Module Details

Module Code: ACCT C1702
Module Title: Fundamentals of Financial Accounting
Title: Fundamentals of Financial Accounting
Module Level:: 6
Credits:: 10
Module Coordinator: Janette Davies
Module Author:: Frances Cross
Domains:  
Module Description: The aim of this module is to provide students with the knowledge and skills to produce basic double entry and final accounts for a sole trader and company.
 
Learning Outcomes
On successful completion of this module the learner will be able to:
# Learning Outcome Description
LO1 Prepare and complete the books of double entry to trial balance.
LO2 Prepare the final accounts for a sole trader.
LO3 Prepare the final accounts for a company.
LO4 Demonstrate an understanding of the basic principles and concepts of accounting.
Dependencies
Module Recommendations

This is prior learning (or a practical skill) that is recommended before enrolment in this module.
No recommendations listed
Co-requisite Modules
No Co-requisite modules listed
Additional Requisite Information
No Co Requisites listed
 
Indicative Content
Introduction to Accounting
• Role of the accountant • Nature, scope and purposes of financial accounts • User groups of accounting information • Fundamental concepts and conventions of accounting • Accounting equation
Books of Original Entry and Double-entry Accounting
• Books of original entry • Journal • Petty Cash • Double entry bookkeeping • Trial balance
Income Tax
• Role of the accountant as tax agent • Distinguish between capital and revenue, income and expenditure; • System of self-assessment.
Introduction to Final Accounts
• Income Statement / Trading, Profit and Loss Account and Balance Sheet • Introduction to final accounts of companies
Adjustments for Financial Statements
• Bad debts and provision for doubtful debts • Depreciation of fixed assets • Accruals and prepayments • Valuation of stock • Bank reconciliation statements • Control accounts • Correction of errors and suspense accounts
Module Content & Assessment
Assessment Breakdown%
Continuous Assessment30.00%
End of Module Formal Examination70.00%

Assessments

Full Time

Continuous Assessment
Assessment Type Examination % of Total Mark 30
Timing n/a Learning Outcomes 1,4
Non-marked No
Assessment Description
Mini exams in class
No Project
No Practical
End of Module Formal Examination
Assessment Type Formal Exam % of Total Mark 70
Timing End-of-Semester Learning Outcomes 1,2,3,4
Non-marked No
Assessment Description
Final end of year exam

SETU Carlow Campus reserves the right to alter the nature and timings of assessment

 

Module Workload

Workload: Full Time
Workload Type Workload Category Contact Type Workload Description Frequency Average Weekly Learner Workload Hours
Lecture Contact Financial Accounting 12 Weeks per Stage 6.00 72
Independent Learning Time Non Contact No Description 15 Weeks per Stage 12.00 180
Total Weekly Contact Hours 6.00
 
Module Resources
Recommended Book Resources
  • Wood F. and Sangster A.. (2018), Business Accounting 1, 14th. Pearson, United Kingdom, p.808, [ISBN: 1292208627].
  • Mooney, U.. (2003), Accounting Euro edition, Euro. Gill & MacMillan, [ISBN: 978-0-7171-31].
Supplementary Book Resources
  • ACCA. (2019), ACCA Maintaining Financial Records (FA2) Study Text, 17, Kaplan Publishing, UK, p.391, [ISBN: 9781787403833].
  • Jones M.. (2013), Accounting, 3rd. John Wiley & Sons Ltd..
This module does not have any article/paper resources
Other Resources
Discussion Note: