Module Details

Module Code: ACCT C1321
Module Title: Fundamental Financial Accounting 1
Title: Fundamental Financial Accounting 1
Module Level:: 6
Credits:: 5
Module Coordinator: Myles Kelly
Module Author:: Susan Brennan
Domains: Business
Module Description: This module is designed to introduce students to the basic concepts, principles and practices of financial accounting so that they can master the rules of double entry bookkeeping, apply fundamental accounting capabilities and complete a basic set of financial statements for a sole trader. The concept of controls is introduced through the completion of the bank reconciliation process. The use of spreadsheets in financial accounting is also introduced. The depth and breadth of module content and assessment are designed to gain maximum exemptions from professional accountancy bodies, appropriate to a B.A. (Honours) in Accounting programme.
 
Learning Outcomes
On successful completion of this module the learner will be able to:
# Learning Outcome Description
LO1 Explain the role, principles and concepts of financial accounting
LO2 Record financial transactions using the double entry system and prepare a bank reconciliation statement
LO3 Prepare final accounts for a sole trader
LO4 Demonstrate the use of spreadsheets for financial accounting purposes
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
Role, Principles and Function of Financial Accounting
The nature, purpose and communication of accounting information; The users of financial accounts and their information requirements; Basic accounting concepts and principles.
Recording of Transactions and Accounting Systems
The Accounting Equation; Double entry bookkeeping including books of prime entry and sales, purchases and general ledgers; Trial balance; Accounting for Inventory, Wages and VAT; Use of spreadsheets for financial accounting purposes.
Introduction to Financial Accounting Controls
Purpose and Preparation of Bank Reconciliation Statements.
Financial Statements Preparation
Preparation of final accounts for sole traders with standard adjustments.
Module Content & Assessment
Assessment Breakdown%
Continuous Assessment15.00%
Practical15.00%
End of Module Formal Examination70.00%

Assessments

Full Time

Continuous Assessment
Assessment Type Examination % of Total Mark 15
Timing Week 7 Learning Outcomes 1,2
Non-marked No
Assessment Description
In-Class written assessment including numerical and/or theoretical questions
No Project
Practical
Assessment Type Practical/Skills Evaluation % of Total Mark 15
Timing Week 12 Learning Outcomes 4
Non-marked No
Assessment Description
Lab Practical Test
End of Module Formal Examination
Assessment Type Formal Exam % of Total Mark 70
Timing End-of-Semester Learning Outcomes 1,2,3
Non-marked No
Assessment Description
End-of-Semester Final Examination
Reassessment Requirement
Repeat examination
Reassessment of this module will consist of a repeat examination. It is possible that there will also be a requirement to be reassessed in a coursework element.

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 Class Based Instruction Every Week 3.00 3
Practicals Contact Lab Based Instruction Every Week 1.00 1
Independent Learning Non Contact No Description Every Week 5.00 5
Total Weekly Contact Hours 4.00
Workload: Part Time
Workload Type Workload Category Contact Type Workload Description Frequency Average Weekly Learner Workload Hours
Lecture Contact No Description Every Week 2.00 2
Independent Learning Time Non Contact No Description Every Week 7.00 7
Total Weekly Contact Hours 2.00
 
Module Resources
Recommended Book Resources
  • Margaret D'Arcy. (2019), An Introduction to Financial Accounting, 2nd. Chartered Accountants Ireland, [ISBN: 9781912350285].
Supplementary Book Resources
  • Andrew Thomas and Anne Marie Ward. (2019), Introduction to Financial Accounting, 9th. McGraw Hill/Europe, Middle East & Africa, [ISBN: 9781526803009].
  • Frank Wood and David Horner. (2010), Business Accounting Basics, Pearson.
This module does not have any article/paper resources
Other Resources
Discussion Note: