Module Title:Fundamental Financial Accounting 1 for Accounting Degree Students
Language of Instruction:English
Credits: 5
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 strong and autonomous work and learning practices.
Module Aim: This module is designed to introduce students to the basic concepts, principles and practices of financial accounting so that they can master the rules of double entry bookkeeping, apply fundamental accounting capabilities and complete a basic set of financial statements for a sole trader. The concept of controls is introduced through the completion of the bank reconciliation process. The use of spreadsheets in financial accounting is also introduced. 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 programme.
Learning Outcomes
On successful completion of this module the learner should be able to:
LO1 Explain the role, principles and concepts of financial accounting
LO2 Record financial transactions using the double entry system and prepare a bank reconciliation statement
LO3 Prepare final accounts for a sole trader
LO4 Demonstrate the use of spreadsheets for financial accounting purposes
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, Principles and Function of Financial Accounting
The nature, purpose and communication of accounting information; The users of financial accounts and their information requirements; Basic accounting concepts and principles.
Recording of Transactions and Accounting Systems
The Accounting Equation; Double entry bookkeeping including books of prime entry and sales, purchases and general ledgers; Trial balance; Accounting for Inventory, Wages and VAT; Use of spreadsheets for financial accounting purposes.
Introduction to Financial Accounting Controls
Purpose and Preparation of Bank Reconciliation Statements.
Financial Statements Preparation
Preparation of final accounts for sole traders with standard adjustments.
Assessment Breakdown%
Continuous Assessment15.00%
Practical15.00%
End of Module Formal Examination70.00%
Continuous Assessment
Assessment Type Assessment Description Outcome addressed % of total Assessment Date
Examination In-Class written assessment including numerical and/or theoretical questions 1,2 15.00 Week 7
No Project
Practical
Assessment Type Assessment Description Outcome addressed % of total Assessment Date
Practical/Skills Evaluation Lab Practical Test 4 15.00 Week 12
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 70.00 End-of-Semester

SETU Carlow Campus 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 5.00
Total Hours 9.00
Workload: Part Time
Workload Type Frequency Average Weekly Learner Workload
Lecture Every Week 2.00
Independent Learning Time Every Week 7.00
Total Hours 9.00
 

Module Delivered In

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