Module Title:Financial Accounting 2
Language of Instruction:English
Credits: 10
NFQ Level:6
Module Delivered In 4 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 expand the students’ knowledge from Financial Accounting 1, increasing their comprehension and application of advanced transactions recording. They will further develop their skills in the preparation of final financial statements. Students will learn how to prepare partnership accounts and will increase their skills in the analysis of financial accounts. The depth and breadth of module content and assessment are designed to gain maximum exemptions from professional accountancy bodies, appropriate to a Higher Certificate in Business / Accounting program.
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 reporting, recording advanced accounting transactions, preparing final financial statements, partnership accounting and interpretation and analysis 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
This is prior learning (or a practical skill) that is mandatory before enrolment in this module is allowed.
Financial Accounting 1

Module Content & Assessment

Indicative Content
The context and purpose of financial reporting:
• The nature and objectives of financial reporting • Entities and financial reporting standards • The regulatory framework • Accounting principles concepts and policies. Changes in accounting policies (IAS 8). • Intro to Auditing, Corporate governance and ethics.
Recording transactions & preparing for final accounts
• Tangible non current assets: cost, revaluation, depreciation, disposal, recognition & disclosure in financial statements. (IAS 16 & 23) • Accruals & Prepayments • Provision for Bad Debts • Events after Reporting Period (IAS 10) • Provisions, Contingent Liabilties (IAS 37) • Intangible Assets (IAS 38) • Capital Structure & Finance costs. • Correction of errors & suspense accounts • Inventory: recording, valuation & impact on profits (IAS 2) • Closing year end accounts • VAT, accounting for wages and corporation tax.
Preparing final financial statements:
• Statement of Profit or Loss, Statement of Changes in Equity, Statement of Financial Position. • Basic final accounts in a form fit for publication (IAS 1) • Cashflow statement (IAS 7) • Incomplete records
Partnership Accounts:
• Partnership agreements, capital & current accounts. • Accounting for partners’ transactions: salaries, drawings, share of profits. • Preparation of final accounts for partnership • Accounting for changes in partnership agreement: changing profit sharing ratio, goodwill, revaluation, admission of new partner, retirement of partner.
Interpretation of Accounts:
• Purpose of ratio analysis • Calculation of key ratios and identification of significant trends • Interpretation and communication of ratios • Significance and 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 Various e.g exam, MCQ, presentations, reports. 1,2,3,4 10.00 Week 6
Other e.g. Class test/Project/Essay/Case Study/MCQ 1,2,3,4 10.00 Sem 1 End
Other e.g. Class test/Project/Essay/Case Study/MCQ 1,2,3,4 10.00 Week 23
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 2 Elective
CW_BBOPT_D Bachelor of Business with Options in Management. International Business, Supply Chain Management, Marketing, Human Resource Management 2 Elective
CW_BRLMB_B Bachelor of Business(Honours) in Management 2 Elective
CW_BBLEG_C Higher Certificate in Arts in Legal Studies 2 Mandatory