Short Title:Financial Accounting 2
Full Title:Financial Accounting 2
Module Code:FACC H1008
NFQ Level:6
ECTS Credits:5
Description:This module aims to build on the knowledge of basic accounting concepts, terminology, principles and formats acquired in Financial Accounting 1. It is intended that this knowledge will be applied in the preparation of accounts for a range of different types of business.
Learning Outcomes:
On successful completion of this module the learner will be able to
  1. Prepare financial statements for a variety of organizations from a trial balance
  2. Prepare financial statements from incomplete records
  3. Analyse the financial performance of businesses through the use of ratios and basic cash flow statements
  4. Display an understanding of accounting systems and the impact of computerising those systems.
  5. Demonstrate an understanding of the role of cost and management accounting in a business organization
  6. Explain the impact on accounts preparation of a limited number of prescribed Accounting Standards

Module Content & Assessment

Content (The percentage workload breakdown is inidcative and subject to change)
  • Preparation of Financial Statements (50%)
    Introduction to Limited Company Accounts: – Income Statements and Balance Sheets for internal use – Income Statements and Balance Sheets for external purposes in accordance with the relevant Companies’ Acts and International Accounting Standards Introduction to Partnership Accounts: – Appropriation Accounts – Current and Capital Accounts – Goodwill calculations Other types of organisations: – Manufacturing Accounts – Departmental Accounts – Not-for profit organisations
  • Incomplete Records(15%)
    Techniques used in incomplete record situations: – Calculation of opening capital and profit/loss using the accounting equation – Use of ledger accounts and ratios to calculate missing figures. – Use of cash and/or bank summaries
  • Interpretation of Accounts (25%)
    Analysis of accounts and basic interpretation using ratio analysis: – Profitability Ratios – Working Capital and Efficiency Ratios – Gearing and Investor Ratios – Limitations of ratio analysis
  • Other Accounting Issues (10%)
    Awareness of financial accounting issues relevant to: – An introduction to cash flow statements – An introduction to cost and management accounting – An introduction to basic accounting systems including the use of computers in the collection, analysis and presentation of accounting information – An introduction to Accounting Standards as they relate to the areas of the syllabus, FRS 1 etc.
Assessment Breakdown%
Course Work30%
End of Semester Formal Examination70%
 Outcome addressed% of totalAssessment Date
Formal End-of-Semester Examination1,2,3,4,5,670%Semester End
Coursework Breakdown
TypeDescriptionOutcome addressed% of totalAssessment Date
Continuous AssessmentThe continuous assessment will be in the form of an in class time constrained closed book test covering one or more of the learning outcomes.30n/a

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


Module Workload & Resources

TypeDescriptionHoursFrequencyAverage Weekly Learner Workload
LectureClass Based Instruction3Every Week3.00
Total Weekly Learner Workload3.00
Total Weekly Contact Hours3.00
Required Book Resources
  • Robinson, T. and Wood, F.,, Business Accounting, Latest Edition Ed., Prentice Hall Ireland
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 Ed., Gill and Macmillan
  • ASB & IASB, 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 Ed., Cassell Publishers
Recommended Article/Paper Resources
  • n/a, Business and Financial pages of Newspapers and Magazines in paper and electronic format.