BMM5572 - Financial Accounting

Objectives:

On successful completion of the module, students will be able to:
Recount generally accepted concepts and rules of accounting and restate the context and purpose of financial reporting.
Employ double entry accounting systems and accounting cycle, using a range of commonly-occurring adjustments and reconciliations.
Prepare basic financial statements for unincorporated and incorporated companies.
Prepare simple consolidated financial statements.
Interpret financial statements and draw conclusions on the financial position of an organisation.

Content:

This module will cover the concept and purpose of financial reporting, the qualitative characteristics of financial information, the capital structure of limited companies and use of double entry and accounting systems. Students will study accounting concepts and rules for inventory, provision and contingencies, disclosure and events after the reporting period, as well as preparation of company trial balance, profit & loss accounts, statement of financial position and cash flow.

The module will also introduce students to adjustments for debtors, creditors, bad debts and depreciation, and the preparation of general and consolidated financial statements. Students will also make use of an accounting software as to bridge the gap between knowledge and practical abilities. The students will analyse financial statements using ratio analysis to interpret business growth, profitability, liquidity, investment and financing and will learn how to prepare analysis using Microsoft Excel.

Learning and Teaching Information:

The module will be delivered via a series of weekly 3-hour whole-group interactive lectures, supported by tutorial/workshop sessions. Questions/exercises will be set during each lecture meeting for students to complete during the session, alone or in pairs/small groups depending on the task.

Students will be provided with, and/or directed to, relevant reading and additional questions/ exercises to support their progress through the VLE. The module is essentially practically based; workshops focus on recording of transaction, preparation of worksheet for the whole accounting cycle, including financial statements, and exercises for application of accounting conventions and rules. The module will also introduce students with the use of accounting software for recording basic economic transactions.

Lectures/Seminars
Contact hours: 30
Intended Group size: Cohort

workshops/Tutorials
Contact hours: 10
Intended Group size: Cohort or variable sized groups

Guided Independent Study
Hours: 160

Further details relating to assessment
Written examination: Accounting and finance module are assessed by closed book examinations to meet the requirements of ACCA as accrediting external professional body. Exams consist of questions based on a number of 'real life' case studies and are designed to enable candidates to demonstrate knowledge, understanding and skills related to module content, as well as analytical and evaluative skills required for professional practice.

Assessment:

001 Exam; 3 hours; end of semester 2 100%

Fact File

Module Coordinator - Satish Sharma
Level - 5
Credit Value - 20
Pre-Requisites - BMM4442 MANAGEMENT AND FINANCIAL ACCOUNTING
Semester(s) Offered - 5S2

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