Overview

You will develop an understanding of the technical aspects of the subject, including double entry bookkeeping, calculation of key ratios and the preparation and use of financial statements with a focus on limited liability companies. You will also consider appropriate UK practice and focuses on International Accounting Standards.

Topics studied in this module will include:

• accounting records and their importance to commercial operations. - source materials and their use in preparing journals/day-books and ledger accounts
• recording credit and cash transactions using the system of double-entry bookkeeping;
• checking accuracy and preparing a trial balance
• calculation of some key ratios and using these to provide an informed evaluation of a statement of Financial Position and using these to provide income statement.
• trading and profit and loss accounts, depreciation, stock inventories - main applications of ICT in financial accounting

Assessment Strategy

Threshold (50%–59% / C- to C+) Has shown knowledge of the key areas and principles and the main elements of the subject area are understood. Fair integration of theory/ practice/ information in the assessed work. Adequate understanding and use of appropriate conceptual frameworks, experience and facts.

Good (60%-69% / B- to B+) Has shown a strong knowledge and understands most of the subject area. Good integration of theory/practice/information in the assessed work. High standard of critical analysis using appropriate critical frameworks, experience and facts.

Excellent (70%-100% / A- to A*) Has shown a comprehensive knowledge and detailed understanding of the subject area. Excellent integration of theory/practice/information in the assessed work. Excellent standard of critical analysis using appropriate conceptual frameworks, experience and facts.

Learning Outcomes

• Analyse the basic statement of Financial Position and Income Statement and their key terms

• Evaluate accounting concepts, conventions and the regulatory framework

• Interpret key ratios and demonstrate an understanding of how to use them to provide an evaluative interpretation of the Statement of Financial Position and the Income Statement

• Operate a manual accounting system using double entry book-keeping and prepare a trial balance