Registry

Module Specifications

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

Module Title	Principles of Financial Accounting
Module Code	AC501
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 provide students with a thorough insight into the context, scope and underlying principles of financial accounting.To give students a sound knowledge of accounting systems and competence in the application of the double entry system of record keeping.To ensure that students are able to prepare financial statements for sole traders, partnerships, clubs and companies including the preparation of such statements from incomplete records.The module is delivered through a combination of lectures and seminars.

Learning Outcomes

1. Explain the nature, scope and objectives of financial reporting and distinguish between different business structures and discuss the implications for financial reporting
2. Describe, evaluate and illustrate the application of accounting principles, accounting concepts, measurement bases and qualitative characteristics
3. Apply the principles of double entry to record, process and summarise financial data in an entity's accounting system. Use control accounts and reconciliation statements to help ensure the accuracy of the information in the accounting system
4. Apply IFRS in accounting for inventory and non-current assets
5. Prepare financial statements for sole traders, clubs and companies including the preparation of these statements from incomplete records
6. Identify and apply the appropriate accounting technique for the issuance of shares and loan capital, including the redemption of preferences shares
7. Explain the purpose of a partnership and prepare all accounts relating to a partnership including those associated with: changes in a partnership; dissolving a partnership; and transfer to a company.

Workload	Full-time hours per semester
*Type*	*Hours*	*Description*
Lecture	60	Weekly Lectures
Seminars	12	Weekly Seminars
Seminars	36	Preparation for weekly seminars
Independent learning	142	Review of lecture material and exam preparation
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, the principles, concepts and valuation bases underlying the preparation of accounts; qualitative characteristics, business structures and the implications for financial statements; elements of financial statements..

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, bank reconciliation statements, suspense accounts and the correction of errors, depreciation, VAT, bad debts, accruals, prepayments, current taxation, accounting for inventories; loans and hire purchase; the extraction of a trial balance..

Financial Statements.
Preparation of final accounts for sole traders, not-for-profit organisations, manufacturing entities and companies from books of prime entry and incomplete records..

Partnerships.
Nature of partnership; partnership agreements, partners' capital and current accounts, profit sharing, goodwill, changes in structure, revaluation of assets, amalgamations, dissolution, Garner v. Murray rule, conversion to limited company..

Limited Companies.
Nature of limited companies; public versus private companies, issue of shares and loan capital; bonus issue, rights issue, accounting for dividends; redemption of preference share and loan capital..

Assessment Breakdown
Continuous Assessment	0%	Examination Weight	100%

Course Work Breakdown
Type	Description	% of total	Assessment Date

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. and Sangster, A.: 2008, Business Accounting I,
Connolly, C.: 2008, International Financial Accounting and Reporting,
IASB: 0, IAS 1 Inventories,
IASB: 0, IAS 16 Property, plant & equipment,

Other Resources

None

Array

Programme or List of Programmes

PBSSA

PG Exchange(Business School)

PDA

Professional Diploma in Accounting

Timetable this semester: Timetable for AC501

Date of Last Revision

26-APR-10

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