ACCT06037 2022 Introduction to Financial Accounting

Explain the context and purpose of financial reporting

Define the qualitative characteristics of financial information

Describe the different types of software and technology available to support the accounting information system

Demonstrate the use of double-entry and accounting systems

Record transactions and events

Prepare a trial balance

Prepare Income Statements and Statements of Financial Position for sole traders

Calculate and record adjustments necessary to complete the preparation of financial statements  

The student will engage with the content of the module through pre-lecture reading, informative video presentations, lectures and quizzes.

The student will develop an understanding of module content through technical articles and use of software applications to complete and review examples.

The student will apply their learning through completion of practical exercises.

Objective test and final examination.

Objective test and / or final examination.

LO1 - Explain the context and purpose of financial reporting:

• The scope and purpose of financial statements for external reporting,
• User and stakeholder needs,
• The regulatory framework,
• Duties and responsibilities of those charged with governance.

LO2 - Define the qualitative characteristics of financial information:

• Define, understand and apply qualitative characteristics,
• Define, understand and apply accounting concepts.

LO3 - Describe the different types of software and technology available to support the accounting information system:

• Explain the use of computerised accounting software,
• Compare different accounting software packages,
• Describe an ERP system,
• Identify emerging technology in financial accounting.

LO4 - Demonstrate the use of double-entry and accounting systems:

• Double-entry book-keeping principles,
• Ledger accounts, books of prime entry, and journals.

LO5 - Record transactions and events:

• Sales and purchases,
• Cash,
• Inventory,
• Tangible non-current assets.

LO6 - Prepare a trial balance:

• Identify the purpose of a trial balance,
• Extract ledger balances into a trial balance,
• Prepare extracts of an opening trial balance,
• Identify and understand the limitations of a trial balance.

LO7 - Prepare Income Statements and Statements of Financial Position for sole traders:

• Statements of financial position,
• Statements of profit or loss.

LO8 - Calculate and record adjustments necessary to complete the preparation of financial statements:  

• Bad debts,
• Depreciation,
• Accruals and prepayments,
• Control accounts and reconciliations,
• Bank reconciliations.