To develop knowledge and understanding of the underlying principles and concepts relating to financial accounting and technical proficiency in the use of double entry accounting techniques in recording transactions, adjusting financial records and preparing basic financial statements.

(LO1) Prepare basic financial statements

(LO2) Explain the context and purpose of financial reporting

(LO3) Demonstrate the use of double entry and accounting systems

(LO4) Record transactions and events

(LO5) Prepare a trial balance

(S1) Problem solving skills

(S2) Numeracy

(S3) Commercial awareness

(S4) Organisational skills

(S5) Communication skills

Teaching Method – Lecture
Scheduled Directed Student Hours: 24
Attendance Recorded: No

Teaching Method - Seminar
Scheduled Directed Student Hours: 6
Attendance Recorded: Yes

Self-Directed Learning Hours: 120
Description: These independent learning hours are aimed at supporting the directed student learning. The module leader will provide guidance in the form of suggested readings and topics to examine with the expectation that students are well prepared to contribute to the tutorial activities and to understand the content of lectures. Self-Directed Learning will include research activity, developing academic writing skills, and wider reading to support the module

Costs Information:
There are no specific costs attached to this module.

This module is a pre-requisite for the following modules:
ACFI201, ACFI210, ACFI212, ACFI290, ACFI301, ACFI302, ACFI305, ACFI309, ACFI320, and ACFI322

Skills/Other Attributes Mapping

Skills / attributes: Communication skills
How this is developed: In tutorials
Mode of assessment (if applicable)

Skills / attributes: Organisational skills
How this is developed: Through self-study & revision activities
Mode of assessment (if applicable)

Skills / attributes: Commercial awareness
How this is developed: In lectures & tutorials
Mode of assessment (if applicable): Written Unseen Examination

Skills / attributes: Numeracy
How this is developed: In lectures & tutorials
Mode of assessment (if applicable): Mid-term 1, Mid-term 2 and Written Unseen Examination

Skills / attributes: Problem solving skills
How this is developed: In lectures & tutorials
Mode of assessment (if applicable): Mid-term 2 and Written Unseen Examination

The context and purpose of financial reporting:

The scope and purpose of financial statements for external reporting;
Users and stakeholders needs;
The main elements of financial reports.

The use of double entry and accounting systems:

The accounting equation;  
Double entry book-keeping principles including the maintenance of accounting records and sources of accounting information;
Ledger accounts, books of prime entry and journals.

Recording transactions and events:

Sales and purchases;
Cash;
Inventory;
Tangible non-current assets - depreciation & revaluation;
Accruals and prepayments;
Receivables and payables;
Irrecoverable debts and allowances for doubtful debts;
Capital structure and finance costs.

Preparing a trial balance:

Trial balance;
Correction of errors;
Control accounts and reconciliation thereof;
Bank reconciliations;
Suspense accounts.

Pre paring basic financial statements:

Statements of financial position and income statements for sole traders, companies and partnerships;
Statements of cash flows for companies.