Short Title:Financial Accounting 1
Full Title:Financial Accounting 1
Module Code:FACC H1006
 
NFQ Level:6
 
ECTS Credits:5
Reviewed By:MARTIN NOLAN
Description:This module aims to provide students with knowledge of basic accounting concepts, terminology, principles and formats. It is intended that this knowledge will be applied to various business scenarios and functions so that an appreciation of the important role of financial information will be attained by the student.
Learning Outcomes:
On successful completion of this module the learner will be able to
  1. Demonstrate an awareness of the important role of Financial Accounting information in the business decision making process. A.1.b, E.1 e
  2. Display an understanding of the fundamental accounting concepts and principles that underpin the preparation of Financial Accounts. B.1
  3. Record business transactions and apply basic accounting and book-keeping techniques that will used to assess and present financial information. E. 1 h
  4. Prepare and present the Financial Accounts for a business in a prescribed standard format. C.1 f, F.1 a
 

Module Content & Assessment

Content (The percentage workload breakdown is inidcative and subject to change)
  • Introduction to Accounting (10%)
    The purpose and role of accounting information, accounting terminology, concepts and conventions, the accounting equation, and the importance of capital
  • Concepts and Policies (15%)
    The Regulatory Framework – International Accounting Standards Board (IASB), Accounting Standards Board (ASB), IASs/IFRSs, and FRSs, Company Law etc The Framework for the Preparation and Presentation of Financial Statements and the Statement of Principles for Financial Reporting Accounting Concepts – Going Concern, Accruals FRS 18 / IAS 8 – Policies and estimation techniques Other concepts – including: Money Measurement, Separate Entity, Materiality etc Classification of capital and revenue expenditure/receipts
  • Book-keeping and the Recording of Transactions and Adjustments (40%)
    Books of prime-entry Double-entry book-keeping and ledger accounts The Nominal Ledger Control accounts Accounting for various forms of Income including rental and investment Accounting for returns, carriage, discounts etc The Trial Balance Journals, correction of errors and suspense accounts Accruals, prepayments and adjustments Accounting treatment of fixed/non-current assets – Acquisitions and Disposals Depreciation - Straight-Line and Reducing Balance methods, Double-entry records Accounting treatment of current assets and liabilities Inventory/Stock - valuations and disclosures Receivables/Debtors – writing off bad debts and provisions for doubtful debts Bank reconciliations Accounting for VAT and PAYE
  • The Financial Statements of a Sole Trader (35%)
    The Balance Sheet Equation and the separate business entity convention Definition of assets, liabilities and capital, and their disclosure in the Balance Sheet Format and presentation of the Balance Sheet Application of the accruals/matching concept to assets and liabilities, and to income and expenses Format and presentation of the Income Statement The significance of Gross Profit and Net Profit The relationship between the Balance Sheet and the Income Statement Preparation of an Income Statement and a Balance Sheet in a vertical format The importance of International Accounting Standards and terminology as they relate to the financial statements of a sole trader
Assessment Breakdown%
Course Work30%
End of Semester Formal Examination70%
 Outcome addressed% of totalAssessment Date
Formal End-of-Semester ExaminationNone70%Semester End
Coursework Breakdown
TypeDescriptionOutcome addressed% of totalAssessment Date
OtherThe continuous assessment will take the form of an individual assessment. This can be an in-class time constrained short answer type exam or a project. The continuous assessment is designed primarily to assess learning outcomes 1 and 2. There will also be a final written examination which will assess all of the learning outcomes of the module30n/a

IT Tallaght reserves the right to alter the nature and timings of assessment

 

Module Workload & Resources

WorkloadFull-time
TypeDescriptionHoursFrequencyAverage Weekly Learner Workload
LectureClass based Instruction3Every Week3.00
Total Weekly Learner Workload3.00
Total Weekly Contact Hours3.00
Resources
Required Book Resources
  • Robinson, T. and Wood, F.,, Business Accounting - Irish Edition, Latest Ed., Prentice Hall
Recommended Book Resources
  • Foulks Lynch, Preparing Financial Statements, ACCA Level 1, Latest Ed., Foulks Lynch Publications
  • Clarke, P.J.,, Financial Accounting - An Irish Text,, Latest Edition Ed., Gill and Macmillan
  • Statements of Standard Accounting Practice, Financial Reporting Standards, and International Financial Reporting Standards, ASB & IASB Publications
  • Pizzey, A, Accounting and Finance: A Firm Foundation., Latest Edition Ed., Cassell Publishers
  • DVDs/Videos