FINANCIAL ACCOUNTING 1 - 2027/8

Module Overview

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.

Module provider

Surrey Business School

Module Leader

KNOX Dan (SII DUFE)

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:

•  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 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 and/or questions requiring short written answers. 

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 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

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 practise 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: MAN1154

Other information

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 module 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

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 2027/8 academic year.