AC4052 - Financial Accounting (2025/26)
| Module specification | Module approved to run in 2025/26 | ||||||||||||||||||||
| Module title | Financial Accounting | ||||||||||||||||||||
| Module level | Certificate (04) | ||||||||||||||||||||
| Credit rating for module | 15 | ||||||||||||||||||||
| School | Guildhall School of Business and Law | ||||||||||||||||||||
| Total study hours | 150 | ||||||||||||||||||||
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| Assessment components |
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| Running in 2025/26(Please note that module timeslots are subject to change) |
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Module summary
This is a 15-credit core module which is designed to lay the foundation for understanding the accounting requirements of business organisations for internal and external reporting and decision making. It examines the financial accounting techniques for sole traders and limited companies.
This module aims to:
1. Enable students to understand the underlying principles of the financial accounting processes and to prepare/construct relevant accounting statements
2. Enable students to evaluate the strengths and weaknesses of accounting information systems and how they relate to the decision-making aspects.
3. Enable students to understand and record the double-entry bookkeeping.
4. Enable students to understand the context of the professional accountancy framework and to enhance their employability skills
Syllabus
1)The objectives of accounting. LO1
2) Principles and concepts of financial accounting. LO1
3)The effect of financial transactions on financial statements. LO2
4) Accounting systems. LO2, LO3
5) Simple Practice on Period-end adjustments to financial records and statements.
6) Inventory valuation. LO4, LO5
7) Preparation and Presentation of Financial Statements. LO3
8) Liquidity, profit and cash, and the statement of cash flows. LO2, LO3
9) Reading Financial Statements, LO3, LO4
10) The regulatory environment for financial reporting. LO5
Balance of independent study and scheduled teaching activity
Scheduled teaching activity is a weekly 3-hour workshops. Independent study is supported by undertaking past assessment questions and practice questions in the recommended textbooks and module workbook.
Relevant learning resources will be available on Weblearn.
The course instructor is available outside class during office hours. Students will be fully supported in the preparation of the written exam. There will be regular opportunities for feedback and opportunity for formative assessment during the Reading Week.
Learning outcomes
On successful completion of this module, students will be able to:
1. Explain the purpose and role of financial accounting in business and society.
2. Apply the double-entry bookkeeping system to record transactions.
3. Prepare basic financial statements: income statement, statement of financial position for sole trade and limited companies.
4. Understand and implement the underlying concepts/conventions and comment on the usefulness to users of financial statements prepared.
5. Highlight the decision-making needs of external users of financial reports
Bibliography
Reading List Talis Link:
https://rl.talis.com/3/londonmet/lists/95B32677-4CB5-2A42-2FD1-C4430FAB0827.html
Core textbook
Scott, P (2018), Introduction to Financial Accounting OUP.
Other Texts:
Scott, P (2018), Introduction to Accounting OUP.
Carey M., Knowles C. and Towers-Clark J. (2016) Accounting a smart approach Oxford University Press www.oxfordtextbooks.co.uk/orc/carey/
Employability and Reflective resources :
Financial Reporting Council www.frc.org.uk
ICAEW www.icaew.com
ACCA www.accaglobal.com
CIMA www.cimaglobal.com
Accountancy Age www.accountancyage.com
Financial Times www.ft.com
Journals:
Library Journal Databases : Academic Search Complete, Business Source Ultimate, Emerald Management, Science Direct
Websites:
Electronic Databases: FAME