarising of accounting transactions
L2.
Prepare basic financial statements manually and using accounting software
L3.
Identify the users of accounting data and their information needs
L4.
Interpret and analyse financial statements |
| Employability Skills and Personal Development Planning (PDP) Skills |
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| SCQF Headings |
During completion of this module, there will be an opportunity to achieve
core skills in:
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| Knowledge and Understanding (K and U) |
SCQF Level 7.
A broad knowledge and understanding of the generally accepted accounting practices in accounts preparation; knowledge embedded in basic accounting concepts |
| Practice: Applied Knowledge and Understanding |
SCQF Level 7.
Application of the accounting principles and concepts to transaction recording and accounts preparation |
| Generic Cognitive skills |
SCQF Level 7.
Preparation and evaluation of financial data; an appreciation of the effects of alternative accounting bases on financial statements; an analysis of the different needs of different stakeholder groups. |
| Communication, ICT and Numeracy Skills |
SCQF Level 7.
Range of routine numerical skills in preparing and applying provisions for depreciation, bad debts, stock, accruals and prepayments; preparation (spreadsheet or manually) and communication (verbal/ written report) of trend data to interpret profitability, efficiency, short and long term liquidity situation shown by the accounts. |
| Autonomy, Accountability and Working with others |
SCQF Level 7.
Ability to work as part of a study group, to work to written instructions and to undertake limited research to produce a report at a professional level. |
| Pre-requisites: |
Before undertaking this module the student should have
undertaken the following:
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Module Code:
| Module Title:
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| Other: | |
| Co-requisites | Module Code:
| Module Title:
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* Indicates that module descriptor is not published.
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| Learning and Teaching |
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| This module uses a series of lectures to first introduce you to the principles of double entry book-keeping up to trial balance. Tutorials take a case study approach in which you process transactions for a sole trader for the initial period of trading. The module then deals with the preparation of financial statements for sole trader, partnership and limited companies. Tutorials include formative assessment material enabling you to prepare financial statements from trial balance. Formal examination is used to assess knowledge and understanding. This includes not only numerical material but also discursive questions which test understanding of fundamental accounting concepts and principles. |
Learning Activities
During completion of this module, the learning activities undertaken to
achieve the module learning outcomes are stated below:
| Student Learning Hours
(Normally totalling 200 hours):
(Note: Learning hours include both contact hours and hours spent on other learning activities) |
| Lecture/Core Content Delivery | 24 |
| Tutorial/Synchronous Support Activity | 12 |
| Independent Study | 164 |
| 200
Hours Total
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**Indicative Resources: (eg. Core text, journals, internet
access)
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The following materials form essential underpinning for the module content
and ultimately for the learning outcomes:
Business School Module Workbooks
ACCA Study Text FA Financial Accounting (current edition) BPP Learning Media Ltd
Or recommended text to be advised by lecturer
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(**N.B. Although reading lists should include current publications,
students are advised (particularly for material marked with an asterisk*) to
wait until the start of session for confirmation of the most up-to-date
material)
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| Engagement Requirements |
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In line with the Academic Engagement Procedure, Students are defined as academically engaged if they are regularly engaged with timetabled teaching sessions, course-related learning resources including those in the Library and on the relevant learning platform, and complete assessments and submit these on time. Please refer to the Academic Engagement Procedure at the following link: Academic engagement procedure |
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Supplemental Information
| Programme Board | Accounting, Finance and Law |
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| Assessment Results (Pass/Fail) |
No
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| Subject Panel | Accounting, Finance & Law |
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| Moderator | Patricia Connelly |
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| External Examiner | H Chaudhri |
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| Accreditation Details | This module contributes to the exemptions from various professional examinations attributable to the Bachelor of Accounting programme. Contact School for current details. |
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| Version Number | 2.08 |
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| Assessment: (also refer to Assessment Outcomes Grids below) |
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| Class Test - Note that the pass mark for this element is 40%, but where the overall module mark is 40% or more a mark of 35% or over will be counted as a pass. |
| Examination - Note that the pass mark for this element is 40%, but where the overall module mark is 40% or more a mark of 35% or over will be counted as a pass. |
(N.B. (i) Assessment Outcomes Grids for the module
(one for each component) can be found below which clearly demonstrate how the learning outcomes of the module
will be assessed.
(ii) An indicative schedule listing approximate times
within the academic calendar when assessment is likely to feature will be
provided within the Student Handbook.)
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Assessment Outcome Grids (Footnote A.)
Footnotes
A. Referred to within Assessment Section above
B. Identified in the Learning Outcome Section above
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Note(s):
- More than one assessment method can be used to assess individual learning outcomes.
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Schools are responsible for determining student contact hours. Please refer to University Policy on contact hours (extract contained within section 10 of the Module Descriptor guidance note).
This will normally be variable across Schools, dependent on Programmes &/or Professional requirements.
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| Equality and Diversity |
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In order for you to complete this module appropriate ICT access will require to be required for VLE (Moodle) for lecture notes, tutorial questions, additional study materials.
In addition, you will be required to undertake both a one hour class test and a two hour, closed book, hand written exam. Where notified, arrangements will be made for facilities and time adjustment as appropriate.
UWS Equality and Diversity Policy |
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(N.B. Every effort
will be made by the University to accommodate any equality and diversity issues
brought to the attention of the School)
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