ACC1010 : Introduction to Financial Accounting
- Offered for Year: 2024/25
- Module Leader(s): Dr Andrew Holden
- Owning School: Newcastle University Business School
- Teaching Location: Newcastle City Campus
Semesters
Your programme is made up of credits, the total differs on programme to programme.
| Semester 1 Credit Value: | 10 |
| Semester 2 Credit Value: | 10 |
| ECTS Credits: | 10.0 |
| European Credit Transfer System | |
Aims
To provide a basic foundation of knowledge and skill in financial accounting in order to
1. Record business transactions using double-entry book-keeping.
2. Define financial accounting concepts.
3. Identify characteristics of different types of business entity.
4. Apply financial accounting concepts to transactions within the framework of financial reporting.
5. Report on the financial performance and position of different types of business entity.
6. Interpret financial statements of businesses.
Outline Of Syllabus
- The basic structure of accounting and double-entry book keeping
- An introduction to the regulatory framework of accounting, with particular reference to International Financial Reporting Standards for Company reporting
- Accounting for assets and liabilities, including an introduction to VAT
- Accounting for sole traders, partnerships and companies.
Teaching Methods
Teaching Activities
| Category | Activity | Number | Length | Student Hours | Comment |
|---|---|---|---|---|---|
| Guided Independent Study | Assessment preparation and completion | 1 | 60:00 | 60:00 | Time to complete formative and summative assessments |
| Scheduled Learning And Teaching Activities | Lecture | 30 | 1:00 | 30:00 | In person lectures |
| Guided Independent Study | Directed research and reading | 1 | 66:00 | 66:00 | Estimated 3 hours per teaching week of directed reading and activities |
| Scheduled Learning And Teaching Activities | Small group teaching | 8 | 1:00 | 8:00 | Assigned group seminars, 4 pip per semester |
| Guided Independent Study | Independent study | 1 | 36:00 | 36:00 | N/A |
| Total | 200:00 |
Teaching Rationale And Relationship
Small group teaching sessions will be used to examine, explore and develop topics covered by the programme of in person lectures as well as guided independent study to develop subject specific skills.
Students are expected to interact and discuss issues relating to the computational aspects of accounting. Sessions will also develop interpersonal communication skills and students should be prepared to discuss their work.
Problem solving and numeracy skills are further developed as part of the assessed work requirements.
Learning is supported by this module's core text for essential reading as well as the virtual learning environment's provision of additional questions with supporting suggested solutions.
Assessment Methods
The format of resits will be determined by the Board of Examiners
Exams
| Description | Length | Semester | When Set | Percentage | Comment |
|---|---|---|---|---|---|
| Digital Examination | 60 | 1 | A | 20 | Invigilated present in person exam using Inspera software sat on campus. |
| Digital Examination | 120 | 2 | A | 80 | Invigilated present in person exam using Inspera software sat on campus |
Formative Assessments
Formative Assessment is an assessment which develops your skills in being assessed, allows for you to receive feedback, and prepares you for being assessed. However, it does not count to your final mark.
| Description | Semester | When Set | Comment |
|---|---|---|---|
| Prob solv exercises | 1 | M | Practice questions provided |
| Prob solv exercises | 2 | M | Practice questions provided |
| Prob solv exercises | 1 | M | MCQs for self-marking |
Assessment Rationale And Relationship
The course is designed to provide an understanding, at an introductory level, of the business context of accounting, financial reporting and related issues. Topics are covered in person and are supported by small group sessions, guided reading and activities intended to provide students with practice in solving related numerical problems and to provide an understanding of the underlying concepts.
The keys skills developed through interaction in small group sessions include communication and numeracy skills.
The PC based MCQ assessment (worth 20% of the overall module mark) at the end of semester 1 encourages students to gain a firm foundation of the underlying principles of double entry bookkeeping. The PC examination at the end of semester 2 (worth 80% of the overall module mark) assesses the students' intended knowledge and skills outcomes as well as problem solving and numeracy.
In the case of alternative assessments being necessary due to circumstances, the module leader will, in the first instance, consult with the DPD as to the requirements of the professional accrediting body to discuss possible acceptable alternatives.
Reading Lists
Timetable
- Timetable Website: www.ncl.ac.uk/timetable/
- ACC1010's Timetable