AC4052 - Financial Accounting (2023/24)
| Module specification | Module approved to run in 2023/24 | |||||||||||||||||||||||||
| 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 2023/24(Please note that module timeslots are subject to change) |
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Module summary
AC4052 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 of financial accounting statements
3. Enable students to analyse and interpret the financial accounting statements of a limited company
4. Enable students to understand the context of the professional accountancy framework and to enhance their employability skills.
Syllabus
1. Introduction to Double-entry Bookkeeping and accounting equation
2. The Statement of Profit or Loss
3. The Statement of Financial Position
4. Accounting for Depreciation and Bad Debts
5. Company Accounts
6. The Statement of Cash Flows
7. Interpreting Financial Statements
8. Capital Structure and Investment Ratios
Learning Outcome LO1 - LO3
Balance of independent study and scheduled teaching activity
Scheduled teaching activity is a weekly two-hour lecture and a one-hour seminar. Independent study is supported by undertaking past assessment questions and practice questions in the recommended textbooks and module workbook.
Learning outcomes
On successful completion of this module, students will be able to:
1. Construct a set of financial accounting statements for a sole trader and a limited company, starting from the double entry bookkeeping aspect of recording transactions.
2. Understand and implement the underlying concepts/conventions and comment on the usefulness to users of financial statements prepared.
3. Highlight the decision-making needs of external users of financial reports
Assessment strategy
The assessment strategy for the module comprises a piece of coursework which will require students to produce a 1500 words individual piece of work on interpretation and computation of financial statements.
Bibliography
Reading List Talis Link:
https://bblearn.londonmet.ac.uk/webapps/blackboard/content/launchLink.jsp?course_id=_42018_1&tool_id=_2924_1&tool_type=TOOL&mode=cpview&mode=reset
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