Menu
close
Apply Now
Contact
Parent Programme
Bachelor of Business Level 7 NFQ
NFQ Level & Reference
Level 6 / Ref: M1.6
Duration
24 Weeks X 3 Hours per week
MODULE TITLE
Financial Accounting
STAGE
1
Module Credit Units
ECTS: 10

Financial Accounting

Introducing Financial Accounting

This Financial Accounting module will enable learners to gain the skills and knowledge in understand the terminology, principles, standards, and systems used in producing financial statements. Learners will understand how preparing financial statements can generate insights into a business entity's performance and identify areas for improvement.  Additionally, the module will teach learners how to record day-to-day transactions within a business.

Indicative Syllabus Content

Introduction to Financial Accounting 

  • Accounting Standards, Principles & Policies
  • Key users of Accounting Information
  • Types of Business entities Programme structure
  • Distinguish between Capital, Assets and Liabilities

Nominal Ledger Accounts           

  • Converting day to day activities into accounts in the Nominal Ledger
  • Calculating Closing Account Balances
  • Extracting a Trial Balance

Preparing Financial Statements

  • Interpreting the Trial Balance
  • Accruals
  • Prepayments
  • Provision for Bad/Doubtful Debts
  • Calculating Depreciation

Closing Stock Valuation

  • First In First Out
  • Last In First out
  • Average Cost

Control Accounts 

  • Bank Reconciliation Statements
  • Purchases Control Account
  • Sales Control Account

Final Accounts

  • Partnerships
  • Limited Companies

Interpretation of Financial Statements

  • Calculation of Financial Performance Ratios
  • Analysis of Financial Performance Ratios and
  • Providing recommendations-based interpretation of Financial Statements

Minimum Intended Learning Outcomes (MIMLOs)

Upon successful completion of this module, the learner should be able to:
MIMLO1
Explain the basic principles, accounting standards relating to preparing Financial Statements
MIMLO2
Prepare day to day manual Nominal Ledger accounts and extract a Trial Balance.
MIMLO3
Prepare Financial Statements in accordance with generally accepted, international accounting practice.
MIMLO4
Account for adjustments to Trial Balance in the Financial Statements, Accruals, Prepayments, Provision for Doubtful Debts and Depreciation.
MIMLO5
Analyse the different methods of calculating Closing Stock.
MIMLO6
Prepare Purchase and Sales control accounts.
MIMLO7
Reconcile Bank Statements with Manual Accounts.
MIMLO8
Prepare a set of Financial Statements for a Sole Trader, Partnerships and Companies.
MIMLO9
Interpret Final Annual Financial statements using accounting performance ratios to make recommendations.

Assessment

MIMLOs
Assessment
Percentage
1, 2, 3, 4, 5, 6, 7, 8, 9
CA1 - CA 3: MCQ style Questionnaires
Total: 100%
Final Written Exam
All Assessments

Reassessment Opportunity

Where the combined marks of the assessment and examination do not reach the pass mark the learner will be required to repeat the element of assessment that they failed. Reassessment materials will be published on Moodle after the Examination Board Meeting and will be aligned to the MIMLOs and learners will be capped at 40% unless there are personal mitigating circumstances.

Aims & Objectives

The aim of this module is to introduce learners to the basic concepts of financial accounting, and to illustrate the importance of such concepts to business actors.

  • Prepare financial statements using appropriate structures and following best practice.
  • Interpret financial statements using appropriate ratio analysis.
  • Make recommendations for an organisation that are cognisant of its financial performance.
[TheChamp-Sharing]
APPLY NOW
Top