Registry

Module Specifications

Current Academic Year 2012 - 2013
Please note that this information is subject to change.

Module Title Financial Accounting 1
Module Code AC120
School DCUBS
Online Module Resources

NFQ level 8 Credit Rating 10
Pre-requisite None
Co-requisite None
Compatibles None
Incompatibles None
Description
This module is designed:To develop students' knowledge and understanding of the context, scope, principles and concepts that underpin financial accounting and its development.To provide students with a thorough understanding of the double entry system of record keeping.To ensure students are able to prepare financial statements for sole traders, partnerships, clubs and companies including the preparation of such statements from incomplete records.The main mode of delivery is lectures and tutorials and students are required to prepare material in advance of lectures and tutorials

Learning Outcomes
1. Explain the concepts, theories and context that underpin financial accounting and its development
2. Outline the historical development of the legal and regulatory framework of financial reporting and describe and evaluate the current framework
3. Explain the nature, purpose and scope of the conceptual framework of accounting, including being able to define and evaluate the main contents of the IASB's Framework for the Preparation and Presentation of Financial Statements
4. Apply the principles of double entry book keeping to record, process and summarise business transactions in an entity's accounting system. To use control accounts and reconciliation statements to help ensure the accuracy of the information recorded in the accounting system
5. Apply the rules of IFRS in accounting for inventory and non-current assets
6. Demonstrate how accounting concepts are reflected in financial statement and how the qualitative characteristics impact on the information reported in financial statements
7. Prepare financial statements for sole traders, clubs and companies including the preparation of such statements from incomplete records
8. Prepare accounts for partnerships, deal with changes in goodwill, the profit sharing ratio and revaluations; and the dissolution of a partnership



Workload Full-time hours per semester
Type Hours Description
Lecture60weekly lectures
Tutorial22weekly tutorials
Tutorial44Preparation for tutorials
Assignment20Case Study
Independent learning104Review of lecture material & preparation for exam
Total Workload: 250

All module information is indicative and subject to change. For further information,students are advised to refer to the University's Marks and Standards and Programme Specific Regulations at: http://www.dcu.ie/registry/examinations/index.shtml

Indicative Content and Learning Activities
Nature of Accounting.
Objectives of financial accounting; fundamental concepts and valuation bases; elements of financial statements; the accountant's role in society; business structures, users of accounting information; qualitative characteristics of financial information; recognition and measurement principles; an introduction to the regulatory and legal framework.

Accounting Records.
Principles of double entry book-keeping; distinction between capital and revenue; books of prime entry; ledgers including their classification and subdivision, control accounts, accruals and prepayments; bad debts; depreciation; accounting for current tax including VAT; accounting for inventories; correction of errors; the extraction of a trial balance, accounting for wages and salaries; bank reconciliation statements; loans and hire purchase..

Financial Statements.
Preparation of final accounts for sole traders, clubs and societies, manufacturing entities and individual companies from books of prime entry and incomplete records..

Partnerships.
Nature of partnerships; partnership agreements, partners' capital and current accounts, profit sharing, goodwill, revaluations and dissolutions.

Assessment Breakdown
Continuous Assessment10% Examination Weight90%
Course Work Breakdown
TypeDescription% of totalAssessment Date
AssignmentCase Study10%Week 12
Reassessment Requirement
Resit arrangements are explained by the following categories;
1 = A resit is available for all components of the module
2 = No resit is available for 100% continuous assessment module
3 = No resit is available for the continuous assessment component
This module is category 1
Indicative Reading List
  • Thomas, A and Ward, A.: 2009, Introduction to Financial Accounting, 7th, All, McGraw Hill, London, 13 978-0-07-712280-5
  • Wood, F & Sangster A: 2008, Business Accounting 1, 11th edition, FT Prentice Hall,
  • Connolly, C.: 2008, International Financial Accounting and Reporting, 2nd edition,
  • IASB: 0, IAS 2 Inventories,
  • IASB: 0, IAS 16 Property, plant & equipment,
Other Resources
None
Array
Programme or List of Programmes
AFBA in Accounting & Finance
Timetable this semester: Timetable for AC120
Date of Last Revision11-JAN-11
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