FINANCIAL ACCOUNTING 1 - 2020/1
Module code: MAN1061
The module introduces students to Financial Accounting by covering fundamental accounting concepts and their application in the maintenance of the ledgers and preparation of financial statements.
Surrey Business School
MILLIGAN Victoria (SBS)
Number of Credits: 15
ECTS Credits: 7.5
Framework: FHEQ Level 4
JACs code: N340
Module cap (Maximum number of students): N/A
Prerequisites / Co-requisites
Indicative content includes:
- The framework of accounting and accounting concepts and characteristics
- Ledger accounts and double-entry bookkeeping
- Accounting adjustments including deprecation, bad and doubtful debts, accruals and prepayments
- Preparation of final financial statements for sole traders
- Bank reconciliations
- Control and suspense accounts
- Methods used to detect and correct errors in accounts
|Assessment type||Unit of assessment||Weighting|
|School-timetabled exam/test||50 MINUTE CLASS TEST (CLOSED BOOK)||30|
|Examination||2 HOUR EXAM (CLOSED BOOK)||70|
The assessment strategy is designed to provide students with the opportunity to demonstrate their understanding of both the theoretical concepts and their practical application.
The summative assessment for this module consists of:
A 50 minutes class-test (30%) scheduled during the semester
A two hour closed-book final exam (70%) during the examination period
Formative assessment and feedback
Formative feedback will be given on a continuous manner during the course of the module. Numerous questions are set for completion in tutorials and drop-ins, and additional questions given for homework. In doing these, students are not only gaining invaluable practice in preparation for the formal assessments but are also given an opportunity to show their workings and receive additional explanation and help from tutors where needed. It provides an opportunity for tutors to assess individual ability and performance and target those students who would benefit from extra help, which is provided during the drop-ins or on a one to one basis during office hours.
In the week following the class test students are given an opportunity to review their papers and receive feedback or additional support on a group or one to one basis if required.
- The aim of this module is to provide a solid grounding in fundamental accounting concepts and the application of these concepts in preparation for Financial Accounting 2.
|1||Explain the framework of accounting||KPT|
|2||Prepare accounting entries using double entry bookkeeping||KCPT|
|3||Explain and distinguish between capital and revenue expenditure, cash and profit, income and expenditure, assets and liabilities||KCP|
|4||Calculate depreciation for presentation in the financial statements||KCPT|
|5||Calculate and complete the accounting entries required on disposal of Non-current assets||KCPT|
|6||Prepare accounting entries relating to bad debts||KCPT|
|7||Explain how and why accounting concepts are applied (e.g. accruals, prudence, matching, duality)||KPT|
|8||Prepare the income statement and statement of financial position from a trial balance with relevant adjustments||KCPT|
|9||Detect and correct errors in the books of account.||KCPT|
C - Cognitive/analytical
K - Subject knowledge
T - Transferable skills
P - Professional/Practical skills
Overall student workload
Independent Study Hours: 106
Tutorial Hours: 44
Methods of Teaching / Learning
The learning and teaching strategy is designed to give students the opportunity to gain knowledge of the relevant theory and business practices and problems pertinent to the topics covered in the module, in addition to gaining the skills necessary to apply that knowledge in practice.
The learning and teaching methods include:
- Weekly 2 hour tutorial and I hour drop-in to illustrate the principles and practice the application of principles
- Support of lecture/tutorial material by directed reading and exercises in the required text
- Surrey-Learn will be used as an information portal and will contain lecture notes, practical exercises, solutions to practical exercises, past exam papers & model answers and relevant reading
- On-going feedback in class on an individual and group basis
Indicated Lecture Hours (which may also include seminars, tutorials, workshops and other contact time) are approximate and may include in-class tests where one or more of these are an assessment on the module. In-class tests are scheduled/organised separately to taught content and will be published on to student personal timetables, where they apply to taken modules, as soon as they are finalised by central administration. This will usually be after the initial publication of the teaching timetable for the relevant semester.
Reading list for FINANCIAL ACCOUNTING 1 : http://aspire.surrey.ac.uk/modules/man1061
Programmes this module appears in
|Accounting and Finance BSc (Hons)||1||Compulsory||A weighted aggregate mark of 40% is required to pass the module|
Please note that the information detailed within this record is accurate at the time of publishing and may be subject to change. This record contains information for the most up to date version of the programme / module for the 2020/1 academic year.