Module Code: H6FAC1
Long Title Financial Accounting 1
Title Financial Accounting 1
Module Level: LEVEL 6
EQF Level: 5
EHEA Level: Short Cycle
Credits: 10
Module Coordinator: Theresa Cunningham
Module Author: Michael Cleary-Gaffney
Departments: School of Business
Specifications of the qualifications and experience required of staff  
Learning Outcomes
On successful completion of this module the learner will be able to:
# Learning Outcome Description
LO1 Demonstrate an understanding of the purpose and scope of financial accounting, and explain the basic principles of accounting and knowledge of accounting concept
LO2 Demonstrate an understanding of the treatment of Income, Expenditure, Assets & Liabilities
LO3 Demonstrate an understanding of double-entry bookkeeping and knowledge of preparation of accounting day books, preparation of journal entries and the trial balance.
LO4 Demonstrate an understanding of accounting for receivables and payables
LO5 Demonstrate an understanding and knowledge of bank reconciliation preparation
LO6 Demonstrate knowledge of preparation of detailed Financial Statements
LO7 Demonstrate knowledge of financial statement analysis
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  
 

Module Content & Assessment

Indicative Content
Introduction to Accounting
The purpose and scope of financial accounting and financial accounting function. Determine what accounting records should be maintained. Understanding of the types of business structure & comparison of different business set up (for example Sole Trader versus Limited Company). The key users of financial information. Financial accounting versus management accounting and key differentials. Characteristics of useful financial information.
Accounting Convention.
Understand the Accounting Regulatory Environment. Knowledge and understanding of the fundamentals of accounting conventions and concepts. Explain the main accounting conventions underpinning the financial statements.
Basic Book-keeping principles
Understand the importance of Day Books and their role in the accounting process. Preparing the Business Day Books, Sales Day Book, Purchase Day Book, Cash Receipts Book and Cash Payments Book, Sales Returns Day Book & Purchase Returns Day Book. Understanding the relationship between the days book and the nominal ledger.
Double Entry, Nominal Accounts and Trial Balance
Understanding the Nominal Ledger, Double Entry Rules, Posting of the Day Books to nominal ledger. Differentiate between Assets, Liabilities, Expenses & Revenues. Closing off nominal ledger accounts and extracting the Trial Balance from the nominal ledger accounts.
Adjustments to Financial Accounts
Define Accruals, Prepayments, Interest, Depreciation, and Provision for Bad & Doubtful Debts and their function in the financial accounting cycle and demonstrate an ability to record them appropriately in the financial statements.
Control Accounts
Appreciate the importance of Control Accounts. Understand the role of the subsidiary single-entry ledgers. Preparation of reconciliations between the debtors/creditor’s personal ledger accounts and the debtors/creditor’s control accounts.
Bank Reconciliation Statements & Management Accounting
Purpose of a Bank Reconciliation Statement, understanding the rationale of preparing bank reconciliations. The ability to prepare a Bank Reconciliation Statement and to identify and correct errors.
Preparation of Financial Statements
Preparation of the Statement of Profit and Loss and the Statement of Financial Position from the Trial Balance.
Financial Statements Analysis
Measuring the financial performance of a business. Understand the purpose of Ratio Analysis and the ability to calculate and discuss profitability, liquidity, and gearing ratios.
Assessment Breakdown%
Coursework30.00%
End of Module Assessment70.00%

Assessments

Full Time

Coursework
Assessment Type: Continuous Assessment % of total: 30
Assessment Date: n/a Outcome addressed: 1,2,3,4,5,6
Non-Marked: No
Assessment Description:
Candidates are required to complete 2 in-class examinations. Semester 1 in-class examination (learning outcomes assessed 1,2,3). Semester 2 in-class examination (learning outcomes assessed 3,4,5). The in-class examinations will be worth a total of 30%.
End of Module Assessment
Assessment Type: Terminal Exam % of total: 70
Assessment Date: End-of-Semester Outcome addressed: 1,2,3,4,5,6,7
Non-Marked: No
Assessment Description:
Final Examination.
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.

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

 

Module Workload

Module Target Workload Hours 0 Hours
Workload: Full Time
Workload Type Workload Description Hours Frequency Average Weekly Learner Workload
Lecture Lectures 3 Every Week 3.00
Independent Learning No Description 8 Every Week 8.00
Total Weekly Contact Hours 3.00
 

Module Resources

Recommended Book Resources
  • Margaret D’Arcy (2019). An Introduction to Financial Accounting, 2nd Ed., Chartered Accountants Ireland, Dublin (ISBN-978-1-912350-28-5)..
  • Frank Wood & Alan Sangster (2022). Business Accounting, 15th Ed., Pearson Education Limited, (ISBN-978-1-292365480)..
This module does not have any article/paper resources
This module does not have any other resources
Discussion Note: