ACCT06020 2022 Financial Reporting 2
Full Title
Financial Reporting 2
Transcript Title
Financial Reporting 2
Code
ACCT06020
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_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 module is to build on existing accounting knowledge so the student can process varied business transactions and prepare more advanced financial statements.
Learning Outcomes
On completion of this module the learner will/should be able to;
1.
Appreciate adjustments to a given trial balance and complete the financial statements
2.
Develop an understanding of the importance of a bank reconciliation statement
3.
Comprehend receivables ledger and payables ledger control accounts
4.
Understand basic correction of errors
5.
Apply best practice in the preparation of financial statements from incomplete records
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 in 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 in person or online proctored
Module Dependencies
Co-requisites
None
Incompatibles
None
Indicative Syllabus
LO1 - Appreciate adjustments to a given trial balance and complete the financial statements
- Depreciation adjustment
- Irrecoverable adjustment
- Accruals/prepayment adjustment
- Inventory adjustment
LO2 - Develop an understanding of a bank reconciliation statement
- Outstanding lodgements
- Outstanding payments
- Ledger errors
- Bank errors
- Opening reconciliation
LO3 - Comprehend receivables ledger and payables ledger control accounts
- Control accounts for receivables and payables ledgers
- Correction of errors
- Adjustment for omissions
- Reconciliation of control account to ledger list
LO4 - Understand basic correction of errors
- Definition of various errors
- Transactions to correct errors not affecting trial balance
LO5 - Apply best practice in the preparation of financial statements from incomplete records
- Use of control accounts to derive values
- Application of accounting equation to balance financial statements
- Adjustments for accruals and prepayments
- Recording of drawings and capital transactions
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 Year | 1,2,3,4,5 |
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
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
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.
Module Resources
Non ISBN Literary Resources
Journal Resources
Other Resources
.