ACC20010 Financial Accounting 2

Academic Year 2023/2024

First year Accounting introduced students to basic accounting techniques. Level 2 Financial Accounting will reinforce the material covered in Level 1. There will be a particular and strong emphasis on double entry bookkeeping throughout the course. Double entry bookkeeping is the language of business, and is the standard system used by business to record financial transactions. It is essential that all those (accountants and non-accountants) planning a career in business are familiar with this language. Double entry bookkeeping will be examined and students are expected to be familiar with, and be able to apply, the principles of double entry. Themes for Level 2 Financial Accounting include: Revision of first year material, focusing on double entry booking and the preparation of financial statements; Overview of the regulatory framework behind the preparation of financial statements; Preparation of financial statements: the income statement, the balance sheet, the statement of changes in equity, in accordance with International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS); Valuation of some balance sheet assets and liabilities including property, plant and machinery, inventory and liabilities; Further revision and practice of the preparation of final accounts in a form suitable for publication.

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Curricular information is subject to change

What will I learn?

Learning Outcomes:

Having completed this course, students should be able to:
1. Record transactions using double entry
2. Understand the regulatory framework applying to financial reporting
3. Read an annual report and be familiar with its layout and content
4. Prepare income statements, balance sheets and statements of changes in equity in a form suitable for publication
5. Value some of the major assets and liabilities in the business

Indicative Module Content:

There are 15 topics in this module:
1. Revision of first year material / Double entry bookkeeping
2. Manufacturing accounts
3. Regulatory framework – legal, accounting standards
4. Format of published financial statements
5. International Accounting Standard 1 - Income statement
6. Reporting financial performance
7. International Accounting Standard 1 – Balance sheet
8. International Accounting Standard 1 – Statement of comprehensive income
9. International Accounting Standard 1 – Statement of changes in equity
10. International Accounting Standard 33 – Earnings per share
11. International Accounting Standard 16 – Non-current assets
12. International Accounting Standard 2 – Inventories; Trade receivables
13. International Accounting Standard 37 – Provisions
14. International Accounting Standard 37 – Contingencies
15. International Accounting Standard 10 – Events after the balance sheet date

How will I learn?

Student Effort Type	Hours
Lectures	24
Small Group	12
Specified Learning Activities	42
Autonomous Student Learning	42
Total	120

Am I eligible to take this module?

Requirements, Exclusions and Recommendations

Learning Requirements:

Level 1 Financial Accounting

Module Requisites and Incompatibles

Incompatibles:
SMGT10010 - Financial Management of Sport, SMGT30190 - Adv Financial Mgt of Sport

How will I be assessed?

Assessment Strategy

Description	Timing	Open Book Exam	Component Scale	Must Pass Component	% of Final Grade
Multiple Choice Questionnaire: Multiple Choice Questionnaire	Week 4	n/a	Graded	No	20
Examination: End-of-trimester examination	2 hour End of Trimester Exam	No	Graded	No	70
Continuous Assessment: Annual Report Examination	Week 6	n/a	Graded	No	10

Carry forward of passed components
No

What happens if I fail?

Resit In	Terminal Exam
Spring	Yes - 2 Hour

Assessment feedback

Feedback Strategy/Strategies

• Group/class feedback, post-assessment

How will my Feedback be Delivered?

Students will receive grades for each component of the module. Following release of assignment grades, the lecturer will provide some observations to the class at lectures on student performance in the two mid-term assessments.

When is this module offered?


Autumn
External & School Exams	Offering 1	Week(s) - 4, 6	Thurs 18:30 - 19:30
Lecture	Offering 1	Week(s) - Autumn: All Weeks	Tues 09:00 - 10:50
External & School Exams	Offering 2	Week(s) - 4, 6	Thurs 18:30 - 19:30
Lecture	Offering 2	Week(s) - Autumn: All Weeks	Wed 09:00 - 10:50
Small Group	Offering 1	Week(s) - Autumn: All Weeks	Thurs 12:00 - 12:50
Small Group	Offering 2	Week(s) - Autumn: All Weeks	Thurs 13:00 - 13:50
Small Group	Offering 3	Week(s) - Autumn: All Weeks	Tues 12:00 - 12:50
Small Group	Offering 4	Week(s) - 1, 2, 3, 4, 5, 6, 7, 9, 10, 11, 12	Mon 11:00 - 11:50
Small Group	Offering 5	Week(s) - 1, 2, 3, 4, 5, 6, 7, 9, 10, 11, 12	Mon 13:00 - 13:50
Small Group	Offering 6	Week(s) - 1, 2, 3, 4, 5, 6, 7, 9, 10, 11, 12	Mon 14:00 - 14:50
Small Group	Offering 7	Week(s) - 1, 2, 3, 4, 5, 6, 7, 9, 10, 11, 12	Mon 10:00 - 10:50
Small Group	Offering 8	Week(s) - Autumn: All Weeks	Thurs 11:00 - 11:50
Small Group	Offering 9	Week(s) - Autumn: All Weeks	Thurs 15:00 - 15:50
Small Group	Offering 10	Week(s) - Autumn: All Weeks	Tues 13:00 - 13:50
Small Group	Offering 11	Week(s) - Autumn: All Weeks	Thurs 14:00 - 14:50
Autumn