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Module

ACC1010 : Introduction to Financial Accounting

  • Offered for Year: 2020/21
  • Module Leader(s): Dr Andrew Holden
  • Lecturer: Mr Christopher Soan
  • Owning School: Newcastle University Business School
  • Teaching Location: Newcastle City Campus
Semesters
Semester 1 Credit Value: 10
Semester 2 Credit Value: 10
ECTS Credits: 10.0

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 using ratio analysis and narrative.

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, including the preparation and interpretation of financial statements.
•       Preparation of simple statements of cash flows
•       Use of Bank reconciliations

Teaching Methods

Please note that module leaders are reviewing the module teaching and assessment methods for Semester 2 modules, in light of the Covid-19 restrictions. There may also be a few further changes to Semester 1 modules. Final information will be available by the end of August 2020 in for Semester 1 modules and the end of October 2020 for Semester 2 modules.

Teaching Activities
Category Activity Number Length Student Hours Comment
Structured Guided LearningLecture materials182:0036:00N/A
Guided Independent StudyAssessment preparation and completion391:0039:00N/A
Structured Guided LearningAcademic skills activities181:0018:00N/A
Scheduled Learning And Teaching ActivitiesSmall group teaching61:006:00Assigned group seminars
Structured Guided LearningStructured non-synchronous discussion180:309:00directed discussion board activity
Scheduled Learning And Teaching ActivitiesDrop-in/surgery20:301:00mid semester Q&A for whole cohort
Scheduled Learning And Teaching ActivitiesDrop-in/surgery11:001:00pre assessment clinic
Scheduled Learning And Teaching ActivitiesDrop-in/surgery51:005:00Synchronous, online - Q&A
Guided Independent StudyIndependent study184:0084:00N/A
Scheduled Learning And Teaching ActivitiesModule talk11:001:00Whole group session
Total200:00
Teaching Rationale And Relationship

Small group teaching sessions will be used to examine, explore and develop topics covered by the programme of structured guided learning sessions 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 written and multiple choice type questions with supporting suggested solutions.

Assessment Methods

Please note that module leaders are reviewing the module teaching and assessment methods for Semester 2 modules, in light of the Covid-19 restrictions. There may also be a few further changes to Semester 1 modules. Final information will be available by the end of August 2020 in for Semester 1 modules and the end of October 2020 for Semester 2 modules.

The format of resits will be determined by the Board of Examiners

Exams
Description Length Semester When Set Percentage Comment
Written Examination1802A100N/A
Formative Assessments
Description Semester When Set Comment
Prob solv exercises1MPractice questions provided
Prob solv exercises2MPractice questions provided
Prob solv exercises1MMCQs for self-marking through Canvas
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 structured guided learning sessions and guided reading, supported by small group sessions and structured 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, written communication and numeracy through the module's examination and the ability for independent management of learning and time.

Reading Lists

Timetable