Short Title:Financial Accounting 1
Full Title:Financial Accounting 1
Module Code:FACC H1006
 
Credits: 5
NFQ Level:6
Field of Study:Accounting and taxation
Module Delivered in 3 programme(s)
Reviewed By:MARTIN NOLAN
Module Author:Gail Sheppard
Module Description:This module aims to provide students with knowledge of basic accounting concepts, terminology, principles and formats. It is intended that this knowledge will be applied to various business scenarios and functions so that an appreciation of the important role of financial information will be attained by the student.
Learning Outcomes
On successful completion of this module the learner will be able to:
LO1 Demonstrate an awareness of the important role of Financial Accounting information in the business decision making process.
LO2 Display a knowledge of the fundamental accounting concepts and principles that underpin the preparation of Financial Accounts.
LO3 Record business transactions and apply basic accounting and book-keeping techniques that will be used to assess and present financial information.
LO4 Prepare and present the Financial Accounts for a business in a prescribed standard format.
LO5 Explain the impact on the accounting preparation of a limited number of perscribed accounting standards.
Pre-requisite learning
Co-requisite Modules
No Co-requisite modules listed
 

Module Content & Assessment

Content (The percentage workload breakdown is inidcative and subject to change) %
Introduction to Accounting
The purpose and role of accounting information, accounting terminology, the accounting equation, and the importance of capital.
5.00%
Accounting standards
Basic introduction to the following International accounting standards:IAS 2 Inventories; IAS 8 Accounting Policies, changes in Accounting Estimates and Errors; IAS 16 Property, Plant and Equipment.
5.00%
Concepts and Policies
The role of financial accounting information in business and society: the users of financial statements and their information needs. Accounting Concepts: Going Concern, Accruals, Money Measurement, Seperate Entity, Materiality etc. Qualitative characteristics of useful financial information: Understandability, Relevance, Reliability, Comparability, Faithful Representation, Verifiability and Timeliness. Classification of capital and revenue expenditure/receipts. Differences between financial accounting and management accounting.
5.00%
Book-keeping and the Recording of Transactions and Adjustments
Books of prime-entry, double-entry book-keeping and ledger accounts. The Nominal Ledger. Accounting for various forms of income including rental and investment. Accounting for returns, carriage, discounts etc. The Trial Balance. Journals, correction of errors and excluding suspense accounts. Accruals, prepayments and adjustments. Accounting treatment of non-current assets, acquisitions during the accounting year. Depreciation - straight-line and reducing balance methods. Accounting treatment of current assets and liabilities. Inventory valuations and disclosures. Receivables – writing off bad debts and provisions for doubtful debts. Bank reconciliations. Accounting for VAT, PAYE and VAT and PAYE returns.
45.00%
The Financial Statements of a Sole Trader
Definition of assets, liabilities and capital, and their disclosure in the Balance Sheet. Format and presentation of the Income Statement and Balance Sheet. Application of the accruals/matching concept to assets and liabilities, and to income and expenses. Format and presentation of the Income Statement. The significance of Gross Profit and Net Profit. The relationship between the Balance Sheet and the Income Statement. The importance of International Accounting Standards and terminology as they relate to the financial statements of a sole trader.
40.00%
Assessment Breakdown%
Course Work30.00%
End of Module Formal Examination70.00%
Course Work
Assessment Type Assessment Description Outcome addressed % of total Assessment Date
Other The continuous assessment will take the form of an individual assessment. This can be an in-class time constrained short answer type exam or a project. 1,2,3,5 30.00 n/a
End of Module Formal Examination
Assessment Type Assessment Description Outcome addressed % of total Assessment Date
Formal Exam End-of-Semester Final Examination 1,2,3,4,5 70.00 End-of-Semester

IT Tallaght reserves the right to alter the nature and timings of assessment

 

Module Workload

Workload: Full Time
Workload Type Workload Description Hours Frequency Average Weekly Learner Workload
Lecture Class based Instruction 3.00 Every Week 3.00
Tutorial Question practice 1.00 Every Week 1.00
Independent Learning Study and question practice 5.00 Every Week 5.00
Total Weekly Learner Workload 9.00
Total Weekly Contact Hours 4.00
Workload: Part Time
Workload Type Workload Description Hours Frequency Average Weekly Learner Workload
Lecture Class based instruction 2.00 Every Week 2.00
Independent Learning Study and question practice 7.00 Every Week 7.00
Total Weekly Learner Workload 9.00
Total Weekly Contact Hours 2.00
 

Module Resources

Required Book Resources
  • Loretta Kyne and Garvan Whelan, WORKBOOK IN FINANCIAL ACCOUNTING 1, Latest edition Ed., ITT Dublin, Ireland
Recommended Book Resources
  • Andrew Thomas and Anne Marie Ward 2009, Introduction to Financial Accounting, Sixth Ed., McGraw Hill
  • ASB & IASB, Statements of Standard Accounting Practice, Financial Reporting Standards, and International Financial Reporting Standards, ASB & IASB Publications
  • Wood and Sangster, Business Accounting 1, Financial Times press
This module does not have any article/paper resources
This module does not have any other resources
 

Module Delivered in

Programme Code Programme Semester Delivery
TA_BAACC_B Bachelor of Business (Honours) in Accounting & Finance 1 Mandatory
TA_BAACC_D Bachelor of Business in Accounting & Finance 1 Mandatory
TA_BACCT_C Higher Certificate in Business in Accounting 1 Mandatory