FINANCIAL ACCOUNTING 1 (ACCREDITED) - 2024/5
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
ASHDOWN Rebekah (SBS)
Number of Credits: 15
ECTS Credits: 7.5
Framework: FHEQ Level 4
JACs code: N340
Module cap (Maximum number of students): N/A
Overall student workload
Workshop Hours: 10
Independent Learning Hours: 95
Seminar Hours: 20
Guided Learning: 20
Captured Content: 5
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||School-timetabled exam/test 50 min||30|
|Examination||Examination 120 min||70|
The assessment strategy is designed to provide students with the opportunity to demonstrate
- Their knowledge and understanding to produce financial statements for a sole-trader.
- Their ability to produce and analyse detailed calculations for fundamental accounting concepts.
The summative assessment for this module consists of:
- A midterm test that addresses learning outcomes 1, 2 and 3
- A final term examination covering all learning outcomes.
Formative assessment and feedback
- Students will receive verbal feedback during lectures through direct questioning, also from class exercises which will challenge their understanding of the building blocks,
- The midterm test will provide a basis on which students can reflect on their knowledge and understanding of the subject and help them prepare for the final examination.
- Provide a solid grounding in fundamental accounting concepts
- Apply these concepts in the maintenance of the ledgers
- Prepare and produce the financial statements for a sole trader
|001||Record the framework of accounting and prepare accounting entries using double entry bookkeeping||KP|
|002||Explain and distinguish between capital and revenue expenditure, cash and profit, income and expenditure, assets and liabilities||K|
|003||Calculate depreciation for presentation in the financial statements and complete the accounting entries required on disposal of Non-current assets||K|
|004||Record accounting entries relating to irrecoverable debts and accruals & prepayments and explain how and why accounting concepts are applied (e.g. accruals, prudence, matching, duality)||KCPT|
|005||Prepare the income statement and statement of financial position for a sole-trader, from a trial balance with relevant adjustments and detect and correct any errors in the books of account.||KCPT|
C - Cognitive/analytical
K - Subject knowledge
T - Transferable skills
P - Professional/Practical skills
Methods of Teaching / Learning
The learning and teaching strategy is designed to:
- Give students the opportunity to gain knowledge and understanding of financial accounting.
- Equip students with a practical awareness to produce accounts and calculations for a sole trader.
The learning and teaching methods include:
- Elements of seminars, lectures, guided reading and captured content including illustrative practice exercises
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.
Upon accessing the reading list, please search for the module using the module code: MAN1061
Surrey Business School is committed to developing graduates with strengths in Employability, Digital Capabilities, Global and Cultural Capabilities, Sustainability, and Resourcefulness and Resilience. This module is designed to allow students to develop knowledge, skills, and capabilities particularly in the following areas:
Employability: The module aims to develop students’ ability to produce and understand financial statements and follow globally recognized accounting conventions. These skills are highly sought after by employers. As a result, students build and enhance individual and professional skills.
This is an accredited module which will improve students’ chances of gaining professional qualifications and hence improve chances of employability.
Global and Cultural Capabilities: The module covers understanding financial accounting concepts and their application in the maintenance of ledgers and preparation of financial statements which are applicable to companies across the globe. Students are given a detailed understanding of the concepts and reporting standards that are used all over the world with some variations depending on country regulation and/or cultural differences.
Students will work together in tutorials to develop skills which allow them to collaborate with individuals from around the globe. This module is accredited by many global professional bodies.
Digital Capabilities: Excel is used extensively for practical demonstrations throughout the course and students are encouraged to use excel whenever possible to perform detailed calculations and produce accounting statements. The excel skills enhance their digital capabilities.
Throughout the module students learn to navigate and utilise the Virtual Learning Environment (SurreyLearn).
Resourcefulness and Resilience: The financial accounting 1 module builds on concepts from basic accounting to complex adjustments ultimately producing financial statements for a sole trader that are a legal requirement. The module reinforces and further develops knowledge and skills related to financial accounting. Students solve problems as well as critically analyze the solutions, thereby fostering an openness to different perspectives.
In addition, through the independent and guided learning, students develop attributes such as confidence, adaptability, self-regulation, self-efficacy, problem solving and decision-making abilities. They will have the opportunity to interact with fellow students and the teaching staff, ask questions and build on their communication skills while gaining a deeper understanding of the subject.
Sustainability: The module introduces stakeholders and ethical issues in the form of corporate governance, a key issue in environment, social, and governance principles.
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 2024/5 academic year.