Module Title:Financial Accounting 1 for Accounting Degree Students
Language of Instruction:English
Credits: 10
NFQ Level:6
Module Delivered In 1 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 equip students with skills and knowledge of the role, function and basic principles of financial accounting; enable them to master the rules of double entry bookkeeping; provide fundamental accounting capabilities and the ability to prepare, interpret and report on financial statements for different types of business entities. The depth and breadth of module content and assessment are designed to gain maximum exemptions from professional accountancy bodies, appropriate to a B.A. (Honours) in Accounting program.
Learning Outcomes
On successful completion of this module the learner should be able to:
LO1 Explain the basic role, principles and concepts of financial accounting
LO2 Apply double entry accounting rules to accounting transactions and record transactions and events in accounting systems
LO3 Make final adjustments to financial accounts
LO4 Prepare and interpret financial statements for different types of entities
LO5 Demonstrate the use of a computer package to record accounting transactions and information
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
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; The users of financial accounts and their information requirements; Nature, scope, purposes and limitations of financial information; The accounting profession and the role of the accountant; Principles, fundamental concepts and conventions of accounting; The regulatory environment.
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; Correction of Errors and Suspense Accounts; Control Accounts; Accounting for Inventory; Accounting for Wages; Accounting for VAT; Use of integrated accounting packages.
Preparation of Financial Statements
Final accounts for different types of business 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 Assessment20.00%
End of Module Formal Examination70.00%
Continuous Assessment
Assessment Type Assessment Description Outcome addressed % of total Assessment Date
Examination Class Test 1,2 7.50 Week 6
Examination Class Test 2,3,4 7.50 Sem 1 End
Essay Essay 1,4 5.00 Sem 2 End
No Project
Assessment Type Assessment Description Outcome addressed % of total Assessment Date
Practical/Skills Evaluation Lab Practical Test 5 10.00 Sem 2 End
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
Practicals Every Week 1.00
Independent Learning Every Week 3.50
Total Hours 7.50
Workload: Part Time
Workload Type Frequency Average Weekly Learner Workload
Lecture Every Week 1.50
Independent Learning Time Every Week 3.50
Total Hours 5.00

Module Delivered In

Programme Code Programme Semester Delivery
CW_BBACT_B Bachelor of Arts (Honours) in Accounting 1 Mandatory