FINANCIAL ACCOUNTING - 2023/4

Module Overview

Financial Accounting is concerned with recording business transactions, producing financial statements of business entities from the accounting records in accordance with the regulatory requirements, accounting standards and accounting concepts. The statements are then interpreted by users of accounting information for economic decision-making in business. The module is focused at FHEQ Level 4 students, who will be equipped with the basic knowledge and skills required to record financial transactions, prepare simple financial statements of an organisation and how to interpret them for making effective decisions.

Module provider

Surrey Business School

Module Leader

ASHDOWN Rebekah (SBS)

Number of Credits: 15

ECTS Credits: 7.5

Framework: FHEQ Level 4

Module cap (Maximum number of students): N/A

Module Availability

Semester 1

Prerequisites / Co-requisites

None

Module content

Indicative content includes:

• Users of accounts and their objectives;


• The accounting system – source documents to financial statements;


• Ledger accounts and double-entry bookkeeping system;


• Balancing accounts and the trial balance;


• The regulatory framework and accounting concepts;


• Accruals, prepayments and drawings;


• Depreciation of non-current assets;


• Irrecoverable debts and allowance for receivables;


• Preparation of financial statements for sole traders and companies:


• Interpretation of financial statements.

Assessment pattern

Alternative Assessment

Not applicable

Assessment Strategy

There are two summative assessments for this module: a class test and an end of semester examination.

Class test

The class test will comprise multiple choice questions. 

Examination

The exam paper will include scenario questions.  Questions may contain several parts (part (a), part (b) etc).

Assessment questions

Assessments will include both quantitative and qualitative questions.

Quantitative questions are designed to assess numerical, application of knowledge and analytical skills.

Qualitative questions will assess application of knowledge, synthesis, creative thinking and problem-solving skills.

Formative assessment and feedback

Formative assessments such as a sample class test and exam paper will be available to support students in preparation for summative assessments and to provide ongoing feedback. Such feedback will help students identify their strengths and weaknesses and help develop revision plans for the summative assessments.

Students are also expected to engage with other feedback provided during seminars and feedback and advice hours throughout the semester.

 

Module aims

• Provide students with a clear understanding on how business entities record financial transactions in the accounting system;
• Explain the application of the main accounting concepts and how to make adjustments to accounts;
• Prepare and interpret the financial statements for a single entity.

Learning outcomes

Methods of Teaching / Learning

The learning and teaching strategy is based on a hybrid teaching model, incorporating elements of both live and on-demand learning.

On-demand learning is designed for students to explore the topics in their own time and includes a range of guided learning activities.  Guided learning activities may include pre-recorded videos, practice questions & solutions, quizzes, discussion forum and links to further reading.

Live learning allows students to explore and engage in discussions on the topics and also practice more complex questions and receive answers and feedback to queries from their tutor.

This learning and teaching strategy provides students with the opportunity to acquire knowledge and to understand the relevant theory and develop effective solutions for decision making in the context of case study scenarios.

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

https://readinglists.surrey.ac.uk
Upon accessing the reading list, please search for the module using the module code: MAN1068

Programmes this module appears in

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 2023/4 academic year.