Module Code: H9FA
Long Title Financial Accounting
Title Financial Accounting
Module Level: LEVEL 9
EQF Level: 7
EHEA Level: Second Cycle
Credits: 5
Module Coordinator: Anne Cooper
Module Author: Andrea Del Campo Dugova
Departments: School of Business
Specifications of the qualifications and experience required of staff

The lecturer of this module is required to have a Level 9 qualification in Accounting or a cognate discipline, relevant industry experience, as well as a track record of teaching in a higher institution.  
Learning Outcomes
On successful completion of this module the learner will be able to:
# Learning Outcome Description
LO1 Develop an understand of the principles which underlie financial accounting including the legal, regulatory and conceptual context of financial accounting;
LO2 Apply double entry bookkeeping skills to various events, transactions and to a set of financial records;
LO3 Read, interpret and assess a trial balance and preparation of a set of financial statements for a range of business structures including sole traders, incorporated, unincorporated and partnerships in accordance with current accounting standards.
LO4 Appreciate current accounting standards and application of same to accounting scenarios.
LO5 Critically reflect on the importance of professional ethics in financial accounting.
LO6 Calculate and interpret a range of financial ratios.
Dependencies
Module Recommendations

This is prior learning (or a practical skill) that is required before enrolment on this module. While the prior learning is expressed as named NCI module(s) it also allows for learning (in another module or modules) which is equivalent to the learning specified in the named module(s).
No recommendations listed
Co-requisite Modules
No Co-requisite modules listed
Entry requirements

There are no additional entry requirements for this module.  The programme entry requirements apply.  No pre-requisites or co-requisites apply.   
 

Module Content & Assessment

Indicative Content
Accounting Fundamentals:
Basic accounting principles and definitions, fundamental concepts including the measurement and recognition of profit (Accruals basis Vs cash basis), going concern, business entity and prudence. Regulatory Framework in Accounting including the role and objectives of the International Accounting Standards Board, accounting laws and other current requirements, standard setting process used by Irish and International bodies. Conceptual framework and the ethical Issues in Accounting and Code of Ethics. Introduction to different business structures including sole trader, partnership and limited company. The main components of a full set of financial statements prepared under the current accounting standards, to include statement of profit or loss and other comprehensive income, statement of financial position, statement of changes in equity and statement of cash flows.
Book-keeping principles:
The preparation of accounts from books of prime entry using the double - entry system. Accounting for fixed assets and depreciation, accruals and prepayments, bad debts and provisions for doubtful debts, stocks and V.A.T, taxation, salaries and wages and loans and hire purchase. Control accounts, cash book and bank reconciliations. Understanding of a trial balance and accounting for trial balance errors including suspense accounts.
Accounts Preparation:
Preparation of Financial Statements for Sole Traders. Preparation and presentation of published financial statements for non-group entities in accordance with International Accounting Standards and relevant legal requirements.
Partnership Accounting:
Capital and Current Accounts; Appropriation Account. Profit Sharing. Goodwill. Revaluation of Assets. Incoming & Outgoing Partners. Dissolution of Partnerships. Conversion into a Limited Company.
Specific Accounting Standards:
Presentation of Financial Statements. Inventories. Accounting Policies, Changes in Accounting Estimates and Errors. Events after the reporting period. Property, Plant and Equipment. Accounting for government grants and disclosure of government assistance. Borrowing Costs. Provisions, Contingent Liabilities and Contingent Assets. Impairment of Assets. Intangible Assets. Investment Property.
Statement of Cash Flows:
Objectives of cash flow information, distinction between profit and cash; advantages and limitations of statements of cash flow, the requirements of International Accounting Standards for single entities.
Assessment Breakdown%
Coursework30.00%
End of Module Assessment70.00%

Assessments

Blended

Coursework
Assessment Type: Continuous Assessment % of total: 30
Assessment Date: n/a Outcome addressed: 1,2
Non-Marked: No
Assessment Description:
Candidates are required to complete one in-class examination. The in-class examination will be worth 30%.
End of Module Assessment
Assessment Type: Terminal Exam % of total: 70
Assessment Date: End-of-Semester Outcome addressed: 3,4,5,6
Non-Marked: No
Assessment Description:
Final Examination (70%) will be 3 hours in duration and will contain a trial balance/financial statement question. Students must also answer 3 other questions. The examination will include computational and written elements.
No Workplace Assessment
Reassessment Requirement
Repeat examination
Reassessment of this module will consist of a repeat examination. It is possible that there will also be a requirement to be reassessed in a coursework element.
Reassessment Description
Reassessment of this module will consist of a repeat examination. It is possible that there will also be a requirement to be reassessed in a coursework element.

NCIRL reserves the right to alter the nature and timings of assessment

 

Module Workload

Module Target Workload Hours 0 Hours
Workload: Blended
Workload Type Workload Description Hours Frequency Average Weekly Learner Workload
Directed Learning Directed e-learining 36 Per Semester 3.00
Independent Learning Time Independent Learning Time 89 Per Semester 7.42
Total Weekly Contact Hours 3.00
 

Module Resources

Recommended Book Resources
  • Margaret D'Arcy. (2019), An Introduction to Financial Accounting, 2nd. Chartered Accountants, Ireland, [ISBN: 978-1-912350-28-5].
  • Ciaran Connolly. (2018), International Financial Accounting and Reporting, 6th.
  • Financial Reporting Toolkit (Online Resource), Chartered Accountants, Ireland.
  • IFRS® Standards: IASB IFRS Foundation.
  • Supplementary Texts.
Supplementary Book Resources
  • B Elliott & J Elliott. Financial Accounting and Reporting, 17th. FT Prentice Hall.
This module does not have any article/paper resources
This module does not have any other resources
Discussion Note: