This module introduces the function and practice of financial accounting. The syllabus explores the underlying concepts and regulatory framework which underpin financial accounting, the principles of double entry bookkeeping, the nature of internal control, the preparation of the final accounts and the interpretation of financial accounting information.
Learning Outcomes
By the end of the module the student should be able to:
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a) explain the function of financial accounting
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b) understand the key accounting concepts
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c) describe the regulatory framework governing financial accounting
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d) understand and apply the principles of double entry bookkeeping
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e) demonstrate an understanding of the nature of internal control in accounting, and prepare bank reconciliations, control accounts and the entries for the correction of errors
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f) prepare basic financial statements of sole traders and limited companies
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g) outline, illustrate and discuss accounting adjustments
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h) appraise and interpret financial accounting information
Assessment
3 hr unseen examination 100% (plus formative self assessments during the module)