This is a full year module, which introduces students to certain principles and techniques of accounting. Although the module is intended as an introduction for students majoring in accounting it should also be of benefit to other students who wish to gain some insight into the practices of accounting.
The module will commence with a discussion of the nature and role of accounting and will consider who uses accounting information and for what purposes. After this, the module will be concerned with the processes used to record, summarise and present accounting data. The objective of this part of the module is to enable students to prepare company financial statements.
The module will also include discussion of the techniques that can be used to analyse and interpret financial statements. In addition, the need for and various sources of accounting regulation will be discussed.

Module Aims

The module aims to introduce to the students the basic concepts of financial accounting and interpretation of financial statements. It aims to provide students with a foundation in double-entry bookkeeping, to enable them to understand and measure the results of the activities of companies and prepare the financial statements for different types of entities.

Learning Outcomes
On successful completion of the module, students will be able to:

1. Describe the role and limitations of financial reporting in providing useful information to decision-makers.
2. Prepare a set of financial statements for a company from a trial balance and incorporating a variety of simple adjustments.
3. Analyse a set of financial statements and explain the limitations of techniques of analysis.
4. Describe the need for regulating the practice of financial reporting.

Skills for Your Professional Life (Transferable Skills)

The module is specifically designed to provide students with a set of transferable skills which will be applicable in their professional life. Specifically, the module seeks to support students to:

Develop a range of technical skills enabling them to analyse data and identify key features

Develop problem solving skills relating to financial accounting issues

Improve their digital and technical fluency by using the software package MyAccountingLab

Identify and critically evaluate key features and arguments covered in texts

Improve their communication skills by entering into discussions in class

Work independently and in a sustained manner to undertake the 10 class tests (time keeping skills)

Improve your commercial awareness with examples taken from Annual Reports being used in lectures and classes

Develop coherent and well-structured lines of argument supported by relevant analysis and concepts