The aim of this module is to provide learners with the ability to prepare and interpret the financial statements of farming enterprises incorporating appropriate agricultural software. The module also aims to equip students with the tools to monitor farm efficiency in areas such as inventory and crop/livestock management.
Learning Outcomes
On successful completion of this module the learner will be able to:
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Learning Outcome Description
LO1
Describe the basic principles and concepts of accounting.
LO2
Prepare and complete the final accounts of a farming enterprise using farm accounting software
LO3
Demonstrate a knowledge of financial management systems as it applies to the agri-food sector
LO4
Analyse and interpret results and outcomes within a farming business finance framework using ratio analysis and E-Profit Monitoring.
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
Principles of Accounting
• Principles of double-entry accounting
• Fundamental concepts of accounting
Crop/ Livestock Inventory Management
Be capable of compiling an inventory of stock at hand at the end of the financial year (e.g. grain in store, number of cattle etc.) and be capable of assigning values to these for farm accounting purposes.
Financial Statements
• Sales, Accounts Receivable, Accounts Payable, Bank, etc.
• Preparation of Income Statement, Budgets and Statement of Financial Position
Interpretation of Farm Financial Statements
• Key steps in financial ratio analysis; Key financial ratios and classification
• Calculation of key ratios for assessing financial performance and position of a business
• Limitations of ratio analysis.
• E-Profit monitoring: Financial performance of each enterprise – dairy, cattle, sheep and/or tillage; Identify the principle unit of production; Comparative analysis of enterprises with Teagasc target figures; Analyse yearly trends and monitor progress using Teagasc E-Profit Monitoring Management System.
Module Content & Assessment
Assessment Breakdown
%
Practical
100.00%
Assessments
Full Time
No Continuous Assessment
No Project
Practical
Assessment Type
Practical/Skills Evaluation
% of Total Mark
30
Timing
n/a
Learning Outcomes
1
Non-marked
No
Assessment Description Accounting concepts
Assessment Type
Practical/Skills Evaluation
% of Total Mark
30
Timing
n/a
Learning Outcomes
2
Non-marked
No
Assessment Description Complete a set of final accounts for a farming enterprise using software
Assessment Type
Practical/Skills Evaluation
% of Total Mark
40
Timing
n/a
Learning Outcomes
3,4
Non-marked
No
Assessment Description Performance analysis and budgeting
No End of Module Formal Examination
Reassessment Requirement
Coursework Only This module is reassessed solely on the basis of re-submitted coursework. There is no repeat written examination.
Reassessment Description Re-assessment will be based on repeat coursework. This is at the discretion of the exam board contingent on the nature of the failed submission. The student the student may have to complete a number of components of the project or it may be requested to repeat and attend the module.
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
Delivery of the theory of financial account as it relates to farm businesses.
12 Weeks per Stage
3.00
36
Practicals
Contact
Delivery of computerised based accounting methodologies.
12 Weeks per Stage
3.00
36
Independent Learning
Non Contact
Completion of assignments. Autonomous student learning and revision of concepts delivered through the lectures