Module ABI-1101:
Intro Financial Accounting
Introductory Financial Accounting 2024-25
ABI-1101
2024-25
Bangor Business School
Module - Semester 1
15 credits
Module Organiser:
Debbie Gilliland
Overview
To provide an introduction to basic book-keeping skills and to develop a broad understanding of accounting theory, concepts and conventions.
The course will cover the following:
• Introduction to Financial Accounting including accounting equation and Balance Sheet, the double entry system for assets, liabilities and capital and preparation of the trial balance. • Accounting books and transactions with reference to books of original entries and ledgers • Financial Statements preparation for companies. • Adjustments for financial statements. • Accounting checks and errors. • Preparation of Partnership accounts.
Assessment Strategy
-threshold -D- to D+ (40-49%): No major omissions or inaccuracies in the deployment of information/skills. Some grasp of theoretical/conceptual/practical elements. Integration of theory/practice/information present intermittently in pursuit of the assessed work's objectives.
-good -B- to B+ (60-69%): Very good performance Most of the relevant information accurately deployed. Good grasp of theoretical/conceptual/practical elements. Good integration of theory/practice/information in pursuit of the assessed work's objectives. Evidence of the use of creative and reflective skills.
-excellent -A- to A+ (70%+): Outstanding performance. The relevant information accurately deployed. Excellent grasp of theoretical/conceptual/practice elements. Good integration of theory/practice/information in pursuit of the assessed work's objectives. Strong evidence of the use of creative and reflective skills.
-another level-C- to C+ (50-59%): Much of the relevant information and skills mostly accurately deployed. Adequate grasp of theoretical/conceptual/practical elements. Fair integration of theory/practice/information in the pursuit of the assessed work's objectives. Some evidence of the use of creative and reflective skills.
Learning Outcomes
- Apply concepts and calculations related to year-end adjustments to financial statements.
- Apply fundamental book-keeping skills to prepare books of accounts.
- Explain the basic concepts, techniques, and terminology used in financial accounting.
- Explain the main technical language and practices of accounting, that include applying them in the context of financial statements.
- Prepare accounts for sole traders, partnerships, and companies, that include using quantitative skills to manipulate data, evaluate, estimate, and model business problems, functions, and phenomena.
Assessment method
Exam (Centrally Scheduled)
Assessment type
Summative
Description
Students will attempt an unseen two-hour-long examination paper. The paper will consist of two sections the first focusing on financial reporting, while the second will test core accounting concepts.
Weighting
60%
Assessment method
Class Test
Assessment type
Summative
Description
Students will take a one-hour-long test. The test will require students to answer theoretical and calculation questions to check their understanding of key accounting concepts. The test allows students to receive continuous feedback in relation to their progress in the course.
Weighting
40%