Financial Accounting (Acct)

This module is designed to introduce the student to the basic concepts of financial accounting, progressing from the fundamental principles of double entry recording of financial transactions through to completing a set of accounts for business entities including a sole trader, partnership and company. The module will evaluate and apply the principles of double entry bookkeeping which underpins the financial accounts. The concept of controls in accounting is introduced though the completion of the bank reconciliation process, trade receivables and trade payables control accounts. The student will begin to develop their knowledge of international accounting standards through more advanced aspects of financial accounting, such as accounting for inventories and non-current assets. The student will be introduced to the principles and scope of financial reporting, with cognisance of emerging issues for accountants.

1. Prepare basic ledger accounts under the double entry system, extract a trial balance from the double entry system, calculate and record accounting adjustments.

2. Examine and interpret accounting information to prepare bank reconciliation statements and control accounts for trade receivables and trade payables.

3. Combine and organise financial accounting information to produce financial statements for different business entities, such as a sole trader, partnership and company.

4. Analyse and interpret financial information to correct accounting errors, and to prepare financial accounts from incomplete records.

5. Describe the fundamental principles, legal and regulatory framework that underpin financial accounting, and the financial accounting obligations for common business structures.

6. Discuss and critically analyse emerging issues facing financial accountants including environmental, social and governance (ESG).