Module Title:Financial Accounting
Language of Instruction:English
Credits: 10
NFQ Level:6
Module Delivered In 7 programme(s)
Teaching & Learning Strategies: Lectures - communication of knowledge and ideas from the lecturer to the student. Problem Solving Exercises - student will work as part of a team and will work together to resolve various accounting scenarios. Class Discussion/Debate - Students will be encouraged to actively participate in the class sessions which will develop their analytical and communication skills. E-Learning - It is envisaged that the module will be supported with on-line learning materials. Self-Direct Independent Learning - the emphasis on independent learning will develop a strong and autonomous work and learning practices.
Module Aim: The aim of this module is to develop skills and knowledge of the role, function and basic principles of financial accounting, master the rules of double entry bookkeeping, and develop the ability to prepare and interpret financial statements for different types of business entities.
Learning Outcomes
On successful completion of this module the learner should be able to:
LO1 Define and explain the key terms, concepts and practices for financial accounting systems and procedures, the preparation of final accounts and interpretation of financial statements.
LO2 Identify and apply appropriate financial accounting techniques when presented with defined and undefined practical business problems.
LO3 Analyse and interpret results and outcomes within a financial accounting framework and make recommendations.
LO4 Examine the tools and techniques that are used in the area of financial accounting
Pre-requisite learning
Module Recommendations

This is prior learning (or a practical skill) that is recommended before enrolment in this module.

No recommendations listed
Incompatible Modules
These are modules which have learning outcomes that are too similar to the learning outcomes of this module.
No incompatible modules listed
Co-requisite Modules
No Co-requisite modules listed
Requirements
This is prior learning (or a practical skill) that is mandatory before enrolment in this module is allowed.
No requirements listed
 

Module Content & Assessment

Indicative Content
Role and Principles of Financial Accounting
The purpose and communication of accounting information; Nature, scope, purposes and limitations of financial information; The users of accounting information; The role of the accountant; Relevance of accounting in business; Principles, fundamental concepts and conventions of accounting.
Accounting Procedures and Systems
Books of prime entry; Double entry bookkeeping; Sales, purchase and general ledger; Trial balance; Capital and revenue expenditure; Non-current assets and Depreciation; Bad debts and Provision for Bad Debts (Allowance for Receivables); Accruals and Prepayments; Bank Reconciliation Statements; Control Accounts; Accounting for VAT.
Preparation of Financial Statements
Final Accounts for different types of entities; Incomplete records.
Interpretation of Financial Statements
Introduction to ratio analysis; Calculation of key profitability, liquidity and efficiency ratios; Analysis and interpretation of ratios; Limitations of ratio analysis.
Assessment Breakdown%
Continuous Assessment30.00%
End of Module Formal Examination70.00%
Continuous Assessment
Assessment Type Assessment Description Outcome addressed % of total Assessment Date
Other Class Test or Essay or MCQs or Presentation 1,2,3,4 10.00 Week 6
Other Class Test or Essay or MCQs or Presentation 1,2,3,4 7.50 Sem 1 End
Other Class Test or Essay or MCQs or Presentation 1,2,3,4 7.50 Week 24
Other Class Test or Essay or MCQs or Presentation 1,2,3,4 5.00 Sem 2 End
No Project
No Practical
End of Module Formal Examination
Assessment Type Assessment Description Outcome addressed % of total Assessment Date
Formal Exam End-of-Semester Final Examination 1,2,3,4 70.00 End-of-Semester

ITCarlow reserves the right to alter the nature and timings of assessment

 

Module Workload

Workload: Full Time
Workload Type Frequency Average Weekly Learner Workload
Lecture Every Week 3.00
Independent Learning Every Week 4.00
Total Hours 7.00
Workload: Part Time
Workload Type Frequency Average Weekly Learner Workload
Lecture Every Week 1.50
Independent Learning Time Every Week 5.50
Total Hours 7.00
 

Module Delivered In

Programme Code Programme Semester Delivery
CW_BBADM_D Bachelor of Business in Business Administration 1 Mandatory
CW_BBLAW_B Bachelor of Business (Honours) in Business with Law 1 Mandatory
CW_BRLMB_B Bachelor of Business(Honours) in Management 1 Mandatory
CW_BBBBM_B Bachelor of Business(Honours) in Management 1 Mandatory
CW_BBLEG_C Higher Certificate in Arts in Legal Studies 1 Mandatory
CW_BBBUS_C Higher Certificate in Business 1 Mandatory
CW_BBLAW_C Higher Certificate in Business with Law 1 Mandatory