ACCT06019 2022 Financial Reporting 1
Full Title
Financial Reporting 1
Transcript Title
Financial Reporting 1
Code
ACCT06019
Attendance
N/A %
Subject Area
ACCT - Accounting
Department
BUS - Business
Level
06 - NFQ Level 6
Credit
05 - 05 Credits
Duration
Semester
Fee
€
Start Term
2022 - Full Academic Year 2022-23
End Term
9999 - The End of Time
Author(s)
Gary Reynolds, Helen Grady, Aileen Brennan, Beatrice Flavin
Programme Membership
SG_BACCO_H08 202200 Bachelor of Arts (Honours) in Accounting
SG_BEMBE_G06 201600 Higher Certificate in Business in Embedded Award BB(Hons) Finance and Investment
SG_BFINA_H08 202200 Bachelor of Business (Honours) in Finance and Investment
SG_BACOO_H08 202300 Bachelor of Arts (Honours) in Accounting
SG_BFINA_B07 202200 Bachelor of Business in Finance and Investment
SG_BFINA_B07 202200 Bachelor of Business in Finance and Investment
Description
The aim of this modules is to introduce students to the principles of Financial Accounting, emphasising the importance of business ethics, enabling them to process prime business transactions and prepare basic financial statements.
Learning Outcomes
On completion of this module the learner will/should be able to;
1.
Explain the importance and application of ethical principles within the business environment
2.
Develop an understanding of the original transaction path - Prepare books of original entry, post transactions to ledgers and extract a trial balance
3.
Apply best international practice in the preparation of financial statements for a business
4.
Appreciate appropriate calculations and allowances for depreciation and irrecoverable receivables
Teaching and Learning Strategies
This module will be delivered through weekly class-based lectures. The lectures will include open discussion, practice of practical course elements, in-class group work and self-study
Module Assessment Strategies
The assessment strategy will include:
- Moodle quiz e.g.MCQ/WIRIS (one-30% Quiz or 2 - 15% quizzes in weeks 5-9 of the semester)
- Final written examination - Must be a supervised examination person or online proctored
Repeat Assessments
The assessment strategy will include:
- Moodle quiz e.g.MCQ/WIRIS (one - 30% or 2 - 15% quizzes repeated in weeks in weeks 6-12 of the semester)
- Final written examination - Must be a supervised examination person or online proctored
Module Dependencies
Co-requisites
None
Incompatibles
None
Indicative Syllabus
LO1 - Explain the importance and application of ethical principles within the business environment
- Ethical considerations of business
- Role of the accountant
- Users of financial data
LO2 - Develop an understanding of the original transaction path - Prepare books of original entry, post transactions to ledgers and extract a trial balance
- The Accounting Equation
- Double entry
- Columnar daybooks (including VAT) and the journal
- Posting to the ledgers
- Extracting the trial balance
LO3 - Apply best international practice in the preparation of financial statements for a business
- Preparation of Statement of Profit or Loss (IAS 1)
- Preparation of Statement of Financial Position (IAS 1)
LO4 - Appreciate appropriate calculations and allowances for depreciation and irrecoverable receivables
- Calculation of depreciation charge, provision and addition /disposal of non-current assets
- Calculation of irrecoverable receivable charge and allowance for irrecoverable receivables
Coursework & Assessment Breakdown
Coursework & Continuous Assessment
30 %
End of Semester / Year Formal Exam
70 %
Coursework Assessment
| Title | Type | Form | Percent | Week | Learning Outcomes Assessed | |
|---|---|---|---|---|---|---|
| 1 | Moodle quiz | Coursework Assessment | Assessment | 30 % | OnGoing | 1,2,3 |
End of Semester / Year Assessment
| Title | Type | Form | Percent | Week | Learning Outcomes Assessed | |
|---|---|---|---|---|---|---|
| 1 | Final written examination | Final Exam | Closed Book Exam | 70 % | End of Term | 1,2,3,4 |
Full Time Mode Workload
| Type | Location | Description | Hours | Frequency | Avg Workload |
|---|---|---|---|---|---|
| Independent Learning | UNKNOWN | Personal study | 3 | Weekly | 3.00 |
| Lecture | Flat Classroom | Lecture | 4 | Weekly | 4.00 |
Total Full Time Average Weekly Learner Contact Time 4.00 Hours
Required & Recommended Book List
Recommended Reading
2021 Frank Wood's Business Accounting
ISBN 1292365439 ISBN-13 9781292365435
2021 Frank Wood's Business Accounting
ISBN 1292365439 ISBN-13 9781292365435
Frank Wood's Business Accounting Volume 1, the world's best-selling textbook on book-keeping and accounting, continues to provide an indispensable introduction for students and professionals across the globe.
Required Reading
2019-02-21 Introduction to Financial Accounting, 9e
ISBN 1526803003 ISBN-13 9781526803009
2019-02-21 Introduction to Financial Accounting, 9e
ISBN 1526803003 ISBN-13 9781526803009
Module Resources
Non ISBN Literary Resources
Journal Resources