FINANCIAL ACCOUNTING 1 - 2017/8

Module code: MAN1061

Module provider

Surrey Business School

Module Leader

GUEST P Prof (SBS)

Number of Credits

15

ECT Credits

15

Framework

FHEQ Level 4

JACs code

N340

Module cap (Maximum number of students)

N/A

Module Availability

Semester 1

Overall student workload

Independent Study Hours: 106

Tutorial Hours: 64

Assessment pattern

Assessment type Unit of assessment Weighting
School-timetabled exam/test 50 MINUTE CLASS TEST (CLOSED BOOK) 30%
Examination 2 HOUR EXAM (CLOSED BOOK) 70%

Alternative Assessment

Not applicable

Prerequisites / Co-requisites

None

Module overview

The module introduces students to Financial Accounting by covering fundamental accounting concepts and their application in the maintenance of the ledgers and preparation of financial statements.

Module aims

The aim of this module is to provide a solid grounding in fundamental accounting concepts and the application of these concepts in preparation for Financial Accounting 2.

Learning outcomes

Attributes Developed
Explain the framework of accounting KPT
Prepare accounting entries using double entry bookkeeping KCPT
Explain and distinguish between capital and revenue expenditure, cash and profit, income and expenditure, assets and liabilities KCP
Calculate depreciation for presentation in the financial statements KCPT
Calculate and complete the accounting entries required on disposal of Non-current assets KCPT
Prepare accounting entries relating to bad debts KCPT
Explain how and why accounting concepts are applied (e.g. accruals, prudence, matching, duality) KPT
Prepare the income statement and statement of financial position from a trial balance with relevant adjustments KCPT
Detect and correct errors in the books of account. KCPT

Attributes Developed

C - Cognitive/analytical

K - Subject knowledge

T - Transferable skills

P - Professional/Practical skills

Module content

Indicative content includes:


 The framework of accounting and accounting concepts and characteristics
 Ledger accounts and double-entry bookkeeping
 Accounting adjustments including deprecation, bad and doubtful debts, accruals and prepayments
 Preparation of final financial statements for sole traders
 Bank reconciliations
 Control and suspense accounts
 Methods used to detect and correct errors in accounts

Methods of Teaching / Learning

The learning and teaching strategy is designed to give students the opportunity to gain knowledge of the relevant theory and business practices and problems pertinent to the topics covered in the module, in addition to gaining the skills necessary to apply that knowledge in practice.

The learning and teaching methods include:


Weekly 2 hour tutorial and I hour drop-in to illustrate the principles and practice the application of principles
Support of lecture/tutorial material by directed reading and exercises in the required text
Surrey-Learn will be used as an information portal and will contain lecture notes, practical exercises, solutions to practical exercises, past exam papers & model answers and relevant reading
On-going feedback in class on an individual and group basis

Assessment Strategy

The assessment strategy is designed to provide students with the opportunity to demonstrate their understanding of both the theoretical concepts and their practical application.

The summative assessment for this module consists of:

A 50 minutes class-test (30%) scheduled during the semester

A two hour closed-book final exam (70%) during the examination period

Formative assessment and feedback

Formative feedback will be given on a continuous manner during the course of the module.  Numerous questions are set for completion in tutorials and drop-ins, and additional questions given for homework. In doing these, students are not only gaining invaluable practice in preparation for the formal assessments but are also given an opportunity to show their workings and receive additional explanation and help from tutors where needed. It provides an opportunity for tutors to assess individual ability and performance and target those students who would benefit from extra help, which is provided during the drop-ins or on a one to one basis during office hours.

In the week following the class test students are given an opportunity to review their papers and receive feedback or additional support on a group or one to one basis if required.

Reading list

Reading list for FINANCIAL ACCOUNTING 1 : http://aspire.surrey.ac.uk/modules/man1061

Please note that the information detailed within this record is accurate at the time of publishing and may be subject to change. This record contains information for the most up to date version of the programme / module for the 2017/8 academic year.