Module Details
Module Code: |
ACCT C1321 |
Module Title:
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Fundamental Financial Accounting 1
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Title:
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Fundamental Financial Accounting 1
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Module Level:: |
6 |
Module Coordinator: |
Myles Kelly
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Module Author:: |
Susan Brennan
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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.
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Learning Outcomes |
On successful completion of this module the learner will be able to: |
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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.
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No recommendations listed |
Co-requisite Modules
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No Co-requisite modules listed |
Additional Requisite Information
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No Co Requisites listed
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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.
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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.
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Introduction to Financial Accounting Controls
Purpose and Preparation of Bank Reconciliation Statements.
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Financial Statements Preparation
Preparation of final accounts for sole traders with standard adjustments.
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Module Content & Assessment
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Assessment Breakdown | % |
Continuous Assessment | 15.00% |
Practical | 15.00% |
End of Module Formal Examination | 70.00% |
AssessmentsFull Time
End of Module Formal Examination |
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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.
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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
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Recommended Book Resources |
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Margaret D'Arcy. (2019), An Introduction to Financial Accounting, 2nd. Chartered Accountants Ireland, [ISBN: 9781912350285].
| Supplementary Book Resources |
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Andrew Thomas and Anne Marie Ward. (2019), Introduction to Financial Accounting, 9th. McGraw Hill/Europe, Middle East & Africa, [ISBN: 9781526803009].
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Frank Wood and David Horner. (2010), Business Accounting Basics, Pearson.
| This module does not have any article/paper resources |
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Other Resources |
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, Irish Accounting and Business Portal,
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, The IFRS Foundation,
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, Chartered Accountants Ireland,
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, CPA Ireland (Certified Public
Accountants),
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, Association of Chartered Certified
Accountants,
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, Student Accountant - ACCA,
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, Chartered Institute of Management
Accountants,
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