module specification

AC4052 - Financial Accounting (2021/22)

Module specification Module approved to run in 2021/22
Module title Financial Accounting
Module level Certificate (04)
Credit rating for module 15
School Guildhall School of Business and Law
Total study hours 150
 
9 hours Assessment Preparation / Delivery
105 hours Guided independent study
36 hours Scheduled learning & teaching activities
Assessment components
Type Weighting Qualifying mark Description
Coursework 100%   Coursework 1500 words
Running in 2021/22
Period Campus Day Time Module Leader
Autumn semester North Monday Morning
Autumn semester North Monday Afternoon
Autumn semester North Tuesday Morning
Autumn semester North Tuesday Afternoon
Autumn semester North Wednesday Morning
Autumn semester North Wednesday Afternoon
Autumn semester North Friday Morning
Autumn semester North Friday Afternoon

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